Go Ahead, Covet Your Neighbor’s Wife.
I recently asked another value investor if he wanted Warren Buffett’s success. While this may seem like a rhetorical question, the truth is many value investors are quietly envious of Buffett.
Depressing Reasons Why I Am Bullish On Gold (part 2)
Here is what changed my mind. Not something about gold, but many things about the dollar. The US dollar is the world’s reserve currency. It has had a well-deserved place since WWII, and that rested on three things: the largest, steadiest, most diverse economy; a politically stable democracy; the best military.
Narrative Change (part 1)
Narrative change is a reversal of mass behavior. Economics and stock market valuation are governed by soft laws, but the reality bent by human behavior can disagree with these soft laws for much longer than rational actors would expect, or stay solvent. The change, going from euphoria to despair, is a change in narrative.
You Are Responsible for What You Have Tamed
As an entrepreneur, you always want to grow your business. Your current revenue and profit are never enough; they just set the bar higher for next year. We always want more. But this “more” has a hidden cost.
