Negative Interest Rates and Assorted Fixed Income Weirdness One Claudio Borio, head of the monetary and economic department at the BIS, recently remarked of $14.8
While I will cop to a mildly obnoxious habit of introducing references that almost always require an internet search, I also will start this year
In a prolonged anti-value momentum-driven rally, it’s easy and natural to forget the long-term value proposition of a rebalancing discipline. The evidence and intuition underlying
Under the heading of things that just can’t last, today’s topic is venture capital firms continuing to invest in technology companies that consistently lose an
It may surprise you to hear that we sincerely believe there are aspects of the investment management industry that are truly unique. Before you start
You Can’t Be a Wimp — Make the Tough Calls — Harvard Business Review
Source: The Wall Street Journal
I certainly have no interest in trying to call the top of any market cycle. No one has the ability to do that consistently. And
“The paper is organized around a number of facts and fictions about the size effect that warrant clarification. The facts we present include: that the
While the S&P 500 reaches new highs, I’ve taken the opportunity to reread Margin of Safety by Seth Klarman. While rereading, I rediscovered the story
Patience is not a virtue that is developed easily, especially if your primary job is to assemble portfolios of publicly traded equities. The amount of
This Time Is Different, But It Will End the Same Way. – Daniel Zwirn, Jim Kyung-Soo Liew and Ajakh Ahmad
One of “our” many behavioral flaws is best described as Recency – as in we either can’t remember a damn thing and thus we extrapolate
This was lifted from a recent column by John Authers, who now writes for Bloomberg after a long career at the Financial Times. In regard
“In the modern corporate sphere the desire to make profits, however, has been replaced with the desire to achieve growth at any cost. Often this
So you might have noticed a few articles around the web in regard to AI/data mining/quantitative finance/etc. While we remain irrevocably wedded to the premise
A long, long, long time ago, I was the first client of the Applied Finance Group, which was founded by a young Rafe Resendes who
Value Investors are Running out of Dumb Humans In a recent Financial Times piece, Aswath Damodaran, a finance professor at the NYU Stern School, has
Charlie Munger on the Psychology of Human Misjudgment: Harvard University, 1995
Some interesting clips from the Financial Analysts Journal Q2, 2018 article entitled: Everybody’s Doing It: Short Volatility Strategies and Shadow Financial Insurers. A defining characteristic
Can’t See For Miles The perils of technology forecasting, particularly regarding energy – Mark P. Mills Railroads, the automobile and aircraft, chemistry and pharmaceuticals, electricity,
From the Sequoia Mutual Fund Shareholders meeting Q&A: Q. How do you think about securing an informational advantage with a company as large and well-
A friend of mine, Richard Lewis, runs a very interesting blog called Latticework Investing. Richard is a huge Charlie Munger fan and provides a great
The SEC litigation against Elizabeth Holmes and Theranos.
Plenty has been said to date about the general psychosis gripping the general public and equity markets as it concerns “cryptocurrencies.” We have noted these
From Research Affiliates: “What is often lost in the conversation of the right level of CAPE is an appreciation for expectations of return in the
What’s the most important consideration for investing? Howard Marks wrote a book titled “The Most Important Thing,” and I think it had 20 lessons. So
(Bloomberg) – Companies rebranding themselves as cryptocurrency firms aren’t the only ones benefiting from bitcoin mania. Crypto Co. today disclosed a private stock sale to
