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  • Happy Hour: Highlights

    December 9, 2016

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    Jon

    Did you know you can download notes and highlights from your Kindle reader? Apparently, that’s been a thing for awhile and I’m just learning it now after reading a tweetstorm about reading (a quick must read, btw).

    I wish I would have known this a few years ago when I started typing out all my notes, highlights, and thoughts by hand. I’ll read a physical book over an e-book any day, but the ability to copy and paste notes might be enough to change my process. I just wish Amazon broke the highlights down by chapters. Anyways, here’s a good guide on how to do it. Continue Reading…


  • Walter Schloss on Ben Graham and Why Value Works

    December 8, 2016

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    Jon

    Walter Schloss was a relative unknown on Wall Street, quietly racking up a 21% annual return over 28 years. Schloss was one of the few Graham disciples who worked with the man – even helped write a chapter in his book – and followed Graham’s strategy the closest after starting his own partnership. Then Warren Buffett outed him as a Superinvestor.

    In 1985 he sat for an interview with Barron’s that gets into his early days with Ben Graham, Graham’s strategy, and Schloss’s philosophy on market timing, selling, and picking the right strategy. Continue Reading…


  • Happy Hour: Catching Up

    December 2, 2016

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    Jon

    The hardest part of vacations is getting caught up on everything after you get back. Email is the worst. Reading is a close second only because there is so much more to wade through in a limited amount of time.

    I’m almost caught up. Two things I did read are worth highlighting, so I pulled a few quotes from each. Links to both are below. Continue Reading…


  • The Art of Losing Money

    November 30, 2016

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    Jon

    Howard Marks on Avoiding LosersAny chump can bet all their money on a single stock and get wiped out. But it takes a special kind of genius to invest and consistently lose money in the market. They follow one mistake with another, compounding their losses with opportunity cost.

    To avoid the same fate, we can steal a few lessons in how to lose money from the great investors who came before us. Continue Reading…


  • Happy Hour: Privacy

    November 18, 2016

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    Jon

    There was great discussion at a Techonomy conference around cyber security, personal data, privacy, and transparency around all the “free” services we use. Is it a fair value exchange of free service for our data, how tech companies use the information, who owns the information, and potential regulation and oversight of it all where some of the topics covered. There’s no definitive conclusion other then it’s complicated – self-regulation is unlikely to work – but it’s a good discussion for users and investors alike.

    The conference streamed live about a week ago and all the videos were published this week. The video embedded below is the discussion mentioned above with Bill Gurley, Mark Rotenberg, and Hemant Taneja. Continue Reading…


  • Marks and Klarman on Lessons from Big Mistakes

    November 16, 2016

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    Jon

    Learning from other’s mistakes is a better way to learn than hoping to make them all yourself and learn along the way. There’s far less pain involved – this typically involves big losses in investing – and you get a secondary lesson from other investors being humble. That second part you don’t see very often.

    There are a few great investors who seem to bring it up mistakes all the time. Buffett does this annually in his letters. I came across two others – Seth Klarman and Howard Marks – discussing it in a transcript from the 2008 Graham and Dodd Symposium. Continue Reading…


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