US CPI has come in hotter than most of the worrisome projectionswarned about, reaching the highest levels the economy has seen sincethe stagflation of the 1970s. The Federal Reserve has […]

“Fish where the fish are” – Charlie Munger There’s an old story from the birth of the Norwegian oil market that has always stuck with me. In the 1960s the Norwegian […]

“Some people are so far behind in a race that they actually believe they’re leading.” – Uncle Junior, The Sopranos The Global Financial Crisis often serves as a landmark or […]

“You need a different checklist and different mental models for different companies. I can never make it easy by saying, “Here are three things.” You have to derive it yourself […]

As of yesterday’s close, the S&P 500 is up 19% in 2021 with the Nasdaq up just shy of 15% and the Russell 2000 up about 11.5%. This even though […]

There haven’t been many macroeconomic topics on top of investors, economists, and analysts’ minds in 2021 than inflation. After more than a decade of minimal inflation documented within the CPI […]

“All of humanity’s problems stem from man’s inability to sit quietly in aroom alone.” Pascal I used the quote from Pascal above to close out a piece a couple ofmonths […]

“It takes the character to sit with all that cash and to do nothing. I didn’t get to where I am by going after mediocre opportunities.” – Charlie Munger Earnings […]

“The cure for high prices, is high prices.” Inflation has probably been the most debated and discussed macroeconomic variable of the past year. It’s been hotly discussed for much of […]

“The risk that matters most is the risk of permanent loss.” – Howard Marks “When we speak of risk, we are not speaking of share price volatility. Share price volatility […]