January - March 2016 articles archive home
3 reasons not to
From James Altucher, 3 reasons why you shouldn’t buy stocks: 1. The competition. Buffett and all the other great investors go out every day with the sole purpose of taking your wallet, stealing your diamonds and when they’ve gotten everything from you
Thursday, March 31, 2016 ... more
What Charlie told Jason
… on Benjamin Graham: “He had a lot to learn as an investor. His ideas of how to value companies were all shaped by how the Great Crash and the Depression almost destroyed him, and he was always a little afraid of what the market can do.”
Wednesday, March 30, 2016 ... more
An outsider’s perspective
The former CEO and Chairman of Intel, Andy Grove, passed away last week at age 79. By all accounts he was one of the best executives Silicon Valley has ever seen. Under his leadership, Intel has become one of the world's most admired companies.
Tuesday, March 29, 2016 ... more
Investment quotes …
… on the market Of all hoodoos in Wall Street I think the resolve to induce the stock market to act as a fairy godmother is the busiest and most persistent. – Jesse Livermore
Monday, March 28, 2016 ... more
Easter basket
Selecting Easter eggs isn’t all that different to selecting stocks, just more fun. Here’s some advice for both: Diversify. You don’t have to fill your basket with Easter eggs. You can have chocolate bunnies and hens.
Thursday, March 24, 2016 ... more
When a monkey hurts itself on a tree stump, it often flies into a rage and kicks the piece of wood. We laugh at that type of behaviour, but what is the difference between a trader trying to get back at the market and a monkey kicking a tree stump?
Wednesday, March 23, 2016 ... more
“If you're looking for a home run – a great investment for the next five years or ten years or more – then the only way to beat this enormous fog that covers the future is to identify a long-term trend that will give a particular business some sort of edge.”
Tuesday, March 22, 2016 ... more
Investing in the future
Asking what payments will look like in 2050 is a bit like asking an early Victorian how we will go about making up all the fireplaces in 2015, says Dan Salmons, Managing Director PayPoint Mobile and Online. “For the most part, we don’t. Heating the house is no longer something we do, it just happens in the background. I think payments will be the same. They’ll just happen.” What’s an investor to make of that? It’s not obvious. But then, we don’t really need to concern ourselves with that.
Tuesday, March 22, 2016 ... more
On retirement
One of the most difficult challenges of transitioning to retirement from the working world is a complete change in mind set when it comes to investing. You go from being a saver to a spender. There’s no future income or nearly as much time...
Monday, March 21, 2016 ... more
Once there was a miser, who to save money would eat nothing but oatmeal. And what's more, he would make a great big batch of it at the start of every week, and put it in a drawer, and when he wanted a meal he would slice off a piece and eat it cold; thus he saved on firewood. Now, by the end of the week, the oatmeal would be somewhat mouldy and not very appetising; and so to make himself eat it, the miser would take out a bottle of good whiskey, and pour himself a glass, and say "All right, Olai, eat your oatmeal and when you're done, you can have a dram." Then he would eat his mouldy oatmeal, and when he was done he'd laugh and pour the whiskey back in the bottle ...
Friday, March 18, 2016 ... more
Burning out
But now … the concept of nurturing credit seems to have morphed into something destructive as opposed to growth enhancing. Our global, credit based economic system appears to be in the process of devolving from a production oriented model to one which recycles finance for the benefit of financiers. Making money on money seems to be the system’s flickering objective.
Thursday, March 17, 2016 ... more
Less often is better
In his book, Misbehaving: The Making of Behavioral Economics, Richard Thaler discusses a stock market experiment in which some subjects see their results eight times more often than others. “As predicted by myopic loss aversion,” says Thaler, “those who saw their results more often were more cautious – putting only put 41% of their money into stocks, while those who saw the results less often invested 70% in stocks.
Wednesday, March 16, 2016 ... more
Lessons from pirates
It’s best to be an early investor. The first pirate to attack a Spanish treasure fleet was Jean Fleury, a privateer sanctioned by the King of France. Think big. Other pirates captured ships; Morgan captured whole cities. Gran Canada, Portobello...
Tuesday, March 15, 2016 ... more
Ever wish you could be a cowboy?
Cowboys didn’t buy their hats on credit. Billy the Kid didn’t lease his guns. The Dalton gang didn’t worry that the banks might repossess their horses. They robbed the banks; the banks didn’t rob them. The regulators hadn’t yet got a hold of everything. You didn’t have to tolerate braggarts who were ‘all gurgle and no guts’. When people came up to you from behind, they knew to give a loud greeting before they got within shooting range. Cowboys had rules. And even though they never wrote them down, everyone knew what they were and wouldn’t try to snivel out of them. Had there been traffic lights in the Wild West cowboys would have stopped on orange … ok maybe not, but on red for sure.
Tuesday, March 15, 2016 ... more
The market as God
In days of old, seers entered a trance state and then informed anxious seekers what kind of mood the gods were in, and whether this was an auspicious time to begin a journey, get married, or start a war. The prophets of Israel repaired to the desert and then returned to announce whether Yahweh was feeling benevolent or wrathful. Today The Market's fickle will is clarified by daily reports from Wall Street ...
Monday, March 14, 2016 ... more
First published in 1902
Extracts of Letters from a Self-Made Merchant to his Son: “Anything that teaches a boy to get the answer before the other fellow gets through biting the pencil pays. College doesn’t make fools it develops them. It doesn’t make bright men it develops them. A fool will turn out to be a fool, whether he goes to college or not, though he’ll probably turn out a different sort of a fool …”
Friday, March 11, 2016 ... more
Great, or Just Lucky?
John Templeton, founder of the Templeton mutual funds, once had an edge in foreign investment; now there are hundreds of foreign investment funds grazing for greener grass, even investing in Mongolia and Burma. Formerly “emerging” markets such as Brazil are today ho-hum for the high-risk crowd.
Thursday, March 10, 2016 ... more
No committees
The most important distinction in the investment world does not separate individuals and institutions; the most important distinction divides those investors that have the ability to make high-quality active management decisions from those investors without active management expertise. Few institutions and even fewer individuals exhibit the ability and commit the resources to produce risk-adjusted excess returns. - David Swensen
Wednesday, March 9, 2016 ... more
In debt
It is said the world owes the world more than the world can pay. - Ralph Waldo Emerson I can get no remedy against this consumption of the purse: borrowing lingers it out, but the disease is incurable. - William Shakespeare
Tuesday, March 8, 2016 ... more
Evolution of Consumer Spending
“Spending habits of consumers have changed significantly over the last century,” says Octogen Director Paul Slot. “In the 1900’s food and housing took up 60% of household income and virtually nothing was spent on transportation.
Tuesday, March 8, 2016 ... more
The Bronze Rat
A Wharton alumnus had a few hours to kill after meeting with the legal representatives of his venture partners in San Francisco. To pass the time he wandered around Chinatown, and he eventually found himself in a back-alley antique shop.
Monday, March 7, 2016 ... more
Not without effort
The master of the garden is the one who waters it, trims the branches, plants the seeds, and pulls the weeds … Or you could simply throw down a few inches of compost and fake it. That's what we do, isn't it? Do the best with what we have? ― Na
Friday, March 4, 2016 ... more
Intrinsic value Thursday, March 3, 2016
What to look for in dividends Wednesday, March 2, 2016
Property vs stocks Tuesday, March 1, 2016
Irrefutable truths Tuesday, March 1, 2016
Inherently mean Monday, February 29, 2016
High achievers Friday, February 26, 2016
Rare is rare Thursday, February 25, 2016
From the Edelman/CFA Study Wednesday, February 24, 2016
Like Tuesday, February 23, 2016
Metaphors Tuesday, February 23, 2016
Rules & a dead donkey Monday, February 22, 2016
Envy Friday, February 19, 2016
The Great Crash Thursday, February 18, 2016
To quote George Soros … Wednesday, February 17, 2016
In a down market Tuesday, February 16, 2016
Before & after Tuesday, February 16, 2016
A reminder ... Monday, February 15, 2016
Without purpose Friday, February 12, 2016
Panic Thursday, February 11, 2016
the 3 Ls Wednesday, February 10, 2016
What could be Tuesday, February 9, 2016
2 things Tuesday, February 9, 2016
So as to fail Monday, February 8, 2016
Against us Friday, February 5, 2016
Sounds smarter Thursday, February 4, 2016
Under-appreciated Wednesday, February 3, 2016
lessons in survival Tuesday, February 2, 2016
Jargon Tuesday, February 2, 2016
Should we be afraid? Monday, February 1, 2016
One small difference Friday, January 29, 2016
Lessons from the crash Thursday, January 28, 2016
A bullish view Wednesday, January 27, 2016
From Warren Buffett Tuesday, January 26, 2016
About Buffett Tuesday, January 26, 2016
Proletariat Monday, January 25, 2016
Without rhyme or reason Friday, January 22, 2016
Who knows? Thursday, January 21, 2016
Trading lessons Wednesday, January 20, 2016
Chances of success Tuesday, January 19, 2016
This and that Tuesday, January 19, 2016
Conflicts Monday, January 18, 2016
The A Hole effect Friday, January 15, 2016
Curiosity Thursday, January 14, 2016
Bear market truths Wednesday, January 13, 2016
Outrageous predictions Tuesday, January 12, 2016
Some predictions for 2016 Tuesday, January 12, 2016
Without proof? Monday, January 11, 2016
Try Friday, January 8, 2016
What we believe Thursday, January 7, 2016
Don't forget Wednesday, January 6, 2016
Baruch's advice Tuesday, January 5, 2016
Suicide Monday, January 4, 2016
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