It isn’t as important to buy as cheap as possible as it is to buy at the right time.

The current unicorn IPO market is reminiscent of the psychology used in the Trojan War. Today the hidden “soldiers” are venture capitalists, investment bankers and corporate employees. According to mythology, the “gift” to the Trojans was an 80’ wooden horse that seemingly marked the end of a ten year war. We are now ten years into a bull...

With deference to Stephen King and his horror novel “Misery,” it seemed the only appropriate name for my scrapbook. The “book” started 10 years ago when a famous hedge fund manager massively underperformed the S&P 500. Then it happened again with a well-known mutual fund manager. I sensed there was more to come. Over two, three...

When I was quite young, my father and I would go into Boston on Saturday afternoons to see my grandmother. She lived in a brownstone in the south-end across from the Greek Cathedral. As we settled in, she would give me a dollar and ask me to “go down to ‘Sam’s” and get a pound of hamburger for dinner. Sam was the butcher at the end of the...

Most of us think of the stock market as a monolithic entity. I don’t. I believe it has an internal structure of three categories each based on the size and history of the companies. Or sometimes, it’s just the nature of the business. Each segment has its own investment advocates.
The first segment is based on the historic reason...
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