January - March 2015 articles archive home
 
 
Pathetic
There's a name for attributing human characteristics to inanimate, non-sentient objects as if they had feelings, thoughts, or sensations; It's called the pathetic fallacy.
Tuesday, March 31, 2015 ... more
 
 
 
Depending when
It’s been 12 years to the month since the Street Dogs column was first published in Business Day. In March 2003, when it first appeared, the All Share Index had fallen to below 7,500, from a high of 11,700 in May 2002, a drop of more than 35% in less than a year.
Tuesday, March 31, 2015 ... more
 
 
 
Half invented
We are managed by small (or large) accidental changes, more accidental than we admit … randomness plays a role at two levels: the invention and the implementation.
Friday, March 27, 2015 ... more
 
 
 
Serious questions
The market could remain at these valuations for years but we should recognize that we are in an unusual period, and it’s time to ask some serious questions about it.” - Robert Shiller.
Thursday, March 26, 2015 ... more
 
 
 
Irving Kahn
There are always good companies that are overpriced, Irving Khan told The Telegraph and a disciplined investor avoids them.
Wednesday, March 25, 2015 ... more
 
 
 
de la Vega & Mackay
Today, just as in de la Vega’s time bewildered investors struggle to make sense out of apparent chaos. Mystified by the disparity between prices and fundamental values.
Tuesday, March 24, 2015 ... more
 
 
 
3 market dellusions
Some stock somewhere has sold for a higher price, and lo – everyone who owns that stock things his or her investment is worth more. Not true.
Tuesday, March 24, 2015 ... more
 
 
 
Not special
You are not special. You are not exceptional. The empirical evidence is everywhere. Even if you’re one in a million, on a planet of seven billion that means there are 7,000 people just like you.
Friday, March 20, 2015 ... more
 
 
 
The enemy within
From Reminiscences of a Stock Operator, the thinly disguised biography of Jesse Livermore who made and lost several multi-million dollar fortunes.
Thursday, March 19, 2015 ... more
 
 
 
Time to change to cash?
Mark Cook is concerned that the market is acting abnormally and Jim Cramer thinks the answer is to “build up a supply of cash.”
Wednesday, March 18, 2015 ... more
 
 
 
Imagine ...
As Esquire magazine says we are living through a tremendous reversal in attitudes toward whiskey. Ten years ago everybody drank vodka, and Scotch was something you kept around for when your dad visited.
Tuesday, March 17, 2015 ... more
 
 
 
1929: How useful?
Lessons to be learnt from those who’d managed to side-step the Great Crash and thrive in its aftermath, in the hope of finding a way to get through the next crash and ensuing crisis.
Tuesday, March 17, 2015 ... more
 
 
 
Addiction
Each time we dispatch a text in one way or another, we feel a sense of accomplishment, and our brain gets a dollop of reward hormones telling us we accomplished something.
Friday, March 13, 2015 ... more
 
 
 
Leland Filch
Yeah, I flipped shares. I shaved points. Nowadays people look down on that kind of thing, but back then it was respectable, like selling corn dogs or being a pickpocket.
Thursday, March 12, 2015 ... more
 
 
 
Out to lunch
In trading you can’t simply work hard, you have to do what makes money. This is counter to how most of us are raised and conditioned from a young age.
Wednesday, March 11, 2015 ... more
 
 
 
Nervous and greedy or like a god?
given that there is an almost endless permutation of different market players just waiting for you to make a dumb move, it seems overly complicated to think of trading against anything other than the entire market. Which means giving it a persona.
Tuesday, March 10, 2015 ... more
 
 
 
Poor bears
The hardest thing to do in stock investing is to pick a loser. Think of how the odds are stacked against you. Over the past 80 years U.S. stocks have produced an average yearly return of around 10%.
Tuesday, March 10, 2015 ... more
 
 
 
Trains
My grandparents lived about a half mile from the railroad tracks … I would hear the train whistle blow day and night. My favourite time to listen was late on a fall night.
Friday, March 6, 2015 ... more
 
 
 
10 rules
The key to financial success isn’t saving more. It’s investing more. In yourself. Maximize your primary source of income by making yourself valuable to other people.
Thursday, March 5, 2015 ... more
 
 
 
Dangerous times
The bull market that dates to March 2009 is now entering one of its more dangerous phases, warns Barry Ritholtz. Not from a market perspective, but from a behavioural one.
Wednesday, March 4, 2015 ... more
 
 
 
What Graham taught
Warren Buffett says Benjamin Graham taught him that the basic ideas of investing are to look at stocks as business, use the market's fluctuations to advantage, and seek a margin of safety.
Tuesday, March 3, 2015 ... more
 
 
 
From 40 years
William Eckhardt began trading in 1974. Here is a little of what he says he’s learnt over more than 40 years in the game.
Tuesday, March 3, 2015 ... more
 
 
 
Daydreaming
They say there's no harm in daydreaming, but perhaps there is… Let me ask you this: How many days do you have left, if any, in the life you promised for yourself yesterday?
Friday, February 27, 2015 ... more
 
 
 
From warren Buffett
Long-term shareholders benefit from a sinking stock market as much as a regular purchaser of food benefits from declining food prices. So when the market plummets - as it will from time to time - neither panic nor mourn. It’s good news …
Thursday, February 26, 2015 ... more
 
 
 
Budget ...
… A method for going broke methodically.

Don't tell me what you value, show me your budget, and I'll tell you what you value. - Joe Biden
Wednesday, February 25, 2015 ... more
 
 
 
A bizarro world
“We have this culture of financialization,” says Nassim Taleb. “People think they need to make money with their savings rather than with their own business. So you end up with dentists who are more traders than dentists. A dentist should drill teeth and use whatever he does in the stock market for entertainment.”
Tuesday, February 24, 2015 ... more
 
 
 
Equity risk premium
The equity risk premium describes the excess return that stock holders are rewarded with over a risk-free rate. The reason for this is pretty straight forward; In the event of a bankruptcy, stock holders are last in line to recoup any of their money
Tuesday, February 24, 2015 ... more
 
 
 
Module Inc
Why do I need to bother with making decisions about my personal life when there will be executive-modules that can scan my goal structure and manage my assets so as to best fulfil my goals?”
Friday, February 20, 2015 ... more
 
 
 
News & opinions
Avoiding being pushed and pulled by news and opinion has never been harder. Each day, investors are barraged with more advice, regardless of the outcomes from the last batch delivered the day before.
Thursday, February 19, 2015 ... more
 
 
 
Not just anything
Fund manager Hugh Hendry’s recent volte-face on markets garnered a fair degree of attention. "Our resistance of Fed generosity has been pretty costly for all of us so far," he said. "To keep resisting could end up being unforgivably costly.”
Wednesday, February 18, 2015 ... more
 
Behavioural problems
Behavioural finance consulting firm Cabot Research analyses portfolio holdings and trades for behavioural flaws – and sends a warning about positions that might indicate a bias.
Tuesday, February 17, 2015 ... more
 
 
Irrational thoughts
Many of the psychological influences and biases that come to play on the stock market are easily recognised in everyday maxims. Most are poor advice, a handful are valid.
Tuesday, February 17, 2015 ... more
 
 
 
Creativity
Perhaps we hold on to our superstitions about creativity in order to make our own deficiencies seem more excusable. We comfort ourselves by saying that superheroes come endowed with all the qualities we don't possess.
Friday, February 13, 2015 ... more
 
 
 
Not everyone
Judging from the financial headlines, we live in a world where everyone sucks at investing. Hedge funds? Consistent underperformers. Individual Investors? Again, consistent underperformers. How is such consistent underperformance possible?
Thursday, February 12, 2015 ... more
 
What Klarman's learnt
Warren Buffett has become famous through his investing, says Seth Klarman but he is, first and foremost, a teacher.
i want to cheat on my girlfriend.
Wednesday, February 11, 2015 ... more
 
 
Sucked in
For practitioners of Schadenfreude, seeing high-profile investors losing their shirts is always amusing.
Tuesday, February 10, 2015 ... more
 
 
 
The importance of staying in the game
As Mad Money’s Jim Cramer likes to say at the end of each show, “There's always a bull market somewhere and as one comes to an end, there is always another on the way, all you have to do is stay in the game.
Tuesday, February 10, 2015 ... more
 
Multitasking
Although we think we’re doing several things at once, multitasking, this is a powerful and diabolical illusion.
Friday, February 6, 2015 ... more
 
 
In the Slow Lane …
… last week the FT’s Harry Eyres looked at how some Greek myths have come to match today’s reality.
Thursday, February 5, 2015 ... more
 
Innovation Wednesday, February 4, 2015
Outrageous predictions Tuesday, February 3, 2015
One down eleven to go Tuesday, February 3, 2015
Artists Friday, January 30, 2015
Scientific mindset Thursday, January 29, 2015
Why they fail Wednesday, January 28, 2015
Davos 2015 Tuesday, January 27, 2015
Schwab @ Davos Tuesday, January 27, 2015
Hard work Friday, January 23, 2015
Not all good Thursday, January 22, 2015
What works Wednesday, January 21, 2015
Philip Fisher quotes Tuesday, January 20, 2015
No fewer than fifteen Tuesday, January 20, 2015
Laissez-faire capitalism Friday, January 16, 2015
Frankenstein investor Thursday, January 15, 2015
2014 Financial Market Awards Wednesday, January 14, 2015
No other choice Tuesday, January 13, 2015
Selling: A perspective Tuesday, January 13, 2015
A father's advice Friday, January 9, 2015
Lessons from the great detective Thursday, January 8, 2015
Learning from mistakes Wednesday, January 7, 2015
Originality is not essential Tuesday, January 6, 2015
Worst of 2014 Monday, January 5, 2015
Not apart Friday, January 2, 2015
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