A Note on the Market: Since my last blog entry, the stock market has kept climbing the wall of worry. It has gone on to new highs recently. As I’ve said before, I don’t plan to ever get out of the market completely but I continue to gradually raise cash by taking some money off … [Read more...] about How the three master investors would’ve ranked my stocks
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Market Highs, Cash Reserves, and the Wisdom of Three Master Investors
A Tale of Two Quarters: Let’s begin with a look at the broader market. If the first quarter of this year gave you a sense of déjà vu, you weren't alone. We experienced a trajectory remarkably similar to Q1 2025—both years teased investors with a strong start before delivering a … [Read more...] about Market Highs, Cash Reserves, and the Wisdom of Three Master Investors
Down memory lane with The Motley Fool
I have been reading The Motley Fool’s investments letters since 2002, especially its flagship product, Motley Fool Stock Advisor. In those early years, brothers David and Tom Gardner would each personally pitch one stock recommendation every month. I appreciated David Gardner’s … [Read more...] about Down memory lane with The Motley Fool
Make your investing an infinite game
I like to think of investing as a kind of an infinite game. Although it is not strictly an infinite game, I believe it has similar characteristics. So what is an infinite game? It’s a game that has no definitive conclusion. It has no finish line and no one person can be … [Read more...] about Make your investing an infinite game
Better to be too early than too late
Stocks went down again in September, this time dropping below the June lows. Year to date, the S&P 500 index is down by about -24%. It is a veritable bear market indeed. In response to the S&P 500 touching new lows, I invested more of my dry powder cash at bargain … [Read more...] about Better to be too early than too late
If you’ve ten years to invest
Last week I read Davis New York Venture fund’s annual letter. Its eponymous portfolio manager Chris Davis writes thoughtful analyses of investing landscape every year. I enjoy reading his investor letters even though I have not (yet) invested any money in his Davis funds family. … [Read more...] about If you’ve ten years to invest
From Buffett’s letter
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 this one minor angle on … [Read more...] about From Buffett’s letter
Keeping it simple, unlike Mr. Ackman
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 panic in the bond market. That … [Read more...] about Keeping it simple, unlike Mr. Ackman
Tesla, BYD, and Charlie Munger
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 meeting. Mr. Munger does not own any … [Read more...] about Tesla, BYD, and Charlie Munger
Buy businesses that are recession proof
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 2020—of about 128 months in … [Read more...] about Buy businesses that are recession proof