Is Grave Dancing “Extremely Dangerous”?
Dear fellow investors, We have argued recently that since almost nobody is worried about inflation, there are wonderful opportunities for investments which would benefit from…
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Nobody Knows Nothin’ at Psychological Extremes
“When everybody knows something is so, nobody knows nothin’” – Andy Grove* Dear fellow investors, As Carl Icahn bailed out on Occidental Petroleum (OXY) common…
When Revenue Growth Collapses
Dear fellow investors, When we are on the road, we like to tell the story of our imaginary bottled water company. The first year we…
Seeing the baseline
“Plus ca change, plus c’est la meme chose.” (The more things change, they more they are the same) – John Baptiste Alphonse Karr Dear Fellow…
The Milken Approach
Dear Fellow Investors, Michael Milken rose to the top of Wall Street by way of the Wharton Business School with Drexel Burnham Lambert in tow….
Maverick Risk
Dear Fellow Investors, It is human to want to win and we are pre-programmed as children to get what we want quickly. Then we become…
Hotel California
Dear fellow investors, As rates fall to zero in most of the world, the line that has been ringing in our mind is “You can…
A Wizard’s Spell
“The main purpose of the stock market is to make fools of as many men as possible.” – Bernard Baruch Dear fellow investors, In a…
Political Football Stocks
There are many ways to practice value investing and many ways to add value to your stock selection. We refer to ourselves as contrarians because…
Patience And Free Cash Flow
Dear fellow investors, On a recent trip to visit clients in Denmark, I had some free time and visited the Viking Wooden Ship Museum in…
The Risk Pendulum
Dear fellow investors, “What the wise man does at the beginning, the fool does at the end!” – Warren Buffett A series of important factors…
The Inevitables 2
Dear fellow investors, As we watched this year’s Berkshire Hathaway Annual Meeting, one thing struck us. There was sheer enthusiasm around the annual shareholder meeting…
Did Vanguard Kill Wall Street’s Golden Goose?
Dear fellow investors, Many are wondering why the market for Initial Public Offerings (IPOs) has performed so poorly, even though the flood of hot new…
The Beyond Meat Market
“Don’t Believe the Hype.” – Public Enemy Dear fellow investors, We have written a good deal about the parallels of today’s market with the tech…
Berkshire Hathaway Annual Meeting 2019: Who Is Judas Iscariot?
Dear fellow investors, Charlie Munger set the tone for the 2019 Berkshire Hathaway Annual Meeting. He said that people involved in creating cryptocurrencies, “honored the…