Monday, October 22, 2012
Sunday, May 29, 2011
The Losers Grame
From Value Investor Insight: Oaktree Capital Chairman Howard Marks often credits a 1975 article in The Financial Analysts Journal as a key contributor to his investment thinking. In the article, titled “The Loser's Game,” investing legend Charles Ellis argued that increased competition among highly skilled professional investors had turned investing from a Winner's Game, in which the aggressive, deliberate actions of a privileged view could generate consistent outsized returns, to a Loser's Game, where the emphasis must shift toward making fewer mistakes than others. The numbers made a good case for passive investing, he wrote, but citing his own experience and the work of scientist Simon Ramo, historian Admiral Samuel Elliot Morrison and professional golf instructor Tommy Armour, Ellis does offer some specific advice to those determined to try to win the Loser's Game.
http://www.valueinvestorinsight.com/pdfs/TheLosersGame.PDF
For more information - go to Value Investor Insight May 27th 2011.
http://www.valueinvestorinsight.com/pdfs/TheLosersGame.PDF
For more information - go to Value Investor Insight May 27th 2011.
Charly Munger - "Academic Economics: Strengths and Faults After Considering Interdisciplinary Needs"
Herb Kay Undergraduate Lecture University of California, Santa Barbara Economics Department By Charles T. Munger October 3, 2003
http://www.tilsonfunds.com/MungerUCSBspeech.pdf
Introduction by Rajnish Mehra......................................................................................................1
Munger’s Opening Remarks:.........................................................................................................1
Non-use of Efficient Market Theory at Berkshire.............................................................2
Personal Multidisciplinary Education................................................................................3
The Obvious Strengths of Academic Economics..............................................................4
What’s Wrong with Economics.........................................................................................5
1) Fatal Unconnectedness, Leading To “Man With A Hammer Syndrome,” Often Causing Overweighing What Can Be Counted...........5
2) Failure To Follow The Fundamental Full Attribution Ethos of Hard Science.......................................................................................................6
3) Physics Envy..............................................................................................7
Washington Post case study.......................................................................7
Einstein and Sharon Stone.........................................................................7
4) Too Much Emphasis on Macroeconomics.................................................8
Case study: Nebraska Furniture Mart’s new store in Kansas City...........8
Case study: Les Schwab Tires..................................................................9
Causes of problem-solving success...........................................................9
5) Too Little Synthesis in Economics..........................................................10
6) Extreme and Counterproductive Psychological Ignorance......................13
7) Too Little Attention to Second and Higher Order Effects.......................14
Mispredicting Medicare costs..................................................................14
Investing in textile looms.........................................................................14
Workman’s comp madness......................................................................15
Niederhoffering the curriculum...............................................................15
8) Not Enough Attention to the Concept of Febezzlement..........................17
9) Not Enough Attention to Virtue and Vice Effects...................................18
Religion....................................................................................................18
Pay for directors and judges.....................................................................18
Not a vice that some systems are deliberately made unfair.....................19
Contributions of vice to bubbles..............................................................19
Paradoxical good contributions from vice; the irremovability of paradox.........................................................................................19
Conclusion......................................................................................................................20
Clinging to failed ideas – a horror story..................................................20
Repeating the big lesson..........................................................................21
Q & A ..............................................................................................................................21
http://www.tilsonfunds.com/MungerUCSBspeech.pdf
Introduction by Rajnish Mehra......................................................................................................1
Munger’s Opening Remarks:.........................................................................................................1
Non-use of Efficient Market Theory at Berkshire.............................................................2
Personal Multidisciplinary Education................................................................................3
The Obvious Strengths of Academic Economics..............................................................4
What’s Wrong with Economics.........................................................................................5
1) Fatal Unconnectedness, Leading To “Man With A Hammer Syndrome,” Often Causing Overweighing What Can Be Counted...........5
2) Failure To Follow The Fundamental Full Attribution Ethos of Hard Science.......................................................................................................6
3) Physics Envy..............................................................................................7
Washington Post case study.......................................................................7
Einstein and Sharon Stone.........................................................................7
4) Too Much Emphasis on Macroeconomics.................................................8
Case study: Nebraska Furniture Mart’s new store in Kansas City...........8
Case study: Les Schwab Tires..................................................................9
Causes of problem-solving success...........................................................9
5) Too Little Synthesis in Economics..........................................................10
6) Extreme and Counterproductive Psychological Ignorance......................13
7) Too Little Attention to Second and Higher Order Effects.......................14
Mispredicting Medicare costs..................................................................14
Investing in textile looms.........................................................................14
Workman’s comp madness......................................................................15
Niederhoffering the curriculum...............................................................15
8) Not Enough Attention to the Concept of Febezzlement..........................17
9) Not Enough Attention to Virtue and Vice Effects...................................18
Religion....................................................................................................18
Pay for directors and judges.....................................................................18
Not a vice that some systems are deliberately made unfair.....................19
Contributions of vice to bubbles..............................................................19
Paradoxical good contributions from vice; the irremovability of paradox.........................................................................................19
Conclusion......................................................................................................................20
Clinging to failed ideas – a horror story..................................................20
Repeating the big lesson..........................................................................21
Q & A ..............................................................................................................................21
How to download earning calls
http://www.valueuncovered.com/how-to-guide-for-downloading-earnings-calls
Download earnings calls and listen to them in your car.
Download earnings calls and listen to them in your car.
Khaner: Why Some Smart Investors Hold Gold
From 2010 - Khaners view of the drivers of rising gold prices
Monday, May 2, 2011
Saturday, April 9, 2011
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