Howard Marks released a new memo (PDF) this week on risk. It’s a revised and updated version of a memo he wrote last year. Being that the topic is risk, it’s worth a read. I thought I’d highlight a piece of it.

One thing people are not good at managing, especially around investing, is risk. And that’s an understatement. People are generally terrible at it. Continue Reading…

I re-read Ben Graham’s The Interpretation of Financial Statements this week. It’s a manual on, you guessed it – how to read financial statements. Okay, it’s not a thriller, but it’s barely 100 pages long and you can finish in an afternoon between naps.

At the end of the book, he briefly covers the difference between stock prices and values. This was 1937. Graham was well ahead of his time: Continue Reading…

I ran across an interesting article in The Atlantic on the advantages of being a jerk versus being nice and how both fit into the business world. The author covers several case studies before boiling it down to what works best between the two.

But it got me thinking about how it relates to investing, like the prediction sideshow that drives financial media and why some people hang on every word. Continue Reading…