The Big Short: A Must Read/See

Get your popcorn ready, Michael Lewis’ The Big Short is coming to a Cinemark near you.  If you haven’t already read the book, do so.  If you can’t make it to the movie on opening […]

Turnarounds Seldom Turn

There are lots of reasons to follow a business, even if you have no plans to invest in the company.  Turnarounds often seem like a viable option for value investors because their valuations have fallen […]

Shop Till You Drop….

Black Friday and Cyber Monday provide some helpful reminders of time-honored value investing principles.  Let’s recap a few. Discounting from previously advertised prices may not indicate a bargain is at hand. Imagine the following product […]

Charlton Heston & Mr. Buffett

This past weekend I was reminded of the time I pulled a quick one on my parents.  The movie, The Ten Commandments, was on television and I knew my parents would let me stay up […]

Peyton Manning, Buffett and Munger

The 2011 NFL Most Valuable Player was without a doubt Peyton Manning.  Due to a quirk in the NFL rules, Manning did not win the MVP award that year because he did not take a […]

Competitive Advantage and Annual Letter

The stock market is a zero-sum game and any potential investor will ask a fund manager, what’s your competitive advantage?  I have thought a lot about this, most of my thinking has been occupied with […]

Imitating Genius

Admit it, you want to be like Alan Turing. Or the next Michael Bury, to be featured in the Michael Lewis’ next book. An elaborate mystery within a puzzle…the key that unlocks great riches. The […]

Ben Graham’s Greatest Gift

My family is moving this summer.  We looked at some houses over the holidays.  We found one we liked and the seller suggested a price.  Two weeks later, we sent a letter offering to buy […]

Rule of 10: Shake Shack’s IPO

If there were ever an IPO where I had some special insight, it would be Shake Shack.  After Shake Shack opened a location about 10 blocks from our apartment in NYC, I probably ate there […]