You can't too soon make it a rule to invest only on your own know and never on somebody else's say so. You may lose some profits by this policy, but you're bound to miss a lot of losses. Often the best reason for keeping out of a thing is that everybody else is going into it. A crowd's always dangerous; it first pushes prices up beyond reason and then down below common sense.
In the book Range: Why Generalists Triumph in a Specialist World, author David Epstein argues that many fields have gone so overboard with specialization that generalists are now the more valuable problem solvers. Epstein states that ...
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Thursday, September 12, 2019
In an interview with Bloomberg News last week Michael Burry warned that the recent flood of money into index funds has parallels with the pre-2008 bubble in collateralized debt obligations that almost destroyed the global financial system ...
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Wednesday, September 11, 2019
If a builder builds a house for a man and does not make its construction firm, and the house which he has built collapses and causes the death of the owner of the house, that builder shall be put to death. - Hammurabi’s Code. Admittedly we don’t know ...
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Tuesday, September 10, 2019
Security prices can change for any number of reasons and because it is impossible to know what expectations are reflected in any given price level, investors must look beyond security prices to underlying business value, always comparing the two ...
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Thursday, September 5, 2019
There’s nothing to trigger anxiety like a big sell-off by company insiders. And, according to CNN Business, there has been no shortage of insider selling in the U.S. of late. “The leaders of Corporate America are cashing in their chips as doubts grow ...
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Wednesday, September 4, 2019
“A stock is for all practical purposes, a piece of paper that sits in a bank vault,” warns Adam Smith in The Money Game. “It doesn’t know you own it. All those marvellous things, or those terrible things, that you feel about a stock ...
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Tuesday, September 3, 2019
Whether you call it a “petition,” an “open letter” or a “public statement,” this type of document is distinguished by the fact that after stating and arguing for a position, it lists the names of people who endorse the position. The petition aims to effect persuasion with respect to what appears in the first part not only by way of any argument contained therein but also by way of the number and respectability of the people who figure in the second part.
In his bestseller The Black Swan, Nassim Taleb asks us to play two thought experiments. In a section called Travels Inside Mediocristan, he asks us to, “Assume you round up a thousand people randomly selected from the general public and have them stand next to each other in a stadium... Imagine the heaviest person you can think of and add him to that sample.
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