Sep 29, 2016

Risk Parity – WhiteTree’s All Seasons

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Every investor faces the challenge of asset allocation. The piece below describes, in layman’s terms, the thought process behind a framework for addressing that challenge. This framework was developed and refined by some of the world’s most sophisticated and successful investors. It is, in my professional opinion,  the investor’s greatest hope for successfully navigating the largely unprecedented investment  environment we find ourselves in today.

 

This information should not be used as a general guide to investing or as a source of any specific investment recommendations.

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Dec 7, 2015

The Way Back Machine – Peter Lynch, Carl Ichan & T. Boone Pickens – Videos

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Though not literally from The Way Back Machine, these videos of Peter Lynch (1994) and Carl Icahn with T. Boone Pickens are a trip down memory lane. A confession seems in order, I’ve never read a Peter Lynch book but this video makes me want to pick one up.   Carl Ichan and T. Boone […]

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Apr 5, 2015

Howard Marks – Links

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Howard Marks is one of my favorite investment luminaries. I’ve read his book, “The Most Important Thing” twice and listened to the audio-book version more than once as well. Below you’ll find links to his talk at Google and his most recent memo on liquidity. The memo on liquidity is especially interesting because it is […]

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Dec 24, 2014

ALJ Regional – A Mini BRK In The Making?

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Background ALJ Regional holdings is a micro-cap holding company. The company’s largest shareholder, Jess M. Ravich owns 47% of the outstanding shares and is also the Chairman. Mr. Ravich has had a long career as an investment banker, and thus far it seems he is putting that experience to good use in assembling the holdings […]

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Aug 21, 2014

Hellfire and Brimstone – Electromagnetic Swans and Some Thoughts On Hedging

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Electromagnetic Swans Recently I have been re-reading Nassim Taleb’s Fooled By Randomness and The Black Swan. So I was primed when I saw the headline, “Elliot Warns of Greatest Danger in Electromagnetic Pulse”. Understanding my own bias, and the fact that at any given moment there will be at least ten different hedgefund manager’s warning […]

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Mar 23, 2014

Weak Shorts, Weak Longs – My Mistakes of 2013

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Preface “I like people admitting they were complete stupid horses’ asses. I know I’ll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.” – Charlie Munger A lot of things went right in 2013. My portfolio handily beat the S&P’s stellar performance. But I don’t want to […]

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Nov 24, 2013

The Economic Machine – Ray Dalio

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Found via www.valueinvestingworld.com, a great video coming out of Bridgewater covering everything 99.9% of people will ever need to know about macro economics. The production quality is superb, we should all thank Mr. Dalio for sharing this.

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Nov 22, 2013

John Malone Interview

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A very worthwhile watch, John Malone gives us a glimpse into the mind of a great capital allocator. [youtube=http://www.youtube.com/watch?v=v5QfCLeloEg&w=560&h=315]

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Nov 4, 2013

$TTS – The Louis Vuitton of Tile? – I Think Not

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Background Tile Shop Holdings, (TTS) is a tile retailer that went public in September of 2012. Since then, it has benefited form the markets re-infatuation with anything housing related and currently trades at a ridiculous 26x EV/EBITDA. In the past month the share price has declined 29% due to an earnings miss and allegations by […]

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Oct 21, 2013

Genius or Meaningless? – Jesse Livermore Quote

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“It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I’ve known many men who were right […]

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