Articles
Our Thinking About Coronavirus Has Evolved
Our thinking about coronavirus has evolved significantly over the last few weeks. Our initial optimism that it would send us into a mild recession was proven wrong by our government’s inept response – the extra time that we were given was wasted.
Never Let a Good Crisis Go to Waste
I discussed with Andrew Horowitz this recession and why it's a good crisis, and not like any other previous one we've experienced.
Surviving The Coronavirus Crash: ‘You Make Most of Your Money in a Bear Market; You Just Don’t Realize it at the Time’
Especially in this coronavirus market crash, we continue to seek out what we always look for globally — high-quality businesses that we can buy at a significant discount to fair value.
The Jet Lag Series: Art or Craft
Severe repetition could turn an art into a craft – as our skill improves creative tension is reduced. Repetition may slowly drain the emotion out of each iteration. Craft and art are both components of creative activity, but art is the component that keeps us improving.
Markets in Turmoil: Our Game Plan for Crisis
A letter we sent to clients about how we are responding to the recent market selloff. We are anything but celebrating the toll coronavirus will take on human life and the global economy, we are embracing this crisis as an opportunity to increase the long-term returns of our portfolio.
Set Your Egg Timer to 6 Months
If we had our egg timer set on six months, we’d prioritize what really matters: relationships, inhaling life, walking in the park. We’d reset what we care about, and it wouldn’t be things. We are given the rare opportunity to prioritize what is most important to us without guilt. The material world is on pause, at least for a few weeks.
What Would Ben Graham Do in Today’s Market?
I stumbled on a column by the wonderful Wall Street Journal columnist Jason Zweig, titled “What Benjamin Graham Would Tell You to Do Now: Look in the Mirror.”
Russia & Saudi Play a Dangerous Game of Chicken
Saudi Arabia announced that it will increase oil production from 9.7 million barrels a day to 10 million and then to 12 million if needed. This news alone sent the oil price down 20% – and the whole stock market with it.
The Impact of Coronavirus: People, Economy & Your Portfolio
This letter will be about the impact of coronavirus, divided into three sections: health and human impact, economic impact, and investment strategy.
The Jet Lag Series -Should You Copy Your Heroes?
Should you copy your investing heroes? I write about importance of learning from other investors while still trying to be you.
The Jet Lag Series: Inhaling Europe
I was inhaling Europe on a trip to Switzerland and Italy with my brother Alex and my son Jonah. This was Jonah’s first time in Europe, and I really wanted him to love it as much as I do.
Equinor: A Good Oil Crisis is Never Wasted
Should you buy commodity stocks? The long-term outlook for oil is not brightand the current decline in oil prices will not last forever. If oil prices decline, Equinor may have to cut its dividend but will still be strong. If oil prices stay at their current level, there is some upside to the stock's valuation, and if they go up, they will benefit Equinor.
Bollore: Streaming Music & Cash Flows
We purchased Bollore, a two-hundred-year-old French conglomerate run by Vincent Bollore, for its two operating divisions: ports in Western Africa and a battery manufacturing business. We were primarily interested in Bollore's 25% stake in Vivendi, which owns the Universal Music Group.
Daily Journal
I started keeping a daily journal to see how journaling will impact what I write about. Writing down important conversations I have may allow me to explore them further on my own.
Cultural Calendar
I listened to Tim Ferris’s interview with Neil Degrasse Tyson. There are a few insights that I got from this interview. You need to expose your kids to the world, so I set a day each month where I look ahead a month or two and plan our “cultural calendar”.
2020: Party Like It’s 1999?
The 2020 stock market is experiencing a light version of the 1999 dot-com bubble, with growth stocks being incredibly expensive and value stocks underperforming. What will the feature bring?
Market Risk & The All-Terrain Portfolio
I sat down for an interview with RealVision TV to discuss IMA’s All-Terrain Portfolio, Tesla, Bitcoin, oil, the dollar, value investing, and more.
Is Tesla Apple? Is Elon Musk Steve Jobs?
Examination of the potential success of Tesla, comparing it to Apple. What advantages Tesla has, and can Tesla become as successful as Apple?
Why We Don’t Own Tesla stock (and no, we’re not bears)
After writing a 37-page opus on Tesla, I am often asked what I think of Tesla stock. Although I am a very enthusiastic Model 3 owner, I can equally see both sides of the argument around Tesla as an investment. This makes me neither bullish nor bearish, but someone who can foresee distinctly different paths for Tesla the company and Tesla the stock.
Tribalism in Investing Might Leave You Broke
People have a tendency to form tribes and stick to the views of that group, even if they don't agree with them. Tribalism can be dangerous in investing, as it can lead to ignoring important facts and evidence. How to avoid this?
