So long as predictions remain popular, and are so numerous as they are today – and so long as they receive notoriety through repetition in the press and on the radio – contrary opinions will increase in importance as thinking aids. “
September 13, 2019
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...
August 22, 2019
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...
July 11, 2019
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...
June 13, 2019
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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