Articles
The Venture Capital market Bubble Is Putting Established Companies at Risk
Low interest rates have been in place for over a decade and while they have created a bubble in the venture capital market, they have also caused some companies to rely on the kindness of future capital markets and become "Ponzi-like" companies.
Idealist, I Am
My wife and I recently watched The Servant of the People. A history teacher is caught on video delivering a passionate rant about the sorry state of Ukrainian politics.
Is Value Investing Dead?
According to many market commentators, value investing doesn’t work the way it used to, and some tout statistics that growth has outperformed value over the last decade. Is value investing dead?
Letter to a Young Investor
To quote Mark Twain, don’t let schooling interfere with your learning. I recall that when I graduated from university, I was feeling invigorated by Modern Portfolio Theory (MPT).
Who Am I? (and my composers)
Someone recently asked whether I think of myself as Russian, or American. My initial response (without thinking) was – American. But as I gave this question more thought I realized that the answer is more complex.
Softbank Will Succeed Even If Its WeWork Investment Doesn’t Work Out
My firm is not as big a fan of WeWork as Softbank's CEO, Masayoshi Son, and we have doubts about WeWork's ability to make money. We have watched Son make investment decisions for Softbank, and we believe he has integrity, intelligence, and follows a deliberate process.
VALUEx Vail 2019
On June 12-14, my company, IMA, will host the eighth annual VALUEx Vail conference. I borrowed the idea for this conference from my friend Guy Spier after attending his conference in Zurich in 2011.
Why Stock Investors Shouldn’t Watch Business TV
Investors are prone to two opposing fears which can impair the ability to make rational decisions. To reduce this, it is advised to turn off business TV and focus on how news affects the value of a business. This will help filter out the noise and lead to more rational decisions.
Want to Be a Better Investor? Stop Staring at Your Portfolio
Investors often make irrational decisions due to fear of missing out or fear of loss. To reduce irrational decisions, investors should avoid constantly watching their portfolio.
Stock Investors: You Have Nothing to Fear but Fear Itself
Stock investors must remain rational and guard against fear when approaching the stock market. Fear of missing out and fear of loss can lead to poor decisions which can result in buying high and selling low.
The Real Secret About Why Corporate Mergers Fail
Corporate mergers often fail because buyers pay too much. This is due to the control premium, the need for the buyer and seller to feel they are getting a good deal, and the false promise of synergies.
Mature Company Stocks Are Not Bonds
Dividends have historically been a large part of total stock returns and represent real earnings. Low interest rates have created a cult of dividend-paying companies, and some companies have had to borrow money to pay out dividends even if it isn't in their best interest.
Intellectual Investor Podcast
I am launching something new: the Intellectual Investor Podcast. It has been in the works for a few months, and I cannot wait for you to hear it.
Zurich to Nice – Travel Notes
I'm sharing my experience of traveling from Zurich to Nice, and I'm struggling to organize my thoughts into words.
Zurich to Nice
On January 28th, my brother and I are flying to Zurich to attend the by-invitation-only VALUEx Klosters conference. Attendees are expected to present and share their best investment ideas, and we will also get to ski and enjoy the food in the Swiss Alps. Afterwards, we will rent a car and embark on a six-day journey from Zurich to Nice, France.
Opioids Crisis & Drug Distributors
Pharma distributors have been wrongfully blamed for the opioid epidemic, because they are not actually responsible for the misuse of these drugs or the fact that doctors overprescribe them.
This Stable Value Stock Is Built To Weather Market Storms
It is hard to say anything about McKesson that we have not said before — it is a high-quality business with extremely cheap shares. McKesson is a pharmaceutical distributor with extremely undervalued stock.
Beats & Misses, Seen & Unseen
Wall Street often focuses on companies that beat quarterly estimates, but this does not always lead to long-term success.
Resetting Defaults – Managing Your Time
What I am about to share with you is somewhat random drivel about a topic that has been very important to me in 2018 – managing your time. I am anything but an expert on it; and in fact, as you’ll see, this is something I fail in and am trying to fail less.
Life Itself
My wife and I recently watched the movie Life Itself (available to stream for free on Amazon Prime). I am glad I didn’t look at ratings before I watched it.
The Market Right Now Doesn’t Care How Fantastic Your Stocks Are
Seneca's words that "time discovers truth" apply to the stock market, where long-term stock prices will reflect a company's true intrinsic value, but in the short term the pricing is unpredictable.
