Make changes to the portfolio 3-4 times per year. Evaluate the replacement candidates as a group against the current portfolio. New additions must be better than the median idea currently in the portfolio. Companies leaving the...
Read MoreRebalance the portfolio whenever a stock gets more than 20% away from its target weight. Run a largely equal-weighted portfolio because it is genuinely difficult to tell what idea is the best. Keep about 30-40 names for...
Read MoreOver the last year, I noticed that my personal insurance carrier had raised my rates, for the third year in a row, with no change in any variable affecting insurability. Now, having been an insurance equity analyst,...
Read MoreWell, I got a surprise today. No, it wasn’t that my favorite life reinsurer, RGA, beat the earnings estimate handily. Rather, it was that the Securities Division of the Attorney General’s office of the...
Read MoreIn the end, economic systems work, and judicial systems modify to accommodate that. The only exception to that is when a culture is dying. I have been scratching my head over all the problems in the residential mortgage...
Read MoreI am more optimistic over how my asset management practice will start. Thanks to all who have expressed interest. Depending on how the state of Maryland replies to my filings, I will be able to get started sometime...
Read MoreThere is room for a new risk model based on the idea that risk is unique among individuals, and inversely related to the price paid for an asset. If a risk control model has an asset becoming more risky when prices fall,...
Read MoreI general, I think our tax code is nuts, allowing deductions for interest, and not dividends. That creates a pro-debt bias in the tax code, which we are suffering from now. I would reverse it, and allow deductions...
Read MoreI’m enjoying the preparations more as I make steps toward opening my business. Today’s actions were ordering business cards, and sending out an RFP to firms that could be custodians/clearing brokers. The...
Read MoreSorry for not blogging much lately, I’ve been busy with two things: Completing and filing my paperwork for registering my investment advisory in the State of Maryland. My electronic and paper filings are in the hands...
Read More
