April - June 2010 articles archive home
Stuff you probably already know.
The following pithy principles are offered by Richard Friesen in their raw form. “Some may make sense,” he says, “others may not.”

  • We are who we are and we start from where we start.
  • Every morning we agree to play as delighted beginners.
  • Tuesday, June 29, 2010 ... more
     
     
    What we are; the will to live.
    Thrasymachos. Tell me now, in one word, what shall I be after my death?

    Philalethes. All and nothing! … As far as you are an individual, death will be the end of you. But your individuality is not your true and inmost being: it is only the outward manifestation of it.
    Friday, June 25, 2010 ... more
     
    Basically it’s all over says Munger.
    A while ago Charles Munger, the Vice-Chairman of Berkshire Hathaway, wrote a parable for Slate.com that told of how a “wonderful nation by the name of Basicland” was brought to ruin. “In the early 1700s,” began Munger, “Europeans discovered … a large, unpopulated island ..."
    Thursday, June 24, 2010 ... more
     
     
    All-too readily forgotten lessons.
    In his annual letter to Baupost Group investors, investing great Seth Klarman describes 20 lessons from the financial crisis which, he says, “were either never learned or else were immediately forgotten by most market participants.” Here are some of them:
    Wednesday, June 23, 2010 ... more
     
    Can't do good deal with bad people.
    The most important question we ask management is what they believe is the best and highest use of the cash their company generates. We want to make sure the answer is top of mind and, of course, that we ultimately agree with it. - Christopher Grisanti.
    Tuesday, June 22, 2010 ... more
     
     
    Whom shall you call your teacher?
    Subdue yourself, and discover your master. Believe nothing on the faith of traditions, even though they have been held in honour for many generations and in diverse places. Do not believe a thing because many people speak of it. Do not believe on the faith of the sages of the past.
    Friday, June 18, 2010 ... more
     
    Equity investing as a hedge against inflation.
    Should you buy stocks as a hedge against inflation? In normal circumstances, some stocks are a good hedge against price inflation. Some even beat inflation spectacularly
    But in times of high inflation, when the real economy deteriorates, it becomes increasingly difficult to find companies whose earnings continue growing faster than the general rise in prices.
    Thursday, June 17, 2010 ... more
     
     
    Modern problem of investing with indecent haste.
    Approval is not the goal of investing. In fact, approval is often counter-productive because it sedates the brain and makes it less receptive to new facts or re-examination of conclusions formed earlier. Beware of investment activity that produces applause: the great moves (when made) are usually greeted by yawns.” - Warren Buffett.
    Tuesday, June 15, 2010 ... more
     
    The origin of the word soccer is … England.
    A 32-year-old defender playing for the Croatian side Mladost, was given a yellow card for diving by a no-nonsense referee after suffereing a massive heart attack in the 35th minute of a game against local rivals Hrvatski Sokola.

    Friday, June 11, 2010 ... more
     
     
    The three Bears’ case for a zero equity weighting.
    The greatest pessimism and most scathing remarks came from Janjuah. “I cannot believe that they are being serious in any way when talking up the recovery and the prospect of rate hikes,” he wrote. “And price action is making it pretty clear that the market is fully prepared to call the Fed’s bluff ...
    Thursday, June 10, 2010 ... more
     
    The invevitable outcome of a too-big ego.
    A too-big ego can cost you everything. Due to their oversized egos, Nick Leeson brought down the Barings Bank, Victor Niederhoffer ran his fund into the ground and John Merriweather ended up threatening the health of the entire system. The great WD Gann died a pauper. The legendary Jess Livermore was destitute when he committed suicide.
    Wednesday, June 9, 2010 ... more
     
     
    Investment advice from Peter Lynch.
    In 1977, Peter Lynch was made head of the obscure Magellan Fund with $18m in assets. By the time he left in 1990, the fund had grown to more than $14bn in assets. Over the 13 year period the Fund averaged a 29.2% return. A record that remains unbeaten.
    Tuesday, June 8, 2010 ... more
     
    The argument in favour of the boom-bust cycles. Friday, June 4, 2010
    James Montier on market efficiency, bubbles and quants Thursday, June 3, 2010
    Dow 36,000 seem unreasonable? What about Dow 636,000? Wednesday, June 2, 2010
    A few more rules and ideas ... Tuesday, June 1, 2010
    A path by which to travel so as to avoid a ringing in the ears. Friday, May 28, 2010
    Of all the things that matter, opinions may be the least. Thursday, May 27, 2010
    Those that are not going to make it. Wednesday, May 26, 2010
    Advice from an old hand. Tuesday, May 25, 2010
    In defence of the individual Friday, May 21, 2010
    A contribution from David Chaplin Thursday, May 20, 2010
    The true nature of the markets. Wednesday, May 19, 2010
    Reasons to like small caps Tuesday, May 18, 2010
    Who will programme civilization’s new operating system? Friday, May 14, 2010
    Why you should be, but probably aren't a value investor.. Thursday, May 13, 2010
    A story, a little philosophy and some investment advice … Wednesday, May 12, 2010
    Advice from some who believe in a patient, long-term approach. Tuesday, May 11, 2010
    The durability of major trends Tuesday, May 11, 2010
    The durability of major trends Tuesday, May 11, 2010
    Despite the age-old admonition not to judge a book by its cover … Friday, May 7, 2010
    There’ll always be a need for an edge. Thursday, May 6, 2010
    The smart bets are on what could have been. Wednesday, May 5, 2010
    Stuff we're always hearing but isn’t true. Tuesday, May 4, 2010
    A little foolishness and a little wisdom. Friday, April 30, 2010
    Of seductive details and dangerous beasts Thursday, April 29, 2010
    Herd instinct: The tendency to act without a plan Wednesday, April 28, 2010
    Stuff we’re finding out about money. Friday, April 23, 2010
    Taking lessons from the bookies. Thursday, April 22, 2010
    Fear of success: Could it be you’re self-sabotaging? Wednesday, April 21, 2010
    Bits of advice that could be useful. Tuesday, April 20, 2010
    To help you choose between pleasure and reality. Friday, April 16, 2010
    The role of accounting standards in the financial crisis. Thursday, April 15, 2010
    Market inefficiencies: a constant source of opportunities. Wednesday, April 14, 2010
    Finding the right place to play the game is important too. Tuesday, April 13, 2010
    Trust your intuition Sunday, April 11, 2010
    In support of the time-honoured practice of falling in love Friday, April 9, 2010
    Extracts from Adam Smith’s 1960's classic, The Money Game. Thursday, April 8, 2010
    The causes of failure are important for understanding success. Wednesday, April 7, 2010
    In case you think you’re capable of a rational decision. Thursday, April 1, 2010
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