Stock Analysis
The Dangers of Dividend Obsession
I originally wrote this piece in 2016, but it’s just as relevant today. “This is a very bad, incoherent piece.” ...
The Persistent Problems of Presidential Elections
The election is over. I am left with two very contradictory feelings. First is one of appreciation — every four ...
Gilead, Buy HIV, Get Hepatitis C for Free
A few months ago I wrote a long article about Gilead that I wanted to title “Gilead: Buy Hepatitis C, ...
Discovering Discovery
Discovery is a media company that owns some of the most popular TV channels – Discovery, TLC, Animal Planet, Oprah ...
Searching for Yield?
This piece was written in the fall of 2016, but many of its core lessons remain true to this today. ...
SoftBank CEO Masayoshi Son Banks on Exponential Growth
I am about to go out on very thin ice. I am a value investor, but I’ll probably get banned ...
The Values of Value Investing
I organize a conference every summer called VALUEx Vail. Vail is a quaint, beautiful, ritzy ski resort town tucked away ...
Time for an All-Terrain Investment Portfolio
As investors today we feel something like a traveler preparing to drive across an unknown continent. A look in the ...
For Investors, Discovering Truth Takes Time
The Roman philosopher, playwright, statesman and occasional satirist Lucius Annaeus Seneca wasn’t talking about the stock market when he wrote ...
Jos. A. Bank and the Folly of Quantitative Easing
A few years back I wrote an article comparing buy-one-suit-get-three-free sales by Jos. A. Bank to the Federal Reserve’s quantitative ...
Whatever Happened to the Invisible Hand of Capitalism?
I originally wrote this piece in 2016, but it continues to be relevant to this day. When I was growing ...
Gilead Sciences’ Miracle Drug Combination
It was 1986. I was a junior high school student in Soviet Russia. In political information (propaganda) class, the teacher ...
How Investors Should Deal With The Overwhelming Problem Of Understanding The World Economy
January 2016 The article is very long. It is long for two reasons: first, it is was originally a two-part article ...
Downhill Racing Meets Value Investing
I am a skier. When someone says this, you assume he or she is good. Well, I thought I was good. I was not Lindsey Vonn, but I had the technique down. I’d be the fastest person going down the mountain, always waiting for my friends at the bottom
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. He was born in South Africa, spent his childhood in Iran and Israel
Making the Case — Again — for Micron
I made a case for Boise, Idaho–based chip maker Micron Technology in April 2014. For a while I looked brilliant: The stock went vertical from $22, peaking at $36.
Zurich Presentation & Romantic Road
Guy Spier and I presented and did a joint Q&A with the UK CFA Society, and then the next day we flew to Zürich. There we did another presentation, this time for the Zürich CFA.
Apple’s Electric Car and Its Consequences
I was on Bloomberg Radio with Cory Johnson and Carol Massar, discussing my latest article on Apple’s electric car and its consequences.
Shadow Over Asia
Five years ago, almost to the day, I was interviewed by David Galland, who worked at Casey Research at the time. This interview covered three topics: the Chinese overcapacity bubble, the Japanese debt bubble, and my sideways markets thesis. Five years is a long time, but with the exception of updating some statistics I really would not change anything.
Apple, Amazon, Tesla and the Changing Dynamics of the Car Industry
Writing is a very weird experience for me. Sometimes it feels almost like an act of divine intervention. Not because of the divinity of it, but because of the intervention part.
Thoughts on iPhone 6s
I spent the weekend with an iPhone 6s. I didn’t find many differences between the 6 and 6s.
