Charlie Munger’s Mental Models Out In The Wild
Right now, the Tampa Bay Lightning are playing the Chicago Blackhawks in Game 2 of the Stanley Cup playoffs on NBC. In the lead up to the game, however, the conversation has not been about Tampa Bay’s...
View ArticleWhere Small Businesses and the Rich Keep Their Excess Cash
According to the Small Business Administration, there are over 1.59 million businesses and 257,430 households in the United States that are currently sitting on more than $250,000 in cash. This amount...
View ArticleKimbell Royalty Partners Will Go Bankrupt Due To COVID-19 Oil Glut
Few things infuriate me as much as companies that advertise themselves to mom and pop investors as safe places to put money when, in realty, they can feel bankruptcy knocking on the door. When I was...
View ArticleThe Catch-22 Of Investing
I’ve been digging through the financial commentary archives of The Wall Street Journal and The New York Times to compare the tone of investment commentary in the late 1990s to the financial news in the...
View ArticleFinding the Hot Spots of American Business
The general theme of my investing articles has been this: Buy healthcare. Buy energy. Buy consumer staples. There may also be a place for tobacco, telecommunications, and utilities depending on your...
View ArticleTwo Very Undervalued Stocks In The Age of COVID-19
With stocks up almost 30% from the March lows, it has been difficult to find many high-quality, blue-chip stocks trading at a discount that would make it justifiable to part with investment capital...
View ArticleKinder Morgan After The Merger
Kinder Morgan has been one of the best income investments in the world for people that discovered the company and acted upon it. The original Kinder Morgan—the one with the KMP ticker symbol—benefitted...
View ArticleThe Folly of Form over Substance
During every market cycle, fads happen. They become very obvious in hindsight, but the tricky part is recognizing them in real time. My prediction? Some real estate investment trusts that are currently...
View ArticleJohn Bogle’s Stock Market Prediction
John Bogle recently got asked by Benzinga what kind of returns investors should expect over the coming decade. He assumed that investors owned a portfolio of 50% large stocks (index-fund based) and 50%...
View ArticleCharlie Munger Is Not Buying During The Coronavirus Pandemic Yet
Obviously, everyone pays attention to Berkshire Hathaway’s quarterly filings to see what Warren Buffett is buying, in general and especially in response to the coronavirus pandemic. When Warren Buffett...
View ArticleA 1990s Bubble Stock Today
Marcus Lemonis, the host of CNBC’s popular show “The Profit”, recently lambasted a struggling business owner by saying, “You can’t spend the revenues, dummy.” Hey, we have to take our truths wherever...
View ArticleAn Introduction to REIT Investing
One of the regular search terms that brings people to this site is: “Should I buy REITs” followed closely by “Are REITs conservative investments.” Sometimes, people think about REIT investments as...
View ArticleThe Blight Upon Vanguard
Just as it is easy for me to talk about dividend investing because real-life companies like Coca-Cola and Colgate-Palmolive exist, it is easy to advocate index fund investing because Vanguard exists....
View ArticleBusiness And Life Lessons From Nintendo
I do not believe that I have ever written a finance article advocating the purchase of gaming stocks like Activision or Electronic Arts. It’s not that video games aren’t profitable—far from it,...
View ArticleArbitrage: Brown Forman A Shares and Brown Forman B Shares
It is not terribly unusual for some companies to create a dual class structure for the stock. Hershey, Google, and Ford immediately come to mind. In every example of this I have ever studied, the...
View ArticleA Goldmine Charlie Munger File
I get e-mails from people all the time looking for good reading material. Most of you have already red the basics like The Intelligent Investor, One Up On Wall Street, or all of Warren Buffett’s...
View ArticleSome Large Blue-Chip Stocks Are Better Than You Think
Two factors right now are interacting to provide a distorted view of valuations for investors that make decisions based on historical P/E analyses of large U.S. stocks. On one hand, you have the...
View ArticleEdward Jones: A Financial Reputation That Exceeds Reality
Edward Jones enjoys an excellent reputation among its clients. It wins award after award for great service, and managed to expand beyond its humble origins in Des Peres, MO to build thousands of...
View ArticleThe Foregone Riches of Blue-Chip Value Investing
There are some people who look at The NASDAQ Index taking fifteen years to pass its 2000 highs and conclude that is some proof that the stock market is “rigged” or a “casino.” After all, if buying the...
View ArticleStocks That Fund Themselves
In an old letter to clients, Tweedy Browne’s managers once stated that investors should be prepared to hold on to an undervalued stock for at least five years in expectation of the stock reaching fair...
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