Recent Posts From All Categories

THERE IS NO EXIT POINT

If you are an investor in a company, you cannot have an exit point unless it...

CLIENT LETTER: IF AT FIRST YOU SUCCEED, QUIT TRYING

What follows is a section from the “Thoughts & Analysis” portion of...

WHAT IT TAKES TO OUTPERFORM IN THE CURRENT MARKET ENVIRONMENT

When I first started writing my views publicly in January 2011, the...

CLIENT LETTER: DESPERATELY SEEKING IMBALANCE

What follows is a portion from the monthly client letter I send out to...

AN EDGELESS ENVIRONMENT THAT IS SET TO CONTINUE

There is no secret to it, really. We are in an absolute edgeless environment...