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...
Jun 1, 2010 | Economics, Inflation/Deflation
While the increasing role of transfer payments to shore up personal income and stabilize consumer spending has long been recognized by the more circumspect economic observers throughout the recent recession and “recovery,” the observation has now gone main...
Mar 17, 2010 | Economics, Inflation/Deflation
On Monday, a bipartisan group of 130 members of the U.S. House of Representatives sent a letter to Treasury Secretary Timothy Geithner and Commerce Secretary Gary Locke urging the agencies to use “all available resources” to end what they view as damaging currency...
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...
Dec 31, 2009 | Economics, Inflation/Deflation, Valuation
Yesterday’s Financial Times featured an analysis by Lindsay Whipp titled “A gloomy anniversary for the Nikkei.” Most investors already know the punchline: The Nikkei, Japan’s primary stock market index, reached a peak of 39,000 twenty years...
Nov 17, 2009 | Behavioral Finance, Economics, Investment Process
In September, (seemingly perma) bear Jim Grant announced his bullish turn in the Wall Street Journal. He summarized the core of his argument by quoting Michael T. Darda, chief economist of MKM Partners. We repeat the quote here: “The most important...
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...
