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
Non-GAAP earnings are increasingly being used for management compensation. A large difference between GAAP and non-GAAP earnings is a lead indicator for poor future stock
After returning from an investor conference and speaking with companies across the economic spectrum, one theme emerged: employees are costing more and are harder to
Sometimes (often actually) in investing, you do know where you’re going, and when you do, you can be efficient. Put in place a plan and
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
We read random academic papers. We are innately wary of any sentence that starts with “Our model says. ” We prefer literature without quadratic formulas.
Written by Dean Pagonis Mistakes are a key part of life. People who develop wisdom make a large number of mistakes, but they mitigate the
Culled from the 2018 Markel Letter to Shareholders. Right Owners The first idea is that of the “Right Owners.” As your management team, we want
Very few things trigger CSC as a collective as the idea of the ‘adjusted’ quarterly/annual performance metric. While it has become very common and an
If you have traipsed through a CFA program, you probably remember Mr. Damodaran, who co-wrote any number of books on valuation. And if I didn’t
From an Interview with Chad Myhre, Portfolio Manager, Public School & Education Employee Retirement Systems of Missouri: CIO: What’s the most challenging? Myhre: One of
New CEO Larry Culp on the Q4 GE earnings call: Number one is managing first and foremost for operational performance. Preparing for the earnings call,
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
Source – Asian Investment Bank CLSA and the Asian Corporate Governance Association – December 2018
John Malone and Co. from the 2018 Liberty Media Investor Day: Well, we have to take the long view and I’ve always taken the long
At lunch a long time ago, Brian told me, “Here is our plan…buy businesses with 40% gross margins from idiots in private equity who don’t
Like the proper evaluation of good red wine, it pays to go back to the proverbial well and regularly review thoughts that have previously made
From the SEC vs. Elon Musk filing: According to Musk, he calculated the $420 price per share based on a 20% premium over that day’s
From The Wall Street Journal: The SEC has broad power to address issues such as listing costs, unreasonable litigation and the expensive, time-consuming reporting requirements
By: Ben Claremon | Principal & Portfolio Manager We are often evaluated by our current (and potential) partners based on our most glaring successes and
In a world that swims with absolutely awful and irrational economic ideas, this piece somehow manages to sink below the daily discourse and establishes a
Sirius XM CFO David Frear discussing the rumor that Sirius will buy out Live Nation: We kind of get the need for people to sort
Charlie Munger on the Psychology of Human Misjudgment: Harvard University, 1995
From The Journal of Investing: What Happens to Stocks when Interest Rates Rise?
Cosmetic Improvement? The latest survey of US Consumers by Bespoke Investment revealed something both depressing and very interesting. The survey, in its fourth year, regularly
From AQR Capital Management’s Journal of Portfolio Management
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,
