Learn how to take losses quickly and cleanly. Don’t expect to be right all the time. If you have made a mistake, cut your losses as quickly as possible.
March 09, 2011
Imagine building a house knowing that if you wanted electricity, you would also have to build your own electrical power plant! The amount of additional knowledge you would need is … unfathomable. The additional expense would be … incomprehensible. But that is what corporations have been doing for decades in their migration to new technology...
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...
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