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
Having no “plan” makes no sense. Having an “always behind the 8-Ball late, rigid asset allocation that perennially finds new things to do at the
The democratization of private equity is not democracy, it is marketing.
Said another way, watching professional tennis and some other things one might see on screens are really not “models” for activities in which many participate,
If you don’t know who Mark Leonard is, go look at long term stock chart of Constellation Software. And then you might say his opinion
It is good, clean fun to have a day to be right for reasons that didn’t seem to matter the day before. With a nice
The April Proxy statement says 89% of the CEO’s pay is at risk. This is the stock chart. Mr. Trerotola is retiring this year. What
Tricolor, the third-largest used auto retailer in Texas and California, has more than $1 billion in assets and over $1 billion in liabilities, with more
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
Doomscrolling in financial market journalism and commentary was so “way before” the current cellphone doomscrolling phenomena. And I am sure it was popular on stone
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
“Based on analysts’ LinkedIn profiles, we identify a robust negative correlation between the expressive tone conveyed in their self-presentations and forecast accuracy, particularly among male
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
This was from a recent Wall Street Journal article. I would simply like to be on an investment committee being pitched “let’s give the kid
revise the definition of “accredited investor” from high-net-worth individuals to anyone who passes a federally mandated exam
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,
While the “Institute” was ripping up a Graham-esque curriculum to focus on climate change and DEI initiatives, this dude was having a field day with
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
From CNBC as Noted in Grants: “In finance, when you’re playing defense, you’re almost certainly losing,” [Ken] Griffin said to Citadel’s new class of summer
“It is difficult to get a man to understand something when his salary depends on his not understanding it.” The former wrote the attached piece,
Charlie Munger, the former vice chairman at Berkshire Hathaway, has a take on drawdowns worth quoting in detail: “I think it’s in the nature of long-term
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
Read this: Now pull up the chart of Constellation Software. Operators are standing by.
