I have a friend who I will call Dr. X, or DX for short. He is a friend of mine who is involved in some but not all things that I am involved in. We talked recently about taxes, and this is my stylized version of the...
Read MorePart of being a shareholder is corporate governance. It is incumbent on us to vote the proxies we receive. To my left, I have ten or so proxies I will vote tomorrow. If we don’t vote...
Read MoreWhen I started my asset management business, I did not know what I was doing. I probably still don’t, though finally I have a little more assets under management than I have of my own assets...
Read MoreThis was an interesting book. It is well written, and I share some of the points of view of the authors. That said, there are a bunch of things that I take issue with in the book. The style of the book was...
Read MoreBefore I start this evening, I just want to say that as a day progresses, if I find a good topic, I prepare for it. If I don’t, I plan on doing a book review. As it is, I have 15 books that I have read and not reviewed....
Read MoreUnconstrained strategies for bonds are hot now with yields so low. But wait. Let’s take a step back. What do we mean by a constrained strategy? A constrained strategy is one that limits the investments one can...
Read MoreThis is a modest book with an immodest title. Stocks will return 9%/year over the next 15 or so years. Dow 38,820? C’mon, round it to 39,000 or 40,000! Or, is the book so modest? The Lehman Aggregate...
Read MoreI don’t often do a Q&A with book authors, but I appreciated my dealings with Roddy Boyd, the author of Fatal Risk. It’s official publication date is tomorrow, but it is now available at Amazon. If you...
Read MoreThe core discipline of value investing is not buying it cheap, but margin of safety. Margin of safety means you aren’t going to lose too much if you are wrong, and face it, we make mistakes. I do, and you...
Read MoreFor those that have read me for years at The Aleph Blog, this book will impart little that is new. But, you get a set of powerful arguments in one integrated slim package. I really liked this book. The author took a...
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