If the job has been correctly done when a common stock is purchased, the time to sell it is - almost never.Philip Fisher Have you heard? Apparently, stocks only go up. Curious narrative given what transpired a mere four months ago. Retail traders have been piling in at alarming rates, particularly into highly priced, story … Continue reading To Sell or Not to Sell →

Once the unsettling fact of the risk in money is accepted, we can begin to separate gambling from investing not by the type of activity, but by the skill, dedication, and enterprise of the participant.Peter Lynch To an outside observer, the stock market may look an awful lot like a casino where people greedily gamble … Continue reading Markets and Casinos →

Never bet against America.Warren Buffett Berkshire Hathaway’s annual shareholder’s meeting yesterday was surreal. The dreary atmosphere was palpable, with the absence of the more than 40 thousand enthusiastic folks that usually attend - most notably Charlie Munger whose wit and wisdom were sorely missed. No events, no displays, no mascots, no crowds or cameras eagerly … Continue reading BRK Annual Meeting 2020 →

The fundamental law of investing is the uncertainty of the future.Peter Bernstein Although clearly not a scientific law, the above is one of my favorite quotes about investing because the emphasis is rightfully on the unknowable future. There are no calculable answers, there are equally justifiable bull and bear arguments, as well as plenty of intelligent … Continue reading Uncertainty and Luck →

“In fact, you can argue that if you're not willing to react with equanimity to a market price decline of 50% two or three times a century you're not fit to be a common shareholder, and you deserve the mediocre result you're going to get compared to the people who do have the temperament, who … Continue reading A Bat Swan →

Welcome to my Reflections on Investing.  “Why are great investors so highly lauded? What makes them great? Can anyone become great?” Simple questions sparked my interest; complex answers solidified my passion.  I am completely fascinated by the intellectual and emotional challenge of investing. The discipline offers an unparalleled opportunity to learn about businesses, society, markets, … Continue reading Hello (investing) World* →