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I read a few newsletters to keep me updated on what other people think. One of those is Richard Bernstein’s since he offers monthly research from a top-down, macro view of the economy – something I don’t spend much time on – because it’s nice to get an intelligent viewpoint from that perspective.
His latest newsletter points to one flaw in the current thinking behind what drives bull markets: Continue Reading…
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In 1991, Seth Klarman was about 9 years into his investment career with Baupost and had a pristine track record. He produced 20% to 25% annual returns after fees for his limited partners with no down year during that span.
He sat down for a Barron’s interview in November of that year and was asked about his investment strategy. Continue Reading…
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I took advantage of the shorter week, thanks to Memorial Day, to get caught up on some behind the scenes (less fun) stuff I’ve been putting off. So no regular post this week, but I do have weekend reads and some interviews worth watching.
The Recode Code Conference was this week. Not all the video replays are posted yet, but the few that are where interesting and posted below. Continue Reading…
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People have tried to explain the causes behind the extreme unbalance in prosperity in different parts of the world over the last two centuries. In an article titled How the West (and the Rest) Got Rich the author pinpoints the missing ingredient that brought about the last few centuries of progress and prosperity to Western Europe and the U.S. Continue Reading…
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Analogies abound in investing because they relate something familiar to the unknown, they simplify the complex. I can expound on how the markets work or I can retell Ben Graham’s story of Mr. Market. The later does a better job of explaining the basics to anybody then my detailed explanation ever would.
I was reminded of a similar analogy this week. It’s one I’ve read several times before and thought it was worth sharing. Ralph Wanger relayed how markets work to Bill Berstein: Continue Reading…
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I wanted to share some excerpts from an old Q&A session Warren Buffett had back in 2003. In it, Buffett spends a good amount of time covering competitive advantage.
I think it’s important because often times people chase the next big thing, the tech of the future, or some hot IPO. There’s always a fantastic story spun around new companies, so full of potential with barely an ounce of ink spilled on the risks.
They’re looking for a lottery ticket. Continue Reading…