As I grow older, I pay less attention to what men say. I just watch what they do.
April 11, 2022
Those who are born mathematically “gifted” often develop an elitist attitude. Society reinforces that with movies such as “A Brilliant Mind” (John Nash) and “The Theory of Everything” (Stephen Hawkins). M.I.T. Professor Paul Samuelson personified this cultural mindset when he said, “When the worst economics grad student leaves M.I.T. and goes...
March 11, 2022
In the last century, one could walk into a building and see plant and equipment. That’s not possible in today’s knowledge/service-based economy. Assets are “soft,” even invisible. The result is that we are forced to trust the validity of published numbers. However, given the deceptions that occurred with Enron and WorldCom, we know it is risky...
February 09, 2022
A pale green Pontiac Bonneville had just pulled up to the front of my parent’s two family house. The car was a “monster.” It “dripped” of chrome and weighed in excess of 5,000 pounds. At the time, I was a 12 year-old caddy as was Peter Lynch. It was 1955 and that car was a major status symbol. The man who owned the Bonneville had been an army...
January 20, 2022
As you might recall, Cathie Wood’s ARK Disruptive Innovation fund was up an amazing 60% in 2020. The S&P 500 was up 16% that year. Thus the fund outperformed the S&P 500 by 46%! Last year it was down 25% underperforming by 50%. But that’s not why I consider the actively managed ETF a hedge fund. It’s because it has the macro...
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