Markets, Rationality & Decision Making
Jeffrey Bronchick, CFA
July 14, 2025
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
Sometimes you just don’t know people. Or what drives them. And so mistakes can be made when you try to equate what seems to add
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
I am normally loath to add commentary on the macro yack d’jure as I simply can’t imagine you woke up this morning wondering, wow, I
“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
