There is only one side of the market and it is not the bull side or the bear side, but the right side.
February 15, 2011
It was extremely difficult, but I had played seven holes without asking my partner the question I was “dying” to know; how many shares of Equity Funding did he own in his mutual fund? He seemed very relaxed ... even cheerful. Yet, I felt his mutual fund had to own a ton of the stock. For me, in not asking, it was like driving by a car crash...
January 18, 2011
It was late 1997 and a roaring bull market; close to the very apex of the Internet bubble. Strangely, most portfolio managers were not beating the S&P 500 benchmark. Lost in thought about this, I reached for my ringing telephone. It was Roland Grimm asking if I were free for lunch. That’s like Peter Lynch calling for...
December 10, 2010
In the process of learning screenplay writing, I came upon this old Jewish proverb: “We see the world not as it is, but as we are.” In effect, one’s particular viewpoint becomes a prism through which we judge everything ... the opposite of an open mind. Unfortunately, we often make this worse by surrounding ourselves with...
November 11, 2010
In 1930 the global headquarters of Boston-based United Shoe Machinery Corporation was an international colossus. The “Shoe,” as it was affectionately called by Bostonians, was the largest manufacturer of shoe machinery in the world. USM did business in over 50 countries and was truly an international monopoly. The headquarters dwarfed...
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