The Pitfalls of Early Success – A Personal History

“Success makes people think they’re smart.  That’s fine as far as it goes, but there can also be negative ramifications.” — Howard Marks  The investing profession tends to attract individuals who, to put it politely, have a healthy sense of

Book Review: Mastering the Market Cycle

“Imagine how much harder physics would be if electrons had feelings!” — Richard Feynman The goal of many websites is to create “evergreen” content — that is, content that stands the test of time and will prove to be relevant

Thoughts on Share Repurchases and Capital Allocation

The concept of share repurchases is not particularly complicated.  Repurchase programs allow companies to allocate capital toward purchasing its own shares either on public marketplaces or through privately negotiated transactions.  Capital allocation is one of the most important recurring functions

Book Review: Early Bird – The Power of Investing Young

“Compound interest is the 8th wonder of the world.  He who understands it earns it.  He who doesn’t pays it.” — Attributed to Albert Einstein The quote above has often been attributed to Albert Einstein although there is some controversy regarding whether

Tax The Small Investor Behind The Tree

“Don’t tax you, don’t tax me, tax that fellow behind the tree!” — Senator Russell B. Long “No one should see how laws or sausages are made. To retain respect for sausages and laws, one must not watch them in the

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