Monthly Archives: May 2011

It’s Déjà Vu All Over Again

I about fell out of my chair at my local coffee shop while reading Seth Klarman’s Margin of Safety.  As a novice student of financial history, I have always operated under the apparently misattributed quote by Mark Twain, “History doesn’t … Continue reading

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Investing, Speculating and Gambling

It is not a case of choosing those [faces] that, to the best of one’s judgment, are really the prettiest, nor even those that average opinion genuinely thinks the prettiest.  We have reached the third degree where we devote our … Continue reading

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Value Investing Congress

As I reflect a couple of weeks later on my attendance at the Value Investing Congress in Pasadena, I’m not sure which presenter I would rank number one.  Luckily, the dispersion between the best and the worst presenters was low.  … Continue reading

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Waffling

When the facts change, I change my mind.  What do you do, sir? -John Maynard Keynes I made a mistake in my last post Woodstock for Capitalists or Why I’m Not Buying Gold. I need to change one word in … Continue reading

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Woodstock for Capitalists or Why I’m Not Buying Gold

It seems more than appropriate to start off with the Berkshire Hathaway annual meeting.  After all, it was Warren Buffett’s Chairman letters that introduced me to intrinsic value, Benjamin Graham and the three most important words in investing:  margin of … Continue reading

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