Learn how to take losses quickly and cleanly. Don’t expect to be right all the time. If you have made a mistake, cut your losses as quickly as possible.
September 09, 2016
“Gentlemen, we must leap over the high wall.” Hearing that, I thought to myself “Huh? What is he talking about?” I was too young (21) – and too poor-- to have an understanding of what this seeming allegory was about. The words were spoken with strong conviction in a heavy Boston Brahmin accent. To me, an Irish kid from...
August 11, 2016
To recall a lunch from 38 years ago, it had to have an emotional impact. This one certainly did. I felt despondent as the lunch began. The guest speaker was the Chief Financial Officer, Norman Rifkin, of Toys R Us. At that time, the toy retailing industry was an eight billion dollar business. Toys R Us was the largest company in the...
July 22, 2016
As I sat in the faculty club dining room with Professor John Sterman I thought, “My God, it’s going to be miserable to go through a long-wave downturn.” Our lunch was 25 years ago. Judging by the current economic and presidential activity, my foreboding was totally justified. Professor Sterman is a professor at M.I.T.’s Sloan School and an...
June 16, 2016
The investment world is experiencing something it has never seen before … a “rolling” bear market. Sector by sector, industry by industry, the market has been declining for a year and a half. Yet, overall the market has not declined! It is a situation that has confused everyone.
The energy and consumer discretionary...
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