From the “Adjusted Earnings” disease to privately funding and valuing Unicorns, to the (“alleged”) Theranos fraud, to zero covenant lending, to the spectacle of Elon
From JP Morgan’s CEO Jamie Dimon’s Letter to Shareholders 2018:: There are some modest negatives or potentially important differences (than during the last crisis): •
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
Consolidated Tomoka Investor Presentation – 2018 Annual Meeting
From The Financial Times: Recently the financier Bill Miller donated $75m to the study of philosophy at Johns Hopkins University. The size of the gift
“We’re in Omaha, let’s say you had bought the Union Pacific Railroad yourself, like we bought the BNSF, and you had bought it a year
(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
As we close out the year, I would like to “note” one Steve Duneier, who is frankly difficult to describe, as one can imagine after
From a November 2017 Counsel on Foreign Relations interview by Co-Chairman Ermeritus Robert Rubin of David Swensen, CIO of Yale University. So for most of
One of Wall Street’s Favorite Metrics Is Now Getting Mocked | Bloomberg
BITCOIN: J.P. Morgan boss Jamie Dimon: “It’s a fraud. It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.” In
Some universal ideas that are entirely relevant here.
Being gluttons for punishment, this is the entire Bezos collection. At least we haven’t been short. Reprinted from the 1998 Amazon Annual Report Work Hard,
While he is reigning terror on the rest of portfolio, these are thoughts we share from Jeff Bezos. First, never use a one-size-fits-all decision-making process.
Risk—the extent of loss that a person or an organization can withstand without having to significantly change spending habits. THIS drives a lot more market
From the Grants Interest Rate Observer: P.P.S. To root out speculative excess, a periodic mission of the Beijing financial police, is easier said than done
by Eugene Robin | Principal, Research Analyst The so-called “Trump Rally” has been fascinating to watch from our vantage point. For one thing, it has
Strings Attached — a 2007 write-up of the vintage-guitar market. ‘Gits in Yer’ 401k — 2006 commentary on vintage guitars as a long-term investment.
John Hussman is an economist who runs some mutual funds. He has been bearish and miserably wrong for a long time, but he is thoughtful
Per the very readable new book by Michael Lewis, “The Undoing Project,” Amos Tversky kept these thoughts on a piece of paper by his desk.
by Ben Claremon, Principal and Research Analyst Before you start rolling your eyes, this is not what you might think it is. Sorry, you aren’t
Download a detailed analysis of how a government agency can go completely off the rails of rationality. And it’s probably worse than we think.
While we simply HATE to do things that seem to contribute 90% to the din of noise that surrounds investing, this was put in our
From Fortune: Senators Call the Wrong Time Warner CEO to Testify about the AT&T Merger You may have heard about the controversial $85.4 billion merger
This is simply a devastatingly effective argument that has never been read in Washington DC and is what we fear in the middle of the night.
Check out this video on YouTube: Garrett Rips Secretary Lew For Not Playing by the Same Rules as the Rest of Us
From the Quanex Building Products Presentation on June 9th, 2016 Question (Unknown analyst): So for a number of the manufacturers, particularly in the window side,
