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.
October 14, 2021
Fortunately, it is rare to see anguish on someone’s face. One day in New York, near the end of 1987, I did. The October crash was still vivid in everyone’s mind. As I opened the door of an “upstairs” trading room, I saw a friend at the far end of the long trading desk. He was standing with a phone pressed up against his head gesturing...
September 15, 2021
It’s what we all hope to own. But if you don’t know what attributes it must have, you won’t find it. First, and foremost, it should be a fairly small business run by an entrepreneur. Personal pride and creativity drive a new business. Secondly, the founder must own a significant amount of stock. Such a C.E.O. has a different mindset than an...
August 12, 2021
The other day I came across an issue of Barron’s, dated January 10th 2015. The front page headline was titled, “Return of the Stock Pickers.” But it didn’t happened in the intervening six years nor has it in the past 15! The reason is, interest rates haven’t change. Fed funds have stayed at 0% because the two crises – financial and...
June 16, 2021
My dinner guest had just come into the restaurant, with three attractive young women. As he headed towards me, I thought to myself, “Is this a scene from Charlie’s Angels?” It was late 1987 and we were in an upscale Italian restaurant in downtown Boston. People there probably assumed he was a rock star or professional athlete. He wasn’t. But he...
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