2020 was a truly unique year from a stock market perspective in that the most expensive stocks got more expensive, while the cheapest stocks got cheaper.  All of this was in spite of the year starting with the spread between value and growth already at near-record levels, with many astute investors betting on mean reversion. ...Read More

As I write this, the Dow has experienced its longest losing streak since 2011. Nearly 1/4th of the way into 2017, we are finally seeing some real volatility and more attractive investment opportunities are popping up each day.Read More

There has a been a lot of discussion regarding whether Social Media and Cloud-based stocks are at bubble prices.  Clearly, there are significant differences between the current frothy valuations on a few stocks that at least seem to have legitimate businesses underlying them, and the absurdity that was the Nasdaq in 2000.  At that point...Read More

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...Read More

One of my investing idols Seth Klarman of the Baupost Group was profiled in The Economist.  Klarman’s book “Margin of Safety” is mandatory reading for any serious value investor.  On a risk adjusted returns basis I believe it would be very hard to find a better investor than Seth Klarman over a multi-decade time frame....Read More