We don’t “do” a lot of macro – see last Berkshire annual for the 11,000th repetition why. But we like contrary thinking. And this remains
TYB is not a crime and we are in favor of it as much as the next person with a full position. But rarely do
Many institutional clients judge us on relative results vs the Russell 2000 Value. 25% of the index is in Financials which are mostly banks. Reason
Mean Reversion. Valuation Matters. Behavioral Finance- people take a long time to see, admit and react to change. Dot-Com Redux How to invest after valuation
Press Release from FederalReserve.gov December 02, 2022 Statement by Governor Waller on principles for climate-related financial risk management for large financial institutions “I cannot support
Excerpt taken from Graham & Dodd Annual Breakfast 2022 Guest Speaker: Todd Combs, Moderator: Michael Mauboussin Summary: The event’s guest speaker was Todd Combs and
Excerpt from Musings on Markets: META Lesson 1: Corporate Governance “After five decades of research in corporate governance, my sense is that we have lost
“Poorly comprised regulation is often just a gift to overcapitalized and over-lawyered people with a large PR budget.” And this isn’t even “real” regulation, which
Graphs from “Visualizing Countries Grouped by Their Largest Trading Partner (1960-2020)” Read the full article here.
From the Financial Times: “Bernanke, who led the Fed for two terms from 2006 to 2014, was criticized in some quarters for failing to foresee
Take a gander at the takeaways from this “thought piece.” One can make fun of the history of UN fecklessness, but this line of thinking
Jim Bianco is an interesting guy who shouldn’t be on TV as much as he is. This is an interesting and comprehensive piece that suggests
This was Jay Powell’s Jackson Hole speech from 2021. To be fair, he was not any farther off than 90 years of his predecessors. Oops
An interesting and long piece that falls under the rubric of “research is what you are doing when you don’t know what you are doing.”
“To think is easy. To act is hard. But the hardest thing in the world is to act in accordance with your thinking.” From one
A big debate going on as it relates to public companies—and the U.S. economy as a whole—surrounds how long a period of elevated inflation is
Complements of Byrne Hobart at the Diff, who thinks and writes well on many things, but Tech in particular as that is a world in
Take from an article in Bloomberg, April 6th If Stocks Don’t Fall, the Fed Needs to Force Them Tightening financial conditions will be key
One of the joys of being a securities analyst is reading conference calls when a CEO goes AWOL and tells people what he or she
“Financial accounting rules are created by the apolitical FASB to provide information useful to investors. In contrast, tax accounting rules are largely determined by Congress
Stablecoins are unregulated demand deposits. Every version of it in 4000 years of history involves a run on the bank. And in the Post War
We know all too well that what has worked recently is owning low-ROE and non-earning companies. But going forward, isn’t it reasonable to expect solid
There are large elements to truth in this piece, but it also references a period where NOTHING was easier and smarter and cheaper than being
There are lots of things that OWNERS should hate about Exxon, all of which are related to their last decade of capital allocation in their
I try to read widely. I stuff my IPAD with things and time goes by and I truly don’t recall how I ran across it.
If there is something upon which anyone in the world can agree, it’s that there is simply an overwhelming amount of “information” out there that
Some of the benefits of investing in private assets instead of public companies have been well documented. As an investor in a private fund, you
There are a lot of things in life that are contradictory. This is a classic thought piece describing the tenuous connection between “investing today” and
