In a March 8th interview in the FT (which is behind the paywall, so I will summarize), Cliff Asness of AQR continues to lead the charge for why seven stocks won’t rule the world forever. And a few other non-original thoughts that are still worth repeating.
This is a former holding that we sold earlier this year (at a price higher than today) due to a complete lack of faith that
We “usually” hate corporate governance structures where there is unequal voting rights accorded to different share classes. And we are wary of “control” situations where
We read proxies. And 10-K’s. We generally are not a fan of floating assets. We are generally not a fan of voting controlled public companies.
Alex Karp, CEO of Palantir on CNBC this week: “I love burning the short sellers. Almost nothing makes a human happier than taking the lines
From a Mystery Q4 Earnings Call: I would also like to spend some time this morning reiterating and elaborating on XXX capital allocation priorities. First, our
Yes, it is easy to see how “older and crankier” develops when the nouveau twitter gushes over a Buffet aphorism that was seemingly revelatory in…1986?
Stop and Buy This Book: The Counting House by Gary Sernovitz
If your goal is to “pay attention to detail” and try to put some meat next to the headline potatoes, then Rob consistently presents logical
We plucked this from a recent RFP we have seen for Smallcap Investing. First off, all hail the idea that someone is actually allocating money
The Verdad people do interesting work. That they tend to conclude with our internal bias towards toward small and value makes them even more fascinating.
The good folks at Verdad do quantitative work that exceeds our personal time commitment to the quantitative. So they are part of our read widely
Rigorous investment analysis involves the consideration of all “known” variables as well as a wide swathe of qualitative considerations of unknown unknowns to the best
Somewhat obvious relevance to what we do here from a New Yorker profile of Lionel Messi: The legendary striker can often be found off the
And it deserves widespread distribution. SEC Charges Newell Brands and Former CEO for Misleading Investors About Sales Performance FOR IMMEDIATE RELEASE 2023-210 Washington D.C., Sept.
By Dawn Lim, Layan Odeh and Linly Lin (Bloomberg Businessweek) — In its heyday, Fenway Partners snapped up a fleet of companies from outposts overlooking
I would think the general institutional investor that is in Private Equity funds understands that they are buying into a pool of investments, each of
The world turns. New people are born and eventually move off the couch and into something resembling employment. And thus new generations of nonsense about
It is no secret that a cadre of mega cap tech stocks have had a spectacular run so far in 2023. And while the “Magnificent
From Berkshire Annual Meeting 2023: What gives you opportunities is other people doing dumb things. And it’s — and I would say that — well,
From industry rag FundFire: Janus Henderson CEO Ali Dibadj is making no secret of his goal to buy private credit capabilities, saying in an earnings
Less stocks, less trimming, less taxes. Less indexation? Not really, as one of these mega-winners finds you rather than vice versa. The other practical issue
I will categorically deny that I have ever hired anyone for the simple reason that I did not want take a turn at voting CSC
From time to time, there are some decent questions raised about investing that emanate from the academic world of investment research. You should always dig
As the designated proxy analyst this spring, I had the recent pleasure of pouring over nearly 100 proxies – between both companies we do and
