As I grow older, I pay less attention to what men say. I just watch what they do.
July 27, 2020
Change is the very essence of the investment business. Because of this reality, every portfolio manager I’ve known has a desk that can only be described as saved chaos. And that’s not including the piles of newspapers on the floor. Some managers even have a library behind their desk. Not in nice wooden cases as you would expect but stacks of...
June 15, 2020
When interest rates start to move higher, it will be considered a negative for the economy and the stock market. This reality started in in the middle of the last century. General Motors was the largest corporation in the world, but rising interest rates proved very difficult to overcome. That contrasts sharply with the cash Microsoft, Apple,...
June 08, 2020
In October of 2000 we were invited to speak at the Contrary Opinion Forum in Vergennes Vermont. The Forum had a long history, beginning in the 1960’s, of gathering an eclectic group of speakers which included climatologists, geologists, money managers, family office managers, individual investors, writers etc. The setting was gorgeous. The...
May 27, 2020
Over the years, I’ve always enjoyed going to growth stock conferences. You meet interesting people and learn about upcoming companies. Sometimes, you even learn about yourself. That happened years ago in Baltimore. For whatever reason, I was late at the start of the conference and decided to stand in the back of the room rather than disturb...
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