July - September 2016 articles archive home
Clueless machines
When we look to the future is there anything more menacing than the Singularity, that fateful moment when AI surpasses its creators in intelligence and takes over the world? Daniel C. Dennett at Tufts University thinks there is a far more pressing problem
Friday, September 30, 2016 ... more
A lot of value investors shun concepts such as volatility, or standard deviation, as a measure of risk — and I’m sympathetic to that point of view. That said, the notion of risk is very time-dependent. For very short periods of time, volatility is a pretty good way to think about risk. I have kids in college and I have to write a check for their tuition, so volatility is a very important concept for me. I want to minimize my volatility so I can make sure I can write that cheque.
Thursday, September 29, 2016 ... more
Emotionally exhausting
Bob Maynard is one of the best investors you’ve probably never heard of. The thing that sets him apart from his institutional peers is the fact that he runs a more conventional portfolio that eschews the complex, illiquid model that many of the large pools of capital now run
Wednesday, September 28, 2016 ... more
Actionable and not
Today, with the internet, 24-hour financial media, blogs, and every conceivable method of acquisition, information is overwhelming. What makes it easier to deal with is knowing that only a small amount of it is actionable and most of the rest is merely observable.
Tuesday, September 27, 2016 ... more
Barry Melancon, president and CEO of the American Institute of CPAs, on being asked what kept him up at night replied, “My biggest worry is the relevancy of our core products.” That being the case, The End of Accounting, a new book written by Professor Baruch Lev and Feng Gu is likely to give him a few sleepless nights.
Tuesday, September 27, 2016 ... more
As you’ve no doubt noticed, the zombies have taken over: the walking dead are on your TV, on your commute, and – to widespread ambivalence – in the East End of London. And though a thousand dissertations have been launched on the undead as representative of
Monday, September 26, 2016 ... more
It's now clear that we will not need to physically wire the planet. Satellites, possibly aided by drones and balloons, are about to get the job done a lot faster. The major Internet and space technology corporations, among others, have confirmed multi-billion-dollar investments to bring low-cost broadband Internet to every square meter of Earth's surface within ten years.
Friday, September 23, 2016 ... more
Twice as much
Of course there will [always] be people with intense, unsatisfied purposiveness who will blindly pursue wealth … for him jam is not jam unless it is a case of jam to-morrow and never jam to-day. So, for those investors who can’t see the need to ‘cash-in’ at some point, this reminder from John Maynard Keynes’ Economic Possibilities for our Grandchildren of the Professor in Sylvie and Bruno:
Thursday, September 22, 2016 ... more
Nobel Laureate Paul Samuelson on active investing: Even fans of actively managed funds often concede that most other investors would be better off in index funds. But buoyed by abundant self-confidence, these folks aren't about to give up on actively managed funds themselves. A tad delusional? I think so. “Picking the best-performing funds is like trying to predict the dice before you roll them down the craps table,” says an investment adviser in Boca Raton. “I can't do it. The public can't do it."
Wednesday, September 21, 2016 ... more
What is a stock?
What is a stock, really? It used to be a piece of paper that sat somewhere. These days, like everything else, stock ownership has gone digital. So, you’ll just have to take someone’s word for it that it actually exists. What it’s worth on any given day depends on what buyers and sellers decide on that day.
Tuesday, September 20, 2016 ... more
What good are shareholders?
As shareholders we like to think that our place is at the centre of the corporate universe, with managers putting our interests above all others. After all, if we’re not the owners of the business, entitled to everything that comes with ownership, who is? In legal terms though, shareholders don’t own the corporation. They own securities that give them a less-than-well-defined claim on its earnings. If you own a car, you’re liable for damages in an accident even if they exceed the value of the car. But shareholders are on the hook only for what they’ve invested.
Tuesday, September 20, 2016 ... more
Throw a stick, and the servile dog wheezes and pants and stumbles to bring it to you. Do the same before a cat, and he will eye you with coolly polite and somewhat bored amusement. And just as inferior people prefer the inferior animal which scampers excitedly because someone else wants something, so do superior people respect the superior animal which lives its own life and knows that the puerile stick-throwing of alien bipeds are none of its business and beneath its notice. The dog barks and begs and tumbles to amuse you when you crack the whip.
Monday, September 19, 2016 ... more
No person ever saw a flock of birds, of which two or three were swimming in grease and the others all skin and bone. – Henry George One of the biggest challenges facing us is the increasing disparity in wealth and income
Friday, September 16, 2016 ... more
The Simpsons
From 25IQ, the Simpsons on money and investing: Homer: “Son, if you really want something in this life, you have to work for it. Now quiet! They’re about to announce the lottery numbers.”
Thursday, September 15, 2016 ... more
Michael says Wednesday, September 14, 2016
Diverse ideas Tuesday, September 13, 2016
Can't do what should Tuesday, September 13, 2016
Predicting the weather Monday, September 12, 2016
Who are you kidding? Friday, September 9, 2016
A history lesson Thursday, September 8, 2016
Wrong lessons Wednesday, September 7, 2016
Fewer players Tuesday, September 6, 2016
Luck vs skill Tuesday, September 6, 2016
Clarks Monday, September 5, 2016
The only news Friday, September 2, 2016
1M can do Thursday, September 1, 2016
Combined volatility Wednesday, August 31, 2016
What we can learn... Tuesday, August 30, 2016
Horses not zebras Tuesday, August 30, 2016
Visceral Monday, August 29, 2016
Just a hologram Friday, August 26, 2016
Sleep deprived Thursday, August 25, 2016
Scary Wednesday, August 24, 2016
Voodoo strategies Tuesday, August 23, 2016
Alone Tuesday, August 23, 2016
Vonnegut's advice Monday, August 22, 2016
First million Friday, August 19, 2016
Poor doctors Thursday, August 18, 2016
Past performance Wednesday, August 17, 2016
Economic possibilities Tuesday, August 16, 2016
AI in the market Tuesday, August 16, 2016
Beyond anger Monday, August 15, 2016
Purpose Friday, August 12, 2016
Like minded Thursday, August 11, 2016
Gold: Suboptimal Wednesday, August 10, 2016
Networking Monday, August 8, 2016
Success Friday, August 5, 2016
Increased risk Thursday, August 4, 2016
Economic moats Tuesday, August 2, 2016
Strategy update Tuesday, August 2, 2016
Oil Monday, August 1, 2016
No more surprises Friday, July 29, 2016
Long-term bullish Thursday, July 28, 2016
Market Myopia Wednesday, July 27, 2016
2nd level thinking Tuesday, July 26, 2016
What market knows Tuesday, July 26, 2016
Scary story Monday, July 25, 2016
No Friday, July 22, 2016
Best ignored Thursday, July 21, 2016
The dividend monk Wednesday, July 20, 2016
Short selling Tuesday, July 19, 2016
Short selling: pros & cons Tuesday, July 19, 2016
The shift to passive Monday, July 18, 2016
Hello babies Friday, July 15, 2016
Despite it all Thursday, July 14, 2016
Do's & don'ts Wednesday, July 13, 2016
Passive is dull Tuesday, July 12, 2016
Asset bloat Tuesday, July 12, 2016
Simple truths Monday, July 11, 2016
OCS Friday, July 8, 2016
It's not a craft Thursday, July 7, 2016
From Bernard Baruch Wednesday, July 6, 2016
Why you don't get rich Tuesday, July 5, 2016
Why market won't Tuesday, July 5, 2016
From Elon Musk Monday, July 4, 2016
Time Friday, July 1, 2016
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