Month

November 2013
One of the hardest things to evaluate when investing in businesses is how management will allocate capital.  The best thing to do is look at management’s historical track record, but there is no perfect way to measure things.  Great capital allocation can make an average business a great investment if bought at the right price....
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Below is our most recent research report on AIG.  The stock sold off a little bit after earnings results but is still highly attractive in our estimation.     http://seekingalpha.com/article/1829992-ignore-wall-street-analysts-aig-is-still-a-compelling-value
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  Below is a very interesting article on the events that led to hyperinflation in the Weimar Repubic and the potential ramifications of the Western Economies’ monetary policies.  We all would be very naive to believe that the ramifications of the zero interest rate policies will be very mild over the long-term, but the best...
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This is a bit older video, but still relevant due to the monetary policy concerns, which still leads speculators towards gold.  Both Bill Gates and Warren Buffett are extremely insightful in this regard in that purchasers of gold are completely reliant on someone being willing to pay a greater price, because the asset is completely...
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As the 4th year of a bull market heads towards its conclusion, unsurprisingly, the broad public is starting to get more attracted to equities.  This is the exact wrong time to become bullish, as the prices for stocks are drastically more expensive than they have been over the last several years.  Benjamin Graham creased a...
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With the stock market ascending to record heights and bonds having very little upside given the low interest rate environment, it is very logical to argue for increasing the percentage of cash in your portfolio.  While money market interest rates aren’t even close to 1%, inflation is fairly low at the time, and the optionality...
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Unfortunately, the financial advisory industry is plagued with cookie-cutter formulas like the so called 4% rule, which is based off of statistical samples of historical returns to help create a withdrawal plan for retirees.  The problem with these types of generic solutions is that the historical returns may or may not be relevant whatsoever towards...
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John Malone is a true legend in the cable business and has one of the finest track records as both a CEO and as an investor that I am aware.  His vision and stewardship has made shareholders’ of his companies a fortune over the last few decades.  This is a very long but interesting interview...
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When you look at the great long-term investment track records, the vast majority are held by value investors such as Warren Buffett, Bruce Berkowitz, Seth Klarman etc.  There were two very prominent exceptions, George Soros and Stevie Cohen.  George Soros is a macroeconomic genius, who has taken aggressive positions across a variety of different asset...
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No investor other than perhaps Stevie Cohen has garnered the criticism that Bill Ackman has in 2013.  His controversial investments in J.C. Penney (JCP) and Herbalife (HLF) have generated a lot of headlines, as has his sparring with Carl Icahn and Daniel Loeb, but Ackman has been a very successful investor over the years, which...
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