April 2019

Nailed It

William Bernstein is one of the people I admire most in this industry. He is a true renaissance man, having been a neurologist, financial theorist, money manager, and non-fiction author. If you’ve never read any of his books, I cannot recommend them highly enough. You can check them out here. Bernstein was on Master’s in…

How Does this Happen?

Apple has added $286 billion in market capitalization over the past 73 trading sessions. That’s $10 million every minute. There are only 11 companies in the United States with a higher valuation than what Apple managed to tack on since January 3rd. The biggest stock in the world gained 43% in under four months. How…

Little by Little

We’ve been doing videos for exactly a year now. It took a while for us to hit our stride, but I think we’re getting the hang of this. The first few videos, like the first few of anything, were pretty rough. But we kept going, and little by little the quality improved to where I…

Animal Spirits: Money Made By Chance

Mention Animal Spirits to receive 20% off (*New YCharts users only) Stories Discussed High yielding stocks Money made by chance Ray Dalio thinks capitalism is broken Sometimes your friends beat you College grads selling a piece of themselves How do financial advisors spend their time? Retail pain Amazon’s letter to shareholders Is voice the future? Disney plus…

Good At One Thing

Michael Jordan drafted Kwame Brown with the first overall pick in the 2001 NBA draft. Brown was one of the biggest busts in league history, and two seasons later, after a 74-90 cumulative record, Jordan was fired as president of basketball operations. In 2006, Jordan bought a minority stake in the Charlotte Bobcats, becoming the…

The Acquirer’s Podcast

I had a blast talking with Toby Carlisle about my early experiences trading, how I got into the business, and some of the big mistakes I highlighted in my book.

These Are the Goods

Articles The hardest part of studying history is that you know how the story ends, often before you begin researching a topic By Morgan Housel  The best way to avoid errors in the future is to have made most of the major types of errors in the past. By Patrick O’Shaughnessy If you’re interested in…

Investing in the Real World

Adam Smith absolutely nailed it when he said “Statistics provided rather bloodless answers.” What you see in a spreadsheet is mostly bullshit because life doesn’t adhere to formulas. Allow me to share a quick personal story. It was January 24th and I still hadn’t sold my apartment. I was feeling the heat because I was…

How to Improve Your Risk-Adjusted Returns

If you’ve ever been at a blackjack table, you know that it’s nice to win $100, but it really sucks to lose it. Investors are no different than gamblers in that they ascribe different values to an equivalent gain or loss. The bad news is that we’re all pre-programmed with loss aversion. The good news…