Price is What You Pay. Value is What You Get. Part II
“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 ago. In it, I lamented that investors seem obsessed with alwaysfinding monocausal explanations for...Current Thoughts on Earnings and Sentiment
“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 season for the first quarter of 2021 has just begun and it promises to be one of the most interesting and...Some Thoughts on Inflation
“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 past decade as hysteria over QE/unconventional monetary policy has absorbed more...When Moore Isn’t Enough: Part II
“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 provides us with opportunity. When we speak of risk we are thinking about exposure to...Sign Up for Our Publications
