June 2018

These Are the Goods

Articles What I thought was a major career failure turned out to be the best thing that ever happened to my career By Blair duQuesnay Learn to love the micro-stakes arena By Tommy Tranfo If things like research department headcount or manager tenure had any predictive value, then you could throw away your Bloomberg terminal…

The Geometry of Wealth

The Geometry of wealth by my friend Brian Portnoy is “A stoic playbook for navigating money life.” This is the type of book you give to someone you truly care about. Brian is a deep thinker and a beautiful writer. I wanted to share some of my favorite lines and passages in the hope that…

Animal Spirits: The Oracle of Brookyln

Stories Discussed New entrants to the S&P 500 outperformed the index by a median of 17% in the year leading up to their inclusion in the index LGBTQ and Straight millennials  My friend, Warren makes mistakes too.  Short-termism Breaking news, I’m no longer GODLing.  More than half of 401(k) participants invest in a single target-date…

What Do Clients Want?

Today Josh and I spoke about the outflows at the Magellan fund, which is now 84% smaller than it was at its peak in 1997. This reminds me of a Yogi Berra Quote, “If the people don’t want to come out to the ballpark, nobody’s going to stop them.” Magellan has beaten the S&P 500…

These Are the Goods

Articles If I had to write one sentence that is true always and everywhere, it would be this: Smart investors did stupid things again today. By Jason Zweig Not seeing the irony that history is the study of surprises and changes while using it as a guide to the future. By Morgan Housel How did…

Animal Spirits: Big Mistakes

On this week’s Animal Spirits, we discuss: My book, Big Mistakes Why and how value and momentum investing work.  Mary Meeker’s internet trends Amazon dot toast A hedge fund blow up A Bill Gross hiccup Listen below Charts mentioned     Recommendations Big Mistakes: the Best Investors and Their Worst Investments The Space Barons: Elon…

Animal Spirits Live

Ben and I will be doing our first live Animal Spirits at EBI West in a few weeks. One of the things we’ll be discussing is what Finance Twitter might have been like during moments in financial history. The Great Depression, 1987, and the tech bubble. For example. It’s going to be a lot of fun,…

The Next Fifty Years

Fifty years ago today, the S&P 500 closed above 100 for the first time ever. The New York Times ran the following headline on the cover of the business section. The funny thing about going through old news papers is how some things never change. This sentence could be in tomorrow’s paper: “Yesterday’s upswing, they…

Why Did I Write a Book?

It’s finally here, my book officially comes out this week. The other day I said to my wife, “Wow, I really did it. I wrote a book.” She replied, “What’s the Netflix password?” Like my wife, you might already be over my book, even if you haven’t read it yet. I get it. Congratulations Twitter…

These Are the Goods

Articles Experience is not the same thing as expertise. By Ben Carlson The difference between Value and Momentum lies in where the mistake happens By Jesse Livermore, Chris Meredith, CFA, and Patrick O’Shaughnessy, CFA So, once more I raise my lance, spur on my faithful destrier, and charge, dreaming the impossible dream that this time I’ll be…