The Irrelevant Investor
MAY 31, 2016
"I've been there for all the golden years and I can tell you they weren't golden at the time" - Lorne Michaels This was Lorne Michael's response to Marc Maron when asked about the golden years of Saturday Night Live. How is it possible that he missed this with legends like Bill Murray, Chevy Chase, and Dan Aykroyd? Because it's in our DNA- we often fail to recognize how great the now is.
Brown Advisory
MAY 1, 2016
2015-2016 Annual Report | Building on Nuance. achen. Sun, 05/01/2016 - 07:00. Nuance is most keenly detected by the patient, careful and considerate mind. At Brown Advisory, nuance lives in our vernacular, the rhythm of our culture and the expertise of our client teams. The innovative and compounding power of making properly nuanced decisions has allowed us to serve clients of the highest and most discerning quality for over 20 years.
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The Irrelevant Investor
MAY 27, 2016
On this week's Masters in Business, Barry sits down with Burton Malkiel, a living legend. At one point, Barry asks, "If I see a train coming down the tracks, don't I want to jump out of the way?" Here is his response: "Absolutely you want to jump out of the way. The problem is it just isn't that obvious the train, ya know, maybe it's the light at the end of the tunnel rather than the train coming in the opposite direction" I love this line and I think he hits on something really important.
The Irrelevant Investor
MAY 26, 2016
"The hardest thing you’re ever going to do in your life is fail at something and if you don’t start failing at things you will not live a full life."- Sebastian Junger I've experienced a lot of failure in my life. Like a lot of kids, I didn't give a s**t about school when I was younger. I don't know if I was rebelling against my parent's divorce, but as early as I can remember, I was always getting into trouble for not doing any work.
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The Irrelevant Investor
MAY 24, 2016
The Power of Gold: The History of an Obsession by Peter Bernstein is not a book about why you should or should not invest in gold. Rather, it is an amazing story that takes the reader through the world's monetary history. With that said, I am pulling out some interesting nuggets (pun intended) where he did talk about its performance. Again, just to hammer home the point that this is not a "why you should or should not buy gold" book, the following passages are from the last 15 pages (the final
The Irrelevant Investor
MAY 24, 2016
I'm not a huge fan of this quote from Paul Tudor Jones. Some of the best investors of all time have made a fortune adding to temporarily losing positions. And while this is true, it is equally true that the worst investments and the worst investors have added to losing positions, not knowing when to call it quits. Let's use Twitter as an example. If you bought 100 shares of the IPO at 26, and added 10 shares on each of the 25 times the stock closed at an all-time low, you would have tripled your
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The Irrelevant Investor
MAY 18, 2016
The best investment advice- boring as it may be- is to save more money. Delaying current consumption to benefit your future self is one of the simplest ways an investor can stack the odds in their favor. Legendary investor Stanley Druckenmiller's is one of the more vocal bears around. His views are partially driven by the fact that in the beginning of the last secular bull market, multiples were low and interest rates were high.
The Irrelevant Investor
MAY 12, 2016
You've probably noticed that stocks haven't gone anywhere in a while. The S&P 500 is unchanged over the last 371 days, which has happened just 119 times since 1928, or 0.54% of the time. Below is a chart showing all these instances where stocks were flat over the previous 371 days. If you're frustrated with the lack of movement in stocks, here are a few ideas to juice the returns in your portfolio.
The Irrelevant Investor
MAY 4, 2016
The longest bear market didn't begin in 1929 or 2007, but rather on January 11, 1973 [i]. The 437 days from peak-to-trough gave birth to many well-known value investors and also left in its wake a generation of brokers that would never return to Wall Street. Roger Lowenstein described how this period is remembere d forgotten today. The market collapse of 1973-74 has been oddly ignored in the annals of investing.
The Irrelevant Investor
MAY 13, 2016
I'm a big fan of studying market history. But the reason it interests me is not so I can predict how history will repeat, but rather to empathize with the difficulties market participants dealt with in different market regimes. Whether those difficulties lie in trying to stay optimistic in a bear market, or figuring out why multiples can increase in a bull market without any commensurate pickup in fundamentals.
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The Irrelevant Investor
MAY 25, 2016
Most people know John Maynard Keynes as an economist. Few realize that he was also a tremendous investor. After his macro bets failed to cushion the blow in the Great Depression, he turned to stock picking. His results were phenomenal not only for his personal account, but for the Cambridge endowment fund as well as a few insurance companies. Chapter twelve of Keynes's seminal book, The General Theory of Employment, Interest and Money, is chock full of amazing investment wisdom, much of which we
The Irrelevant Investor
MAY 23, 2016
I analyzed the birth dates of the most important investors of all time. Ten observations were made. This is an incomplete list. It does not include any early financiers like J.P. Morgan, no chief strategists like Abby Joseph Cohen, and no Fed Chairman like Alan Greenspan. What it does include are traders, investors, hedge fund managers, Nobel laureates, economists, and early pioneers of portfolio management.
Brown Advisory
MAY 16, 2016
2016 Berkshire Hathaway Annual Shareholder Meeting. achen. Mon, 05/16/2016 - 16:07. The Berkshire Hathaway annual meeting is an opportunity for shareholders and analysts to pose questions to Warren Buffett and Charlie Munger. They answered about 60 questions during the five-hour gathering. Tens of thousands of people travel to Omaha each spring to hear the wisdom and insights of Warren Buffett and Charlie Munger at the annual shareholders meeting of Berkshire Hathaway.
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