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 […]

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 […]

Gambler’s Fallacy–An Investment Version

Gambler’s Fallacy has something to do with events and frequency.  You can read about it here.  My version of gambler’s fallacy is that people associate the statistical risk/reward relationship of poker with investing in order […]

Investing Tourism

If you don’t know who the patsy in the room after 10 minutes, it is probably you. Source: A lot of people… For two years, I was the patsy.  I lived in Germany from the […]