The Monoperator Business
The natural state of capitalism is a hyper-competitive race to the bottom in both prices and profit margins. Think […]
How to think about volatility
Below is what Warren Buffett wrote in early 1987–months before the crash in the fall of that […]
Same team, same work, new title
Nearly ten years ago, Evan McGoff walked into my office and said something like, “I’ve been […]
The “Market History” Trap
For a very long time, market commentators have been jabbering (and worrying) about the concentration of value in […]
The recent buyers need to leave
The short term movements of the stock market are strongly influenced by the emotions of investors. […]
A long term trend in Dock Street portfolios
Cloud Computing is one of the most important technologies in the world, delivering substantial […]
“Will I be OK?”
The Rule of 20 is a simple tool that answers two related questions, 1) “How much should I […]
The new gold rush
In 1849 gold was discovered in California and thousands left home to find their fortune there. A few […]
Time to expect less
We don’t specialize in short-term market calls and try to avoid the subject. But sometimes, tempering our expectations […]
