These days, there is a steady drumbeat in the financial media about an imminent economic recession in the country. I don’t have a position on whether one is inevitable. I try to only invest in quality businesses that can survive (and even thrive) in … [Read More...] about Who is afraid of a recession?
As the S&P 500 swooned to a new low in late May, down 20% from its peak, I bought more shares. I have now nearly one-third of my dry powder cash invested in stocks. What did I buy? Here’s a list of all my stock purchases since this drawdown began … [Read More...] about Mid-year dry powder update
As I sat down this week to research for a new blog post, I read several news headlines on how Berkshire Hathaway (BRK.A, BRK.B) has outperformed the stock market this year so far. This motivated me to take a look at my own investing history with … [Read More...] about Long live Berkshire!
In May 2020 annual shareholder meeting, Warren Buffett said this: “You’ve got to be prepared when you buy a stock to have it go down 50% or more and be comfortable with it, as long as you’re comfortable with the holding.” He went on by pointing … [Read More...] about Ready for a 50% drop?
Bill Ackman is a well-known and widely followed hedge fund manager. During the Covid market selloff in early 2020, he made several billion dollars by timely moving in and out of the markets. First, he bought credit default swaps to hedge against … [Read More...] about Keeping it simple, unlike Mr. Ackman
This post is a trip down the memory lane. Ten years ago (December 29, 2011, to be specific), I had a smaller investment portfolio that also looked much different. It sported more cash. It had more stock mutual funds than individual stocks. I still … [Read More...] about My portfolio ten years ago
As promised in my last blog post, here’s a recap of my stock holdings’ performance in 2021. In this post, I will let the charts do most of the talking. For context, see this post for my year-end 2020 performance. For my one-year performance, see … [Read More...] about How my stocks did in 2021?
This blog post is about my top-ten stock positions—today and since the Covid recession. The pandemic induced economic recession lasted only two months in the USA—from February through April 2020. The resulting bear market in stocks lasted about a … [Read More...] about My top-10 holdings today
BDCs, like REITs, are income producing investments. Investors don’t expect a lot of share price growth and only modest (if that) dividend growth. They make up for this lack of growth by generating high current yield. For instance, many BDCs today … [Read More...] about Oaktree’s specialty lending platform
I didn’t! If you have been following the financial media, you must have seen recent headlines like this one: “If you’d bought stocks in March 2020, you would have doubled your money by now”. This one was from Yahoo! Money. There were similar mentions … [Read More...] about Did you double your money since the recession?
Warren Buffett’s annual shareholder letter came out last month. As usual, it was widely covered by the mainstream media and numerous financial analysts. There is not much I can add to what was already written about it in the press. Though there is … [Read More...] about From Buffett’s letter
Bessemer Venture Partners is a well-known venture capital firm—also one of the nation’s oldest in VC business. As the name implies, it invests in young startups, mostly technology related businesses. Over the years, it had invested in some promising … [Read More...] about More founder run businesses
Whether we like it or not, we investors are always making bets. We invest our capital with the expectation that down the road we will be able to recover all of it plus some. But since the future is unknowable, we implicitly make a bet every time we … [Read More...] about The odds of making money in stocks
In June this year, the NBER (National Bureau of Economic Research) announced that U.S. had entered an economic recession beginning in February. This recession came after the longest economic expansion in the US history—from June 2009 through February … [Read More...] about Buy businesses that are recession proof
I own shares in two companies whose CEOs have been at the helm for over twenty years. These two businesses are not in the same industry. They don’t have much in common—one is in the video game business, and the other is in investment banking. As you … [Read More...] about Two companies, two great share buybacks
I have been singing the praises of Blackstone on these pages since 2018. I first wrote about the company in February 2018. Back then it was still a Limited Partnership (LP), and its shares were trading around $30. Then, about a year later, I wrote … [Read More...] about Blackstone credit platform
SoftBank is an enigma for me. On one hand, it has all the traits of an excellent owner-founder run business—the kind that I love to invest in. On the other hand, some of its management’s recent moves have spectacularly failed, making me think twice … [Read More...] about SoftBank – a second look
I have now deployed all the cash I raised from selling my Brookfield Property Partner shares (BPY or BPYU). What did I buy? See this table. In my previous blog post, I showed a short list of prospective buys I was considering. See here. Out of … [Read More...] about What I bought to replace Brookfield Property?
My investing in commercial real-estate is mostly via publicly traded REITs (Real Estate Investment Trusts). Over the years, I have added several REIT positions in my portfolio. See this table for my REIT holdings. From time to time, I’ve also … [Read More...] about Parting ways with Brookfield Property Partners
In a March 2020 blog post when we were in the midst of the stock market crash, I highlighted four businesses where insiders had bought stocks. The table from that post is reproduced below. These insider purchases were made with their own … [Read More...] about Insiders who bought stocks in March 2020
I generally don’t have much interest in Initial Public Offerings (IPOs). They are often overpriced, overhyped, and not meant for long-term investors. In last couple of years, IPOs have seen a resurgence along with Direct Listings and SPACs. These … [Read More...] about Dipping my toe into this SPAC craze
As I wrote last month, in 2020 Tesla jumped from #8 to #2 position in my portfolio. This week as I set about writing a blog post dedicated to my Tesla holding, I came across Charlie Munger’s Q&A from the Daily Journal’s annual shareholder … [Read More...] about Tesla, BYD, and Charlie Munger