2023 Position Review

It seems that everyone has a blog these days. Once a year, we must stop everything, tally up the scores and see who got it right. Besides, what’s the point of going through all this effort, if you cannot point to the scoreboard, and flaunt it a bit. With that preamble out of the way, […]

The Most Annoying Risk…

People really like to complicate things. They worry about non-problems. They over-trade. They over-think. They ignore the obvious. I believe this investing game is actually quite simple—buy unusually cheap companies with strong macro-tailwinds and then don’t sell until something changes. It’s really that easy. Unfortunately, I’m not the only one practicing this craft. While the […]