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Jeremy Siegel has done more work on historical stock returns than pretty much anyone. He literally wrote the book on it, pulling stock data going back to 1802 for Stocks for the Long Run.
In a recent Master in Business podcast interview he summed up his case for equities simply: Continue Reading…
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Business Insider has a write-up on the latest Baupost quarterly letter. There are several great quotes in the article on the Dotcom bubble, doing nothing, the importance of cash, and a little bit about their process.
I pulled a couple quotes below that describe what it was like being a value investor during the Dotcom crash. Continue Reading…
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If you want better than average returns you have to be different from everyone else. I’m poorly paraphrasing Howard Marks, but it’s true.
Behaving better than everyone else, buying when valuations are low, having a longer holding period, and becoming an expert are all simple ways to be different. Simple, but not easy.
Mario Gabelli has this figured out. He shared his investing philosophy in a recent interview: Continue Reading…
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In case you missed it, the latest Marks Memo (pdf) was released last Friday. It’s an homage to Yogi Berra specifically and sports generally. The comparison between sports and investing are used widely because it’s an analogy most of us can relate to on some level and the lessons learned tend to overlap.
Much like Buffett uses Ted Williams to explain his investment philosophy, Marks uses bits of Yogi, baseball, football, fantasy sports, and tennis to explain his. Continue Reading…
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The importance of studying history is a recurring theme from many great investors. Yet, history is probably the most ignored part of investing.
There’s a number of reasons I’m sure. But I was reminded of this while listening to a recent interview with Jason Zweig. He said: Continue Reading…
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Every decision you make comes with the chance of being wrong. Being wrong isn’t something we like to think about, but it matters.
Limiting your decisions, those potential points of failure, can improve your portfolio returns. It definitely impacts your costs, your free time, and your sanity.
So a good goal would be to streamline your investment process to the fewest possible (bad) decisions. Continue Reading…