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.”
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...
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...
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