As I grow older, I pay less attention to what men say. I just watch what they do.
February 25, 2019
In a speech before the House of Commons, Winston Churchill paraphrased a phrase first said by Harvard professor George Santayana. Churchill’s statement that, “Those who fail to learn from history are condemned to repeat it” became instantly famous because of its undeniable truth. This is especially so in the investment business given its...
January 14, 2019
The recent pullback in the stock market has caused much angst in the media. The strength of the economy is questioned daily. It’s reminiscent of the investment chatter after the October “crash” of 1987. The “coming recession” that never happened. In my opinion, both periods were impacted more by the structure of the market rather than the...
December 12, 2018
For the past decade, the overwhelming and universally accepted narrative in the investment world has been, “no one can beat the market due to the 1% management fee.” Nothing could be further from the truth. The real cause of active management underperformance has been the high, and historically unusual, degree of stock market correlation. It...
November 08, 2018
When I was young, I thought a business would last forever. After all, J.C. Penny still exists and it’s a 114 years old. But I was to learn, in 1973, why the saying, “Technology is a business that eats its young” was so true. My understanding began with the initial public offering of Prime Computer. It had a great business, but one that was...
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