April 02, 2024
One Simple Solution to Help You Play the Long Game in Investing
If I were giving advice to a young investor who’s just starting out, my advice might go something like this: Buy good companies at reasonable prices, …
March 04, 2024
The Dead Fidelity Investors
One of the most famous pieces of research ever attributed to Fidelity Investments looked at client accounts over the period 2003-2013. Coming on the …
January 24, 2024
The Double Bear Spread Hedging Strategy
We recently outlined four different shorting strategies (see that November commentary). Today, we share another way to hedge with options that meets …
November 14, 2023
Mastering the Art of Risk Management: Four Essential Hedging and Shorting Strategies
At least as much as investors like making money in the stock market, they dislike losing money, and therefore many of us seek ways to hedge. We want …
October 31, 2023
The Definitive List of What Investing Is Like
Investing is, apparently, like a lot of very different things. Here is a not-even-exhaustive list of the things to which investing has been …
October 12, 2023
The Risks No One Is Talking About
This image, from the Nintendo video game “Super Mario Brothers,” went viral on X/Twitter a few years back:
August 18, 2023
The Contradiction at the Core of the Stock Market
There is a contradiction at the core of the stock market that makes investing at once simple and endlessly vexing:
July 05, 2019
The Portfolio Management Marathon
Type “investing is a marathon, not a sprint” into Google’s search bar, and you’ll get about 743,000 results.
December 18, 2018
The Short Story on Our Shorts
We strive to own a portfolio of leading companies that will grow in value the more we let them alone—even as we, of course, watch our businesses …
December 18, 2018
The Long and Short of our Stocks
Every investment manager will tell you that they buy exceptional companies that have competitive advantages. Even we say it. But without additional …