22 May 2017

Quants and the Media

Yesterday, the Wall Street Journal (WSJ) printed four articles in what appears to be a 17 article series on what they call ‘the quants.’  I was so excited to see these articles because I think you could fairly describe some of the strategies that we pursue as quantitative in nature. Unfortunately, I was turned off immediately.  The second paragraph of the first article talked about how the quants use ‘high… Read More

3 Apr 2017

A Long View of Non US Stocks

For what feels like the first time in forever, foreign stocks are outpacing US stocks so far this year.  The table above includes the MSCI All Country World exUS index, which combines all developed and emerging markets.  As of Friday, the MSCI ACWI is outperforming the S&P 500 by 1.79 percent. That contrasts with the results over the last five years ending in March, when the S&P 500 earned 13.3… Read More

20 Mar 2017

A Fund Struggles and I Can’t Look Away

There are a fair number of reasonably well known investors that I keep my eye on even though I know that we won’t ever invest in their funds.  One of the most fascinating investors in my opinion is Bruce Berkowitz, manager of the Fairholme Fund (ticker: FAIRX). Berkowitz caught my attention at an investment conference bank shortly after the 2008 financial crisis because he had a booth that was swarmed… Read More

9 Jan 2017

How Long is the Long Term?

One of the tried and true tenets of successful investing is taking a long-term perspective. Warren Buffet says that his favorite holding period is forever.  He doesn’t always hang on that long, but still recommends that you should ‘only buy something that you’d be perfectly happy to hold if the market shut down for 10-years.’ Regarded academic Jeremy Siegel wrote the buy and hold bible, titled ‘Stock for the long run,’… Read More

31 May 2016

Lessons from Lawn Care

Three or four years ago, I gave up cutting the grass, which I wasn’t too happy about because I really liked seeing a physical change to my yard after a few hours of work. I love my job, but at the end of a year, the numbers on a screen may have changed, but they are still numbers on a screen.  It’s simply not as inherently satisfying. In any case,… Read More