There is a solid mess out there in the world, and financial markets tend to amplify the severity of non-zero probabilities, and then swing back and forth between severities
If you don’t know what I mean, then you should be reading it. Directional vector and sustainability of ROIC. Cash earnings. DCF Framework. Reverse engineering input estimates implied by current valuation. Older than him, but reps are important.
Lifecore Biomedical to be Acquired by Webster Equity Partners
Why AI Will Accelerate Health Care Inflation
Among other random thoughts during the day in the office, one thinks about purpose, focus and motivation. And in case one’s mind wonders, a snippet
Dan and Verdad do a great job with data annunciating what I say in 2500 non-AI words. This “relative” problem started mid-May. “Companies with lottery-ticket,
I will admit to a little Scott Bessent man-crush from a purely intellectual standpoint. But I find this press release from the Treasury perturbing. Simply
A few thousand years ago, we were the largest shareholder in Tripos, an early attempt at pre-AI drug discovery tooling. We made a lot of
These two commentators – Nell Minow and Aswath Damodaran – sum up the topic as well as any. CSC says the following: It is interesting
Twenty Investment Lessons of 2008 – I think this was culled from a Seth Klarman Interview Things that have never happened before are bound to
After 44 Years, We Are Moving from Buy to Sell
There is nothing new in this piece by MM. He has written essentially the same thing for 20 years. And he stands on other shoulders
This is worth reading if you would like to understand adulting in the investment world.
I don’t know Andrew Left so I am not prepared to comment on his character. But if you are telling me that taking an investment
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
