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.”
August 13, 2018
We like to believe we control our conscious thought. But I believe our subconscious – the “hard drive” part of our brain – is far more powerful. It not only records our experiences but is utterly ruthless in the recall of anything which impacts us negatively. My first business encounter with that was the day I received a U.S. Treasury...
July 17, 2018
The active manager cannot control his own destiny in times of high market correlation, but when correlation is a normal 26% - or lower - he can “hammer” the market. Correlation is the degree that different securities move together in tandem. The norm of 26% goes back close to a hundred years. Sudden increases in correlation are always...
June 18, 2018
Today it might be hard to grasp, but when I was 21 there were clients who hired me because I was “a kid.” They hoped I would become “a gunslinger.” Even in the 1960s, fear of the market still existed from the crash of 1929. To be called a Gunslinger was an accolade applied only to the best money managers. Of course, I wasn’t one of them...
May 23, 2018
As I walked through a Baltimore hotel lobby, I heard someone call my name. Startled, I turned toward the sound and saw a man coming toward me. As I saw him, I remembered meeting him six months earlier in California. His name was Bill Kling and he was the chief financial officer of The Cheesecake Factory. As we shook hands, he introduced...
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