May 1, 2015 | Corporate Management, Economics, Investment Idea, Investment Process, Portfolio Management
Tomorrow, Saturday May 2nd, 2015, Warren Buffett and Charlie Munger will hold court over a crowd of 40k+. As they do every year, they will spend several hours answering questions about the current and future workings of Berkshire Hathaway. Three journalists and three...
Feb 3, 2014 | Behavioral Finance, Economics, Efficent-Market Hypothesis, Macro Investing, Portfolio Management
(This article first appeared on Seeking Alpha on Jan 31, 2014.) For the past few months, cautious investors, perma-bears, or reasonable skeptics (depending on your point of view) have emphasized the rise of margin debt balances to historic highs as one more sign that...
Mar 27, 2012 | Portfolio Management, Valuation
At a current price in the mid $38s, we think Excelon Corporation (EXC) provides investors a steadily growing 5.4% dividend yield with a “free call option” on rising power prices. With the just completed acquisition of Constellation Energy, EXC became the largest power...
Nov 23, 2011 | Portfolio Management
November 23, 2011 Dear Client, We recently changed your account’s core money market (i.e. “cash”) fund to a US Treasury money market (symbol FDUXX).[1] Our reason for doing so is rooted in safety and prudence but also in the belief that when we do take risk, we must...
Aug 8, 2011 | Inflation/Deflation, Investment Process, Portfolio Management, Valuation
The S&P 500 peaked this year on May 2nd at 1371 (intraday). The current selloff began on July 7th just slightly lower at 1356 (again, intraday). From the close on July 7th through today’s close (August 8th), the S&P 500 (as measured by the SPDR S&P...
Oct 1, 2010 | Diversification, Investment Process, Macro Investing, Portfolio Management, Valuation
A recent Wall Street Journal article highlights the macro-driven nature of today’s stock market. In it, long-time value investors lament the current environment where stocks appear to trade in unison based on unemployment data or European bank stress test results. ...
Mar 5, 2010 | Corporate Management, Economics, Investment Process, Portfolio Management
This past Saturday, Warren Buffett released Berkshire Hathaway’s 2009 annual report and his annual letter to Berkshire shareholders.* The last Friday in February has become like Christmas Eve for value investors the world over. A night of tossing and turning is...
Oct 22, 2009 | Economics, Portfolio Management
David Einhorn is a value investor with an excellent track record and a willingness to take controversial stands against powerful interests (that have frequently proven correct). He is also willing to engage in public critique of his own investment process, which...