I try to be more knowledgeable each year as an investor. Sir John Templeton 2022 was brutal. Inflation was rampant, consumers were pinched, and risk assets fell precipitously. Even crypto had a reckoning (gasp!). The standouts were commodities and the US dollar - what a strange combination. It was certainly a terrible year for “high-growth, … Continue reading Takeaways from 2022 →

It's an easy game, if you control your emotions. Warren Buffett It’s been an absolutely dreadful year thus far in financial markets. What a contrast to just one year ago. My portfolio hit another YTD low on Friday, down almost 40%. Losing money feels awful, even if it’s mostly “unrealized.” Almost every investor looks at … Continue reading Zoom Out →

You got to remember, that in our way of thinking, all intelligent investment, is value investment. Because why would you want to buy something which wasn’t worth as much as you were paying for it. And who wouldn’t like buying something for less than it’s worth? Charlie Munger With all the hype around the stock … Continue reading “Value” Investing →

You’re neither right nor wrong because other people agree with you. You’re right because your facts are right and your reasoning is right—and that’s the only thing that makes you right. And if your facts and reasoning are right, you don’t have to worry about anybody else. Warren Buffett One of the most frustrating aspects … Continue reading Facts, Reasoning, and Mistakes →

There are decades where nothing happens; and there are weeks where decades happen.Vladimir Lenin It was noon on a Tuesday and not a soul was in sight, anywhere I looked. Sidewalks, streets, stores. All empty. I walked down the middle of the main boulevard to take a panoramic video, trying to capture the eeriness of … Continue reading Good Riddance 2020 →

“I happen to believe, in businesses that are changing so fast, in a world that is rife with disruption, and the unknowns sometimes can outweigh the knowns, if you try to maintain the status quo, you’re likely to experience more failure than success. The worst thing a company can do in a dynamic marketplace, is … Continue reading Disney Going Prime Time →

"Those that fail to learn from history, are doomed to repeat it" - Winston Churchill"I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do." - Charlie Munger Whether we realize it or not, history shapes our psychology. Experiences lead to knowledge, which leads … Continue reading Past or Present, and Future →

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, … 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 … 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 →