Niederhoffering the Investors

In economics, signaling is the idea that one party credibly conveys some information about itself to another party.  A good example of this is education.  If you have a degree for Harvard, it wouldn’t be […]

Investing FOMO

If you walked into a room of institutional investors (think Calpers and Harvard/Yale Endowments), you might not want to discuss how your investment strategy mimics the lessons you have learned through parenting.  Since David Swenson […]

Weekly Thoughts, October Edition

1. Starboard recently replaced the entire 12 Directors of the Board at Darden Restaurants, which owns Olive Garden (and previously, Red Lobster). Unless you are starting a new religious organization, I have to ask why you […]

Off-Balance Sheet Risks

I am almost certain Ron Paul is not on my mailing list, unless he is listed as an alias, such as Edward Quince.*  That matters, because what I am about to write will almost certainly […]

An Investment Garden

It’s about that time of year when whatever faint feeling of guilt I have about not gardening starts to fade.  Granted, the feeling was never that strong in the first place, but I am happy […]

Moving the Goal Posts…The NFL and Buffett

This past week the NFL changed its drug policy to reclassify Amphetamines such as Adderall to be now treated as recreational drugs and not PEDs in the offseason, with lighter punishments.  The upshot of this is […]

Ham Sandwich CEO…in Real Life

“I always used to tell [Bill] Gates that a ham sandwich could run Coca-Cola. And it was a damn good thing, too, because we had a period there a couple of years ago where, if […]