Warren Buffett once famously said that his number one rule in investing is to never lose money. And yet, as I had pointed out in a previous blog post, his own company Berkshire Hathaway’s shares had dropped by 50% more than once. How would he reconcile those drops with his number … [Read more...] about I avoid losing money
Complete List of Blog Posts
Portfolio update 2019
It has been two years since we took a deep dive into my investment portfolio. A few things have changed over the last two years—even though my portfolio’s overall allocation is more or less the same. I have discussed bits and pieces of these changes in past blog posts. Just … [Read more...] about Portfolio update 2019
Update on my Apple bet
About seven months ago, I wrote a blog post on an Apple protective-collar position I invested in. It was a defined-outcome type investment where I only took limited risk (less risk than holding long Apple shares). I called it my Apple bet. It was a 27-month long position. So … [Read more...] about Update on my Apple bet
A coffee can approach to investing
I just finished reading Chris Mayer’s book, The 100-Baggers. It’s a book about public companies whose shares have returned 100 times or more for those who held on. How long to hold on? In most cases, it took twenty years or longer. The book is full of good insights for those … [Read more...] about A coffee can approach to investing
Bear market: a curse or a blessing?
I wish all investors get at least one bear market in their investing journeys. A lot of people would consider this a curse—but it really is a blessing in disguise. I will explain why. Today, financial media is focused on when this bull market will end. As if the end of a bull … [Read more...] about Bear market: a curse or a blessing?
A quick look at my real assets portfolio
Over the last few months, I have written multiple times about real assets. So I won’t belabor the benefits and opportunities in real-estate (and other hard assets) investing here. To wrap up the series of posts on this topic, I’d like to roll up all my related investments and … [Read more...] about A quick look at my real assets portfolio
My unfinished business with Kinder Morgan
In a blog post last month, I wrote about my investments in real assets (see An opportunity to invest in real assets). Real assets are physical assets like real estate (homes, office buildings), infrastructure (bridges, pipelines), and commodities (oil, gold). These are tangible … [Read more...] about My unfinished business with Kinder Morgan
Investing in startups through SoftBank
I prefer investing in established well-run businesses that have defensible business models. Even though some of them are technology companies, I invest in them not because they are considered tech but because they have dug some level of economic moat around their businesses. You … [Read more...] about Investing in startups through SoftBank
Gratuitous advice with no accountability
At the Markel’s shareholder meeting in Omaha in June, someone from the audience posed this question to the company management: “I met a very large international money manager last night for dinner and he warned me that now is not the time to invest in US stocks. What do you think … [Read more...] about Gratuitous advice with no accountability
An opportunity to invest in real assets
One of my all-time favorite authors on investing is Howard Marks. He is a practitioner (not an academic) but also has a way with words. It’s not just me—Marks’ memos are widely read. His first book, The Most Important Thing, was a best-seller. His memos—which he regularly … [Read more...] about An opportunity to invest in real assets