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  • Howard Marks on His Investment Philosophy

    May 11, 2016

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    Jon

    Marks on Overpriced MarketsHoward Marks gave a talk at Google back in March ’15 where he covered the origin of his investment philosophy. I scribbled some notes as watched it. I thought it was time to organize things and post it here.

    His book, The Most Important Thing, is his investment philosophy. He admits that his most important things have changed over time. His thinking is always evolving. The goal was to show that investing is hard, counterintuitive, and to teach people how to think.

    During the talk, Marks highlighted where the roots of his philosophy began: Continue Reading…


  • Happy Hour: BRK Book Selection

    May 6, 2016

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    Jon

    Every year at the Berkshire annual meeting, Warren Buffett offers a handpicked selection of books. I dug up this year’s list from the meeting and I thought I’d list all of them below.

    I’ve read several books on the list, own (still need to read) a couple more, and added several new ones to my wish list. Many, as you might guess, are about him. A few are about Charlie Munger. The rest are on investing, biographies, history…I’ll let you check out the rest. Continue Reading…


  • Notes from a Seth Klarman MBA Lecture

    May 4, 2016

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    Jon

    Klarman on value investing

    Last year I highlighted a lecture Seth Klarman gave to a Columbia MBA class back in 2010. The video was posted on Youtube at the time, but since then it’s been made private for some reason. Because of that, I thought I’d share all my notes from his presentation. Continue Reading…


  • Happy Hour: Real Contrarian

    April 29, 2016

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    Jon

    A lot of people claim to be contrarian, but few actually are. Either, they think they’re unique in having an idea, even though everyone shares it. Or they claim it but never act.

    Take Valeant Pharmaceuticals. First, imagine a stock rising to lofty heights – about $262 – from a 2009 low around $11. Had you bought it at any point before June 2015, you would have made money.

    Then August came with bad news and the hits just kept on coming. The stock collapsed 87% from its highs to $35. Continue Reading…


  • 5 Nuggets of Buffett Wisdom

    April 27, 2016

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    Jon

    Buffett-DisciplineWith the Berkshire Hathaway annual meeting right around the corner, I thought I’d dig through the site to unearth a few nuggets of Buffett wisdom that I’ve collected over the years. Continue Reading…


  • Happy Hour: Volatility

    April 22, 2016

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    Jon

    Volatility gets way to much attention. It’s almost as if investors are codependent on the short-term twitches in the market. They need it, just know the market is working for them. And good ole Mr. Market loves the attention.

    Jason Zweig summed this up nicely in a short article: Volatility: In the Eye of the Beholder. In it, he included this image showing volatility over three different periods. Continue Reading…


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