This is way too long to read, unless of course you think that understanding business strategy, management, and execution are important variables in investing for
If a PM can get 80% up to speed in 3 minutes of reading before he starts to exercise judgment and how to allocate time, that guts a lot of the graduating class of 2026 and Office licenses
I am focused on the money. I have wasted a lot of time in this space and by no means claim my Black 8 Ball has it wired. But at the present time, the “math” on trillions doesn’t produce a tangible return to those spending it.
I love quant shops that produce well-reasoned thought pieces with all that “data and stuff” that support well-reasoned and well written pieces generated here at
If one practices “active” investment management, then one implicitly assumes there is some form of inefficiency in financial markets and we can debate its source over cocktails one night. Blackrock…
While all else is never equal, we freeze this debate to make this point. Companies that end up staying in business tend to produce some
From time to time, we get very involved with our investments at the Board level. And one of the points we try to drive through
From the Charles Skorina newsletter: Chief investment officers, investment staffs (and OCIOs) earn serious money for their schools and cost a relative pittance to maintain.
Corpgov.law.harvard.edu is actually a pretty good website that captures most of the bigger governance issues of the day and is a late 2025 signup. This
There has been a lot of ink spilled on the debate entitled: Are Private Fund Sponsors Marking Their Reported NAV to Market or Cost? It
But not the way the fine folks at VerdadCap.com are thinking in another wise, interesting piece. Without the benefit of AI, I read their latest
There is NOT a word for word recitation of the ever expanding mostly made-up laundry list of disclaimers to start an earnings call. Note “there
Regulation can be viewed as the Full-Time Employment Act for Lawyers. Some things are complicated both in their nature and the way change can morph
The mind can wander. This is a big corporate bankruptcy, and you haven’t seen many of them, given the sheer tidal wave of dollars that
Process. Interesting. Re-read annually. Deleted half the lists and ideas in the “get to it later” email folder. Reading outside the obvious. Hacking the CSC
Thanks for Re-Tip from the Byrne at the Diff for something I have read periodically since 1983. Translation? The world’s a big place and you cannot
Murray Stahl has been referenced here before. Google away on him and Horizon Kinetics and sit down for some long reads. A great writer he
I lifted this from a recent Financial Times piece. What I will add for the intrepid reader is a longer time horizon. It is correct
If nothing else but by not being REALLY early. And it’s not fair to whomever they are to suggest that the letter lacks little detail
Yes, there are some people who think it is fun to read the 1977 to 1997 Berkshire Hathaway shareholder letters on the Beach. It is
This is a speech given in 1998 by Arthur Levitt, the SEC Commissioner. He obviously had a sense of the nature of man and money,
Sometimes you just don’t know people. Or what drives them. And so mistakes can be made when you try to equate what seems to add
In a nutshell, valuations matter. Good past performance tends to attract and avalanche of money which raises the valuation of said investment bucket which steals
Anyone who uses electrical components is a giant importer. This is a good look at what is happening on the border now. Not pretty. To
The trend is the idea that a Board of Directors should effectively pay greenmail to a departing Director in order for him/her to shut their mouths and go away.
And I don’t mean 124 word Tweets. Annual Reports, 10-K’s and Proxies are “basic” and one would think everyone reads them so where is the
