I am not asking for any asset management business, but I?set up a website for my asset management business. ?You can visit it here. ?It is crude and basic, compared to Aleph Blog. ?If you are curious about what I do to make a living, you can find out about it there. ?That’s all.

I’ve been blogging for over seven years… this is just an experiment, and unlikely to be repeated. ?Here goes:

Have you ever read through comment streams on major financial news and blogging websites? ?Or the Message Boards at Yahoo? ?It is often ugly, bitter, and uninformed. ?That’s why I am bringing to you the?Peterson’s Guide to Financial Blog Commenters! ?Let’s have a look at the zoo:

The Insult Masters

There are many who can’t argue the details of an article, so it saves time and face to insult the author or other commenters. ?These are all too common, and make life dreary for serious thinkers.

The Person with a Little Insight

 

There are well-meaning and knowledgeable commenters, and they are a breath of fresh air compared to most of those who comment. ?Would that we had more of them. ?More often found in places where authors don’t write offensively.

The Person with a Lot of Insight

 

This is rare, but occasionally you get commenters that know more than the writer, or at least are on a par. ?If you spot them in the wild, take a snapshot of them, and send it in to the Aleph Blog. ?I appreciate great wisdom wherever it is found. ?Usually found as blogs that take a studious and serious tone.

Cult Members / Victimhood

 

 

The internet has many nooks and crannies, more than a mountain of English muffins. ?Let me point out a few with respect to cults & victimhood:

Cults

• Bitcoin
• Xenophobia
• Guns

Victimhood

• Bush
• Obama
• 1%
• Bankers
• Government
• Big Biz & Big Government
• The Purple Party (I.e. “there ain’t a dime’s worth of difference between the Republican and Democrat parties.” George Wallace)
• Jews — Really? ?We haven’t gotten past this? ?Anti-Semitism is so 20th Century.

Partisan Hacks

 

You know how the world works, and you talk down to the unwashed who don’t agree. ?Though they may deprecate religion, they are as bad as the worst of the religious in not listening to the views of the other side — after all, they have the knowledge that few do.

Too Much Time on Your Hands

 

I don’t know why some people leave incredibly long comments at a website or blog. ?It would be far better for them to start their own blog where they can showcase their work, and put it forth positively, rather than merely reacting.

The Writer is a Shill

 

There are some commenters that exist only to push a view for which they are compensated. ?Be wary of those who stridently comment in areas where there is some financial advantage to do so.

Pushes Pet Issue

 

Much like the cult members and victims, there are those that will push their pet issue, because that is a main goal of theirs.

Tells Sob Story

 

Cute kid, huh? ?But some people use comment threads to grieve over their story where they allege they were abused by powerful corporations, governments, etc.

Joker

 

Some just make jokes about the article or comments, and this is perhaps the most common of all… after all, who doesn’t like a good joke? ?Unless, of course, you are the target…

Pot Shots

 

There are many who go for quick hits on authors or commenters. ?After all, in an anonymous culture, there is no cost to being insulting or rude. ?So take a pot shot, right?

Ranters

 

Like those that have to much time on their hands, those that rant have a lot to say, and you are entitled to all of it.

Pedant

 

Finally, the least valuable — those that insist on points of grammar, when the sense of the communication is easily known.

Summary

My main point here is that most who comment on financial websites and blogs should not do it, or they should change, so that they comment in such a way that they elevate the discussion above the analogy of a common brawl. ?Do unto others as you would have others do unto you. ?Aim for the good of others, rather than putdowns. ?It’s that simple.

 

At various points over the last 20 years, various friends have encouraged me to write a newsletter. ? I have resisted these requests, because in general, I don’t have respect for newsletter writers.

If you’ve got great ideas, invest in them, and start a firm to do so for others. ?Don’t hide behind the virtual sham of “this is only entertainment.” ?I’ve been blogging for seven years, and I am not trying to entertain but to educate. ?I don’t give financial advice because I don’t know who I am speaking to; everything is general, so what I write may be applicable to some readers, but certainly not all readers.

Second, since I have created my own firm, I owe a duty to my clients that they get my best insights, implicitly or explicitly. ?Implicitly: I no longer mention what my holdings are, unless I write about them. ?At present, the sharpest reader who is not a client knows 20% of my equity portfolio at best. ?Explicitly, I write to my clients once a quarter, and tell them what I am thinking, and why I have taken the actions that I have in their portfolios.

It is simpler for me from an ethics and compliance standpoint to keep public and private information separate. ?It gives my clients the focus they deserve, and allows me to write on a wide amount of topics of interest to many people, without doing damage to either side. ?As always, if I have a position in something I write about, I will disclose it.

Two million or so words ago, I started this blog.? I wanted to do something different; something that reflected my character, and would be an aid to many.? I wanted it to be a bit of a “brain dump,” so that I could impart what I have learned to many.? After seven years, I think the task is mostly complete.

Tonight I would like to thank one group of people I have not thanked before — my clients.? I don’t advertise my services, at least I haven’t so far, though that may change in the future.? My clients provide me with my living, and I appreciate it.

Aleph Blog is fun, and it turns a profit, but is enough to fund my family for three weeks per year.? Those that blog for a living have to be far more promotional than I would like.? I’m happy writing about the things that move me the most, and hopefully, provide the best information for readers.

But if anyone would have asked me where my readers would be coming from seven years ago, I would have said almost entirely from the US & Canada.? That’s almost true — 30% of my readers, as measured by Quantcast, hail from outside those two nations.? Here’s a table, based off of January blog activity:

Country	Uniques %	Uniques Index
United States	63.48	119
Canada	6.25	192
United Kingdom	5.4	119
Singapore	2.8	746
Australia	2.43	232
India	2.08	117
Germany	1.81	62
Czech Republic	1.14	41
Spain	1.1	54
Hong Kong	1.03	359
Switzerland	0.91	255
Netherlands	0.76	69
France	0.67	20
Malaysia	0.57	98
Philippines	0.53	56
Italy	0.49	24
Israel	0.49	243
Sweden	0.45	76
Brazil	0.44	12
Belgium	0.42	65
Austria	0.34	69
China	0.33	18
Russia	0.31	16
New Zealand	0.27	102
Finland	0.26	61
South Africa	0.25	63
Denmark	0.25	68
Ireland	0.25	49
Greece	0.24	69
Japan	0.24	13
Korea, Republic of	0.21	33
Poland	0.2	19
Mexico	0.2	12
Pakistan	0.2	32
Thailand	0.2	24
United Arab Emirates	0.19	59
Indonesia	0.19	12
Romania	0.18	36
Turkey	0.18	7
Taiwan	0.17	37
Portugal	0.15	32
Norway	0.14	42
Bulgaria	0.12	58
Hungary	0.11	37
Lithuania	0.11	50
Argentina	0.11	5
Slovenia	0.1	79
Vietnam	0.08	7
Nigeria	0.08	44
Estonia	0.07	109
Rest of the World	1.02	NA

The “Uniques Index” adjusts to show how popular I am per capita in each country.? 100 would be the average popularity.

I’ve been impressed over the years with how many people have written to me from across the Earth, asking questions, thanking me, etc.? Many I have turned into blog posts.? Don’t be shy to write; I may not respond — I can’t get to everything.? I read them all, and about half become blog posts, because they address ideas that many need to hear about.

The Future as I see it Dimly

I have more book reviews to write.? I would like to write a piece asking what is the most fragile significant element on the global economic scene, but so many things are fragile that it is hard to pick one out.

This may take more than one part, but I want to do a review, category by category, of the main ideas I have tried to propound over the last seven years.? I’d like to start that series over the next month.

I’m almost finished with my “The Rules” series — only 1-3 to go.? As I get closer to the end, I find my remaining topics aren’t so compelling.? I used the best ones first.

Aside from that, Buffett season is here, so expect to see an analysis of his letter, annual report, and 10-K.? Lord helping me, and with aid getting the statutory statements, maybe 2014 is the year I write the piece that details his holding company structure.

Thanks

Wherever you live in the world, whatever your first language is, thanks for reading me.? I am grateful and humbled that I have such a large audience.? I only hope that I can continue to earn your trust by writing great stuff month after month, year after year.

Finally, thanks to those who link to me, and those who mention me on Twitter.? May the Lord Jesus Christ bless you all.

 

In general, at Aleph Blog, if you keep your comments clean, even if I disagree with them, they will be published.?? There is one exception to this, that if you accuse me of evil intent, I will ban you from posting comments.

Look, Aleph Blog is free.? I could set up a subscription service but I haven’t, and have no intention of doing so.? I blog for the good of readers.? If you think I am acting out of evil intent, then stop reading me, or, set up your own blog and criticize me.

I have only banned two commenters in seven years at Aleph Blog.? There have been many comments that I have not agreed with, but I allowed to be posted.? There have been many comments that called me stupid.? All of those were posted.? I don’t mind that — call ne stupid as much as you like.

Barry Ritholtz, the leading finance blogger, at his blog, reserves the right to deny anyone the right to comment, and that is fair.? I put forth the effort to create this blog, and as such, I set the rules for commenting.

I rarely deny the ability to comment, but I will do so to the degree that it impugns me, or degrades the blog.

All that said, thank you for the 99%+ that comment here.? I appreciate your comments.

Today I read the following article 2014 Resolution: This Year, I Will Blog.? Good article, and it features useful advice from Susan Weiner, who writes the blog Investment Writing.? I think highly of Susan, and we are having her come speak to the Baltimore CFA Society on March 24th.? Writing is not so well-learned among many investment analysts, and employers of analysts would like to see better quality writing out of their employees.

But in response to the blogging article, I would like to give a few tips on blogging.? Most of these won’t be very profound, but there is basic “blocking and tackling” to do if you want to be a good blogger.

1) Choose the periodicity of your blogging.? Will it be multiple times per day, once a day, a few times per week, once a week, a few times a month, or monthly?? I think that is the limit in terms of keeping the attention of readers — you can’t blog less than monthly.

Now, the less frequently you blog, the higher the quality has to be.? Length is not an issue here.? Post length is not correlated with quality.? Make your thoughts and words count.? There is no prize for number of words.? There are only prizes for value added.

One more thing: once you choose how often you want to blog, stick with it.? Regularity is needed to establish an audience.

2) Define the area in which you want to blog.? What is your differential insight?? Where are your thoughts strongest versus the consensus?? There are relatively few bloggers that can cover a wide area.? (And as one that does cover a wide area, it means that posts covering different areas may not interest some of your readers.)

3) Start small.? You don’t have to write masterpieces from day one.? Commenting on articles that you excerpt can be a great way to begin.

Another great way is to start assembling linkfests a la Abnormal Returns.? You will not likely do better than Tadas, but I have seen many small linkfests that are worth reading.

4) Ask who your target audience is.? Are you aiming at professionals, intelligent amateurs, or Joe Lunchpail?? Then tailor your language to fit the audience, as well as your choice of topics.

Also remember that other bloggers and journalists may link to you, so consider what your extended audience might be like.? (I’ve seen my articles translated into so many languages that I have lost count.? I never thought that would happen.)

5) Get ready to be hurt.? The internet is a cruel place, and there is all manner of anonymous backbiting that goes on.? But there are way to minimize it:

• Have a comments policy, and block people from commenting who violate it.
• Be humble in your writing; more attacks come to those who are brash.
• Double-check what you say before clicking “publish.”
• When you are wrong, own up to it.? That establishes credibility, it does not destroy it.
• Avoid profanity.? Bloggers that use profanity attract a bad crowd of commenters.

6) Reach out to other bloggers.? Link to good stuff from other bloggers, and when you write something good, send a copy to bloggers you respect (not too often).? Respect the time of leading bloggers, and only send the best.

7) Use Twitter, LinkedIn, and Facebook to expand your distribution.?? Social media can enhance your influence; just be sure not to annoy your readers.

8 ) Be ready for the long haul.? Don’t enter into this unless you are thinking of doing this for years.? Of the major bloggers I knew back in 2007 when I started Aleph Blog, most of them are still in the game, and they are still hot stuff.? But I have seen many promising bloggers put out a few significant posts and fold.? It is like what Jesus said [Luke 14:28-33]:

For which of you, intending to build a tower, does not sit down first and count the cost, whether he has enough to finish it??lest, after he has laid the foundation, and is not able to finish, all who see it begin to mock him,?saying, ?This man began to build and was not able to finish???Or what king, going to make war against another king, does not sit down first and consider whether he is able with ten thousand to meet him who comes against him with twenty thousand??Or else, while the other is still a great way off, he sends a delegation and asks conditions of peace. So likewise, whoever of you does not forsake all that he has cannot be My disciple.

Think about what it will cost you to blog before you start doing it.? Figure out what you can sustainably do without destroying important relationships that you have.? Blogging is about consistency, not occasional genius.

9) Don’t worry about your writing skills.? They will improve over time.? Oh, if you could read the turgid stuff that I wrote thirty years ago.? Between a writing Nazi who was my boss at AIG, and writing for RealMoney, my writing style improved dramatically as an adult.? Hint: Flesch Test your writing, and use the grammar and spelling checkers within Microsoft Word.? Aim for language that high schoolers should be able to read.

10) Every time you write, look into your heart and ask what you feel strongest about.? Then write about it, and be bold (yet still humble).? (Catch the balance.)

Summary

Blogging is not easy, but it is rewarding.? It may help you build a business.? It may gain new friends for you.

You won’t be perfect from the start, but aim for continuous improvement.? Aim to be “good enough,” and improve from there.

If you try and need advice, feel free to e-mail me.? I will try to aid you in what limited time I have.? After all, I write long blog posts once a day on average.

May you prosper more than me, and achieve far more.? May I see your name five years from now, a star, and say, “I knew him when…”

When I started blogging in February 2007, I did not know that I would be able to write on new topics for so long.? But I committed to writing two short posts a night initially, which became one long post per night, excluding the Sabbath.

I have admiration for many of the long-term bloggers who churn out content regularly.? It takes effort.? It’s not easy to come up with fresh content on a regular basis.? My well is not dry, but sometimes I wonder.? Still, I have the following when things seem dull:

• Book reviews
• Posts on “The Rules” (sadly/happily that will come to an end soon — the series will likely end at LX.)
• Series posts — the only open one I have at present is the Education of an Investment Risk Manager series, which should complete soon.

Much as I have non-consensus views on many matters, it is not my goal to write about those views all of the time.? I want to teach people about investing, and get them to avoid many of the traps that are common in the markets.

I try to write about a wide number of issues in the markets, both hot and cold, private and public.? My goals is to create skeptical investors that invest in valuable investments after doing sufficient research.

Much as I have become a better writer through blogging, that was not my goal in writing here or at RealMoney.? It is my goal to educate.? I want people to make better decisions, and avoid the scammers who push illiquid investments.? If an investment is illiquid, it deserves three times the scrutiny as to its value.

Avoid investments that lock up your funds.? I have two of them, one an incredible success, and one a horrible loss. On net, I have won, but I wish I had not invested in the loser.? Hindsight is 20/20 — could I have seen it in advance?? No.? Nor could I have seen the incredible turnaround in the other investment, which is now distributing 30%/year.

I like writing for my audience.? And thanks for reading me.? I am open to allowing a simpler commenting system.? If that is something you would like, please let me know.? In the past, I have been reluctant to do that because many comments on the internet are low value.? But if you want me to loosen up comments, let me know.