Publications
Conviction
Conviction is no doubt the foundation of long-term business ownership. How is it formed? What is it like to have it? Why does it falter? In my experience there are two distinct kinds of conviction.
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2021 Fireside Chat with David Einhorn & Mike Green
Must listen interview with David Einhorn! #timestamp
https://www.youtube.com/watch?v=D8R6fFq0siI /
The Big Question!
Everything investing is always personal!
https://thekcpgroup.com/resources/the-attention-span-the-big-question /
Waiting For the Last Dance... One of the Biggest Bubbles in History!
Featuring extreme overvaluation, explosive price increases, frenzied issuance, and hysterically speculative investor behavior, Jeremy Grantham believes - and we together with him - this event will eventually be recorded as one of the great bubbles of financial history, right along with the South Sea bubble, 1929, and 2000. #timestamp
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Unravelling value's decade-long underperformance (and imminent resurgence)
Lyall Taylor writes about how accelerating disruption is not the cause of value's underperformance over the past decade.
https://lt3000.blogspot.com/2020/11/unravelling-values-decade-long.html /
Tonight We Leave The Party Like It's 1999
GMO writes about the eerie and dangerous parallels between today’s markets and the markets back in 1999 and about the paradoxes of value investing.
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The Psychology of Money - Morgan Housel
Investing is not the study of finance. It’s the study of how people behave with money. Make this a yearly re-read!
http://www.collaborativefund.com/blog/the-psychology-of-money/ /
The Hardest Thing - Pension Partners
The hardest thing in the investment business is seeing your investors (in aggregate) actually benefit from any of your outperformance. This is so difficult because it requires your investors to behave unemotionally in their buy/sell decisions and not chase past performance to their detriment.
https://pensionpartners.com/the-hardest-thing/ /
Being Good At Suffering - Pension Partners
If you’re like most people – the word “investing” conjures up visions of success and wealth – not suffering. But having a high threshold for pain is paramount in a field where there is no upside without downside, no reward without risk.
https://pensionpartners.com/being-good-at-suffering/ /
The Sure Thing - Malcom Gladwell - The New Yorker
This Malcom Gladwell article reads like a mini-business school in six pages. It speaks to a lot of questions about business and economics such as why there are opportunities for arbitrage, and broaches topics such as asymmetrical information, value creation, etc.
http://www.newyorker.com /
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The Dystopians - Ben McGrath - The New Yorker
This is the article for you, if you are an aficionado of doom and gloom, black swans, financial collapse, peak oil, urban and suburban survivalism, societal collapse, etc.
Always focus on the downside!
http://www.newyorker.com /
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The Art and Science of High-Stakes Decisions - Farnam Street
How can anyone make rational decisions in a world where knowledge is limited, time is pressing, and deep thought is often unattainable?
http://www.farnamstreetblog.com /
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So You Want To Be The Next Warren Buffett? - Mark Sellers
What do you learn If you spend enough time studying value investors like Charlie Munger, Warren Buffett, Seth Klarman, Eddie Lampert, David Einhorn, Bill Ackman, or other people who have been similarly successful in the investment world?
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Dare To Be Great II - Howard Marks
"The more I think about it, the more angles I see in the title Dare to Be Great. Who wouldn’t dare to be great? No one. Everyone would love to have outstanding performance. The real question is whether you dare to do the things that are necessary in order to be great. ARE YOU WILLING TO BE DIFFERENT, AND ARE YOU WILLING TO BE WRONG? In order to have a chance at great results, you have to be open to being both." - Howard Marks
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The Superinvestors of Graham-&-Dodds-Ville
This article is an edited transcript of a talk given at Columbia University in 1984 commemorating the fiftieth anniversary of Security Analysis, written by Benjamin Graham and David L. Dodd. This specialized volume first introduced the ideas later popularized in The Intelligent Investor. Buffett's essay offers a fascinating study of how Graham's disciples have used Graham's value investing approach to realize phenomenal success in the stock market.
http://www.berkshirehathaway.com /
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The Management Myth - Matthew Stewart - The Atlantic
Most of management theory is inane, writes Matthew Stewart, the founder of a consulting firm. If you want to succeed in business, don’t get an M.B.A. Study philosophy instead. We couldn't agree more. (cf. Lucky or Smart & The Halo Effect)
http://www.theatlantic.com /
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Do CEOs Matter - Harris Collingwood - The Atlantic
"Leadership matters sometimes. It doesn’t make much difference at electrical-utility companies, which are so constrained by government regulations and the cost of fuel that there’s very little room for the CEO to exercise any discretion. The professors used the term “Titular Figureheads” for such CEOs. In addition to utilities, you’ll find them in stable, old-line industries—paper mills, meat wholesalers—where the pace of change is slow." Where the pace of change is slow... that's the kind of companies we like.
http://www.theatlantic.com /
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David vs Goliath - Malcom Gladwell - The New Yorker
Davids actually win when they realize their weakness and challenge the convention and conventional wisdom!
http://www.newyorker.com /
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How (and Why) Athletes Go Broke - Pablo S. Torre - Sports Illustrated
By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce. Within five years of retirement, an estimated 60% of former NBA players are broke. Why?
http://vault.sportsillustrated.cnn.com /
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How to Beat the Midas Curse - Marilyn Gardner - CS Monitor
6 out of 10 affluent families will lose the family fortune by the end of the second generation. And 9 out of 10 will have depleted the family wealth by the end of the third generation. A Chinese adage sums it up this way: "Wealth never survives three generations."
http://www.csmonitor.com /
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Growth & Value - Buttonwood - The Economist
Growth vs Value. Another way of looking at the difference.
http://www.economist.com /
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Seth Klarman - Outstanding Investor Digest
Seth Klarman: "It is critical that you remind your clients, your investment team, and, as often as necessary, yourself, that you can only control your process and approach — that you cannot forecast the vagaries of the market, which in any case are an opportunity and not a problem for value investors. And then you should invest, comfortable that you’re doing the right thing, indifferent if you lose your short-term oriented clients — who will never understand what you do, or how they are their own worst enemies — and confident that when the dust settles and the crisis passes, your steadfastness and discipline will have added more value than any other approach."
http://www.oid.com /
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Lessons To Be Learnt From Losses - Whitney Tilson
What lessons can you draw from recent errors that will make you a better investor?
http://www.valueinvestorinsight.com /
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The Rock & Roll Casualty Who Became a War Hero
Jason Everman is not everyman! “The way I look at it, life is meaningless,” Everman said... “The meaningfulness is what you impart to it.”
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The Art of Bubbles: How Sotheby's Predicts the World Economy - The Atlantic
Are record-setting auction prices a leading indicator of economic collapse?
http://www.theatlantic.com /
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