Blog

The Biggest Risk

“The risks of being out of the game are huge compared to the risks of being in it.” – Warren Buffett 2012 Annual Letter to Shareholders “Many a bad move

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The Father in the Back Seat

Tough father experiences are behind some of the world’s greatest success stories. Businesspeople and investors who drew inspiration and drive from their father’s weaknesses rank among some of the best

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Top Books by Top Subjects

Our company Kindle account today has 1138 titles, of which I have completed at least 500.  There was a time when I obsessed over completing books cover to cover, as

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Yawning into Adulthood

Almost a year ago, billionaire hedge fund manager Ray Dalio published a book titled Principles for Dealing with the Changing World Order (2021) and then followed it up in March

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Top Quotes

I keeps a collection of quotes that I pick up mainly from books, but also from the internet, movies, songs, and TV shows.  The top ten list changes over time

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Small Dreamers Need Not Apply

In the first chapter of 100 to 1 in the Stock Market (1972), Thomas Phelps writes: “Maybe you don’t have ten thousand dollars? Many people don’t.” … “Sorry, there is no

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The Invisible Arm

Adam Smith is known as The Father of Economics, but one might argue that Richard Cantillon (1680-1734), who came before Adam Smith and is credited with introducing the concept of

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Thousands of Books

In our Kindle we passed 1000 books this weekend. Cognizant that it takes years to read even half as many books with the attention the task deserves, I recently changed

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Q&A About Victori

An institutional investor recently emailed me a list of 10 questions about Victori that I responded to this morning and share below.   Q:  Are you of the opinion that

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Four Times in a Fortnight

The front page of the London Harold on Friday October 25, 1929 attempts to explain what happened on Black Thursday: “too much speculation,” they conclude.  Many other subsequent accounts reached

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Age Matters

As shown in the image below which I created in Excel, President Biden was 19 when the Cuban Missile Crises brought the world to its knees, and he was 30

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It’s a Marathon

Spikes in oil prices and interest rates have caused shocks to the global economy in the past, and will no doubt do the same in the future.  There are many

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You Can’t Borrow Conviction

I recently read a good book called Quality First Investing: A checklist approach to finding and sitting tight in multibaggers (2021) that was published on the last day of the

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They Prove Cheap

There’s an article in the FT today (link) about fierce competition in the fund business.  This is nothing new, as the chart below shows, but it is also not as

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Time Has More Patience

I just had a fascinating exchange in a WhatsApp group with a friend who works in the Oil & Gas business.  The exchange was inspired by an article he shared

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Hope, Despair and Courage

Investing for the long run requires some degree of courage, especially when growth gets tested, but there is good courage and there is bad courage. Its only when the courage

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