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“Investment success doesn’t come from 'buying good things,' but rather from 'buying things well.'” --Howard Marks
BUY BECAUSE IT'S A BEAR (October 30, 2018): During any market topping process you hear almost nothing about the possibility of a bear market, even a mild one, since investors are so....
“Investment success doesn’t come from 'buying good things,' but rather from 'buying things well.'” --Howard Marks
BUY BECAUSE IT'S A BEAR (October 30, 2018): During any market topping process you hear almost nothing about the possibility of a bear market, even a mild one, since investors are so....
“Now, it's that dispersion that's at the moment probably the most interesting opportunity in the market — start putting money to work in the losers and start taking a preference in the winners, because there's probably going to be a mean reversion in
RIPE HARVEST FOR ASSET PAIRS (October 18, 2018): Most investors are used to thinking about the financial markets as a collection of individual decisions. Should I buy more of this or....
“Now, it's that dispersion that's at the moment probably the most interesting opportunity in the market — start putting money to work in the losers and start taking a preference in the winners, because there's probably going to be a mean reversion in
RIPE HARVEST FOR ASSET PAIRS (October 18, 2018): Most investors are used to thinking about the financial markets as a collection of individual decisions. Should I buy more of this or....
“1.00 invested in those firms with the most negative ETF flow in January 2006 grows to 3.48 at the end of December 2017, compared to 1.40 for those firms with the highest ETF flow.” --Deutsche Bank
ALL IS DIVIDED INTO THREE PARTS (August 6, 2018): As is often the case in the early stages of a U.S. equity bear market, several typical characteristics can be observed. Hardly anyone....
“1.00 invested in those firms with the most negative ETF flow in January 2006 grows to 3.48 at the end of December 2017, compared to 1.40 for those firms with the highest ETF flow.” --Deutsche Bank
ALL IS DIVIDED INTO THREE PARTS (August 6, 2018): As is often the case in the early stages of a U.S. equity bear market, several typical characteristics can be observed. Hardly anyone....
“Investing is the intersection of economics and psychology.” --Seth Klarman
AU WOW (April 25, 2018): Investors in 2018 have been behaving very differently than they have done in recent years. We started with a surge for many risk assets to new all-time highs,....
“Investing is the intersection of economics and psychology.” --Seth Klarman
AU WOW (April 25, 2018): Investors in 2018 have been behaving very differently than they have done in recent years. We started with a surge for many risk assets to new all-time highs,....
“When the tide goes out you can see who isn't wearing a bathing suit.” --Warren Buffett
WILE E. COYOTE LOOKS DOWN--OOPS! (February 4, 2018): In the famous Road Runner cartoons, Wile E. Coyote is frequently tricked into going off the edge of a huge cliff. However, nothing....
“When the tide goes out you can see who isn't wearing a bathing suit.” --Warren Buffett
WILE E. COYOTE LOOKS DOWN--OOPS! (February 4, 2018): In the famous Road Runner cartoons, Wile E. Coyote is frequently tricked into going off the edge of a huge cliff. However, nothing....
“The hard part is discipline, patience, and judgment.” --Seth Klarman
TAXES DROP; STOCKS DROP MORE (December 3, 2017): The financial markets have behaved very differently during the past week than they have done during the entire bull market which began in....
“The hard part is discipline, patience, and judgment.” --Seth Klarman
TAXES DROP; STOCKS DROP MORE (December 3, 2017): The financial markets have behaved very differently during the past week than they have done during the entire bull market which began....
“There is nothing riskier than the widespread perception that there is no risk.” --Howard Marks
JUMPING OFF A ROOF (September 17, 2017): When I was in kindergarten the boys used to get together during recess and play word games. A popular one was to suggest two methods of dying....
“There is nothing riskier than the widespread perception that there is no risk.” --Howard Marks
JUMPING OFF A ROOF (September 17, 2017): When I was in kindergarten the boys used to get together during recess and play word games. A popular one was to suggest two methods of dying....
“Value investing is at its core the marriage of a contrarian streak and a calculator.” --Seth Klarman
OVERLAPPING OVEREXTENDED OPPORTUNITIES (July 10, 2017): Some investors who are momentum players attempt to identify the most overextended trends and to chase after them in the hope that....
“Value investing is at its core the marriage of a contrarian streak and a calculator.” --Seth Klarman
OVERLAPPING OVEREXTENDED OPPORTUNITIES (July 10, 2017): Some investors who are momentum players attempt to identify the most overextended trends and to chase after them in the hope that....
“I've never walked the same path other people found comfortable and I'm not going to start now.” --Lora Leigh
THE PIT AND THE PENDULUM (May 11, 2017): It is relatively rare to have one group of assets being incredibly overvalued and another group being simultaneously underpriced, but that is the....
“I've never walked the same path other people found comfortable and I'm not going to start now.” --Lora Leigh
THE PIT AND THE PENDULUM (May 11, 2017): It is relatively rare to have one group of assets being incredibly overvalued and another group being simultaneously underpriced, but that is the....
Thus in order to be a 'radical' one must be open to the possibility that one's own core assumptions are misconceived. --Christopher Hitchens
FROM RICHES TO RAGS (March 3, 2017): During the past week, some amazing historic tops have been formed for well-known U.S. equity indices. The S&P 500 (SPY, VOO) soared above 2400 for the....
Thus in order to be a 'radical' one must be open to the possibility that one's own core assumptions are misconceived. --Christopher Hitchens
FROM RICHES TO RAGS (March 3, 2017): During the past week, some amazing historic tops have been formed for well-known U.S. equity indices. The S&P 500 (SPY, VOO) soared above 2400....
“Yet high uncertainty is frequently accompanied by low prices. By the time the uncertainty is resolved, prices are likely to have risen. ” --Seth Klarman
DOLLAR SHMOLLAR (December 21, 2016): Whenever anything is repeated frequently enough, most people will end up believing it even if it is a preposterous concept. In early 2009, investors....
“Yet high uncertainty is frequently accompanied by low prices. By the time the uncertainty is resolved, prices are likely to have risen. ” --Seth Klarman
DOLLAR SHMOLLAR (December 21, 2016): Whenever anything is repeated frequently enough, most people will end up believing it even if it is a preposterous concept. In early 2009, investors....
“Trump is about to make inflation great again.” --Luke Kawa and Sid Verma
TRUMP WON'T TRUMP ENTRENCHED TRENDS (November 13, 2016): There has been a "yuge" amount of chatter on the internet and in the media about the alleged impact of Donald J. Trump as the next....
“Trump is about to make inflation great again.” --Luke Kawa and Sid Verma
TRUMP WON'T TRUMP ENTRENCHED TRENDS (November 13, 2016): There has been a "yuge" amount of chatter on the internet and in the media about the alleged impact of Donald J. Trump as the....
“There can be few fields of human endeavor in which history counts for so little as in the world of finance.” --John Kenneth Galbraith
COMMODITY-PRODUCERS' RALLIES DON'T GET NO RESPECT (November 7, 2016): If you sort all unleveraged exchange-traded funds based upon their percentage increases from their respective 52-week....