There is only one side of the market and it is not the bull side or the bear side, but the right side.
November 18, 2015
The investment world offers a choice between two different investment approaches. However, one has to be aware of what the choices are. Each has a time when it is the appropriate style. The first is a “top down” process based on macro events. It is the process virtually every professional money manager uses. The second is micro. Micro...
October 26, 2015
Today it is difficult to imagine an active portfolio manager having the aura of a rock star. But in a period of rising interest rates (1945-1982) it did happen and will happen again. After all, who wouldn’t regard someone with respect who could make them money by outperforming the stock market? Today the common ...
August 21, 2015
From the moment I entered the building I knew that I was in another world. The building was the Burbank headquarters of Warner Brothers Studios. My host, Joe Smith, was President of Warner Brothers Records and our meeting had been arranged by a mutual friend from Boston. Joe was a major figure in the music business and was eager to show me...
July 29, 2015
“Which do you think is more important, the jockey or the horse?” a friend asked years ago. Now I have friends who have become clients and clients that have become friends. This man was one of the latter. At the time, my friend was the senior executive of a major corporation. So I surmised that this was a metaphoric...
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