Articles
Amgen – Biology vs. Chemistry
Amgen stock shows why biotech beats pharma - slower patent cliffs, strong pipeline, solid balance sheet, and growth tailwinds from aging demographics.
Purchase of Allergan and Sale of Teva
Selling Teva, buying Allergan: Allergan stock offers growth, cash strength, and smart capital allocation after selling its generics business
Trump. Embracing Volatility We Are
Trump brings uncertainty, but uncertainty isn’t risk. With the right horizon and research, market volatility can be an investor’s best ally.
Life – 2017 Edition
I am not going to talk about the stock market, particular stocks, the economy, or the new president. Instead I’ll talk about life.
The Dangers of Dividend Obsession
Dividend obsession can be dangerous, focusing only on yield while ignoring growth and valuation risks turning “safe” stocks into bad bets.
The Persistent Problems of Presidential Elections
We take peaceful transfers of power for granted, yet the persistent problems of presidential elections—money, lies, partisanship—remain.
Gilead, Buy HIV, Get Hepatitis C for Free
Gilead is a paradox: a growing HIV business and a shrinking Hepatitis C market. Investors miss the balance, but we couldn’t kill GILD’s case.
Discovering Discovery
Millennials get blamed for cord cutting, but Discovery stock’s content, global reach, and Malone’s stewardship may turn fear into opportunity.
Searching for Yield?
Searching for Yield? In a world of debt, negative rates, and inflated stocks, humility and patience may be investors’ best defense.
SoftBank CEO Masayoshi Son Banks on Exponential Growth
SoftBank CEO Masayoshi Son sees exponential growth where others see risk. ARM may look pricey today, but history says don’t bet against him.
Why Do I Torture My Kids … With Classical Music?
Lately I’ve been pondering on why do I torture my kids with classical music? At first, it was a subconscious decision.
The Values of Value Investing
What are the real values of value investing? It’s not just cheap stocks—it’s quality, growth, and the wisdom to know the difference.
Time for an All-Terrain Investment Portfolio
In uncertain times, only an all-terrain investment portfolio—anchored in quality, valuation, and growth—can finish the journey intact.
For Investors, Discovering Truth Takes Time
For investors, discovering truth takes time. Short-term moves mean nothing—patience lets fundamentals reveal which stocks are Microsofts or GoPros.
Jos. A. Bank and the Folly of Quantitative Easing
Jos. A. Bank’s suit sales reveal the folly of quantitative easing—temporary fixes that turn permanent, lose potency, and end in collapse.
Whatever Happened to the Invisible Hand of Capitalism?
Whatever happened to the invisible hand of capitalism? When central banks set the price of money, markets lose their most vital signal.
Gilead Sciences’ Miracle Drug Combination
Gilead Sciences’ miracle drug combo saved millions of lives, cured hep C, and raised tough questions about pricing, profits, and capitalism.
How Investors Should Deal With The Overwhelming Problem Of Understanding The World Economy
Investors struggle with understanding the world economy. Break it down, stress-test your portfolio, and demand a margin of safety.
Santa Fe Revisited 2015
Last year I wrote about our annual trip to Santa Fe. The first two years it was grandfather, father, and son. This year we were joined by my nine-year-old daughter, Hannah.
Downhill Racing Meets Value Investing
Years of easy gains made us all feel like great investors, but when the market shifts, only skill, process, and discipline will keep us standing.
What I Learned from Value Investor Guy Spier
Guy Spier is a tremendous value investor who happens to be a good friend whose company I truly enjoy. He is the most cosmopolitan person I know.
