Category Archives: Value Investing

One Potential Weakness of Berkshire Hathaway

As I mentioned yesterday, there wasn’t anything that amazing and new in the annual letter of Berkshire Hathaway.  Lots of people found things to comment on, and there is always something true to be reminded of by Buffett, but there was little that was new.  Tonight, I want to focus on a few new things, […]

The “Secret” of Berkshire Hathaway

This piece has kind of a long personal introduction to illustrate my point.  If you don’t want to be bored with my personal history, just skip down to the next division marker after this one. =–=-=-=-=-==–==-=–=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-= There will always be a soft spot in my heart for people who toil in lower level areas of […]

Advice on Organizing Asset Allocations and Managers

I was reading an occasional blast email from my friend Tom Brakke, when he mentioned a free publication from Redington, a UK asset management firm that employs actuaries, among others. I was very impressed with what I read in the 32-page publication, and highly recommend it to those who select investment managers or create asset […]

A New Exercise in Industry Rotation

At Abnormal Returns, over the weekend, Tadas Viskanta featured a free article from Credit Suisse called the Credit Suisse Global Investment Returns Yearbook 2015.  It featured articles on whether the returns on industries as a whole mean-revert or have momentum, whether there is a valuation effect on industry returns, “social responsibility” in investing, and the existence […]

One Dozen Reasons Why the Average Person Underperforms In Investing, Part 1

Brian Lund recently put up a post called 5 Reasons You Deserve to Lose Every Penny in the Stock Market.  Though I don’t endorse everything in his article, I think it is worth a read.  I’m going to tackle the same question from a broader perspective, and write a different article.  As we often say, […]

Learning from the Past, Part 3

I wish I could tell you that it was easy for me to stop making macroeconomic forecasts, once I set out to become a value investor.  It’s difficult to get rid of convictions, especially if they are simple ones, such as which way will interest rates go? In the early-to-mid ’90s, many were convinced that […]

Talking About Value Investing and Fed Policy

Here is the second part of my interview on RT Boom/Bust. It was recorded while the FOMC was releasing its statement, so I had no idea at that time as to what the announcement had been. The interview covers my view of Apple (not one of my strong points), Fed Policy, and what should value […]

Learning from the Past, Part 2

Happy New Year to all of my readers. May 2015 be an enriching year for you in all ways, not just money. This is a series on learning about investing, using my past mistakes as grist for the mill.  I have had my share of mistakes, as you will see.  The real question is whether […]