Twenty Investment Lessons of 2008 – I think this was culled from a Seth Klarman Interview Things that have never happened before are bound to
What we do get is we know what the AI adoption component is and the amount that they’re spending into it is going.
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.
Purloined from The Skorina Letter which was lifted from a Ted Seides interview with Wash U CIO, Scott Wilson. The trustees observed that the best
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
It’s May 2026 and once again civilization and financial markets have made it 5-ish months into a new year without self-combusting like a Spinal Tap drummer.
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
Yes, I tend to see “things in many things” through the lens of investment management, information processing, and the tendencies of behavioral bias. One Stewart
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.
Click on the image a PDF version of the letter. We are awash in high frequency yack and CSC has determined NOT to comment on
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
It is a long held opinion that supersized voting rights in excess of economic interests is a terrible idea.
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.
The concept of holding yourself out to the world as someone still willing to selectively accept “other people’s money” in a professional money management capacity
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
I am not going to insult the intelligence of the reader by making a list of claims for the future, which is common theatre this
