Category Archives: Ethics

Book Review: Berkshire Beyond Buffett

It’s time to change what Warren Buffett supposedly said about his mentors: “I’m 85% Ben Graham, and 15% Phil Fisher.” For those who don’t know, Ben Graham is regarded to be the father of value investing, and Phil Fisher the father of growth investing.  Trouble is, Warren Buffett changed in his career such that this […]

Inevitable Ineffective Banking Regulation

I am mystified at why people might be outraged or surprised that the Federal Reserve does a poor job of overseeing banks.  The Fed is an overstaffed bureaucracy.  Overstaffed bureaucracies always tend toward consensus and non-confrontation. I know this from my days of working as an actuary inside an overstaffed life insurance company, and applying […]

Not Apt, Not Teed Up, Not Going

Okay, let’s run the promoted stocks scoreboard: Ticker Date of Article Price @ Article Price @ 6/27/14 Decline Annualized Splits GTXO 5/27/2008 2.45 0.022 -99.1% -53.3%   BONZ 10/22/2009 0.35 0.001 -99.8% -72.8%   BONU 10/22/2009 0.89 0.000 -100.0% -85.1%   UTOG 3/30/2011 1.55 0.000 -100.0% -92.3%   OBJE 4/29/2011 116.00 0.069 -99.9% -89.7% 1:40 […]

Self-Regulation in the Financial Markets: My Thoughts

Self-regulation: let’s think about a person.  Can he regulate his own life on his own?  Of course he can.  But will he? The same is true of markets. SROs can be effective if the culture is good, and people are willing to take actions against friends.  But an SRO can also develop a culture that has […]