Philosophy
34 Posts
The mission of a good investment analyst is to think about the impossible thoughts — or at least the ones that seem improbable to most. The job of a prudent portfolio manager is to anticipate problems in the face of … Read more
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I am something of a heretic in the investment world, and many people believe that I am wrong. I think that, for most people, it is a complete waste of time to try to outperform the market. I even write … Read more
2 Comments Introduction In last week’s post I mentioned one of the slogans used in the US Marine Corps, “Adapt, Improvise, and Overcome.” As 10 November 2013 was the 238th birthday of The Corps, I was thinking of all the adjustments it … Read more
Leave a Comment Investment professionals and seasoned investors prize numbers that include repetitive patterns. With these abstractions of reality we can build nice neat statistical formulas that give us a good chance to be correct most of the time. The problem with that … Read more
Leave a Comment This past week we learned that Gene Fama, Lars Peter Hansen, and Bob Shiller received the 2013 Nobel Prizes in Economic Sciences. These are relatively new awards that were first awarded in 1969 in honor of the founder of the … Read more
Leave a Comment Each week I feel like a one-person research or reconnaissance staff looking through the information clutter trying to avoid Improvised Explosive Devices (IEDs). I hope to dance through the minefield that is out there. Like most destructive forces, IEDs are … Read more
Leave a CommentThe Enron collapse now seems like a distant memory, and its scale is so tiny compared to the 2008–09 financial crisis that it almost feels like it wasn’t really that bad.
But it was.
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Introduction Is changing investment attitude all that is needed to change investment results? Is it as simple as changing your paradigm — flipping the coin to the other side? In my search for these and other answers I often take … Read more
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