Sharing Ideas? Beware of Negative Lollapalooza Effects

“Good investment ideas are rare, valuable and subject to competitive appropriation just as good product or business acquisition ideas are. Therefore we normally will not talk about our investment ideas.” — Warren Buffett, Berkshire Hathaway Owner’s Manual One of the

Book Review: There’s Always Something to Do

“There is always something to do.  You just need to look harder, be creative and a little flexible.” — Irving Kahn One of the interesting aspects of the stock market involves the peculiar attitude many investors have when it comes to reacting

Marcus Aurelius on Business, Investing, and Modern Life

“Treat what you don’t have as nonexistent.  Look at what you have, the things you value most, and think of how much you’d crave them if you didn’t have them.  But be careful.  Don’t feel such satisfaction that you start

The Individual Investor’s Performance Incentive System

As we approach the end of the year, many professional investors are focusing their attention on performance metrics that will determine part of their annual compensation.  Hedge funds have typically aimed to operate on a “two and twenty” fee structure

The Undoing Project: A Friendship That Changed Our Minds

The belief that human beings are fundamentally rational individuals is perhaps the most important foundational element of modern economics.  While no economist would ever claim that all individuals are rational all the time, it has long been thought that rational

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