During my eighty-seven years, I have witnessed a whole succession of technological revolutions. But none of them has done away with the need for character in the individual or the ability to think.”
December 12, 2018
For the past decade, the overwhelming and universally accepted narrative in the investment world has been, “no one can beat the market due to the 1% management fee.” Nothing could be further from the truth. The real cause of active management underperformance has been the high, and historically unusual, degree of stock market correlation. It...
November 08, 2018
When I was young, I thought a business would last forever. After all, J.C. Penny still exists and it’s a 114 years old. But I was to learn, in 1973, why the saying, “Technology is a business that eats its young” was so true. My understanding began with the initial public offering of Prime Computer. It had a great business, but one that was...
October 17, 2018
If we could choose a genetic gift, most of us would probably choose to be a creative genius. To be someone such as Elon Musk or Michelangelo would be perfect. Or at least, we think it would be. Who could not be happy creating something that didn’t exist before? Unfortunately, this “gift “often comes with a heavy emotional price. ...
September 11, 2018
My first experience with the speed of light was as a young caddy. As I looked across a fairway I saw a golfer hit a tee shot some distance away. The player hit the ball, finished his swing, and then – what seemed seconds later in the hot humid air – I heard a CRACK sound. I was puzzled. At the time, I didn’t know the speed of...
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