Once in a long while, you come across a research paper that fundamentally changes your thinking on a subject. Well, I had one of those moment years ago the first time I read Charles Ellis’ paper “The Loser’s Game.” In the paper, Ellis uses tennis as an analogy for investing. Professional tennis is a “winner’s game”...Read More
I usually steer clear of politics, keeping my beat to the economy and markets. But this is just too good to pass up. Canada’s prime minister Justin Trudeau offered a warm, heartfelt eulogy to the recently deceased Fidel Castro… a repressive dictator responsible for the impoverishment of Cuba and the misery of millions across Latin America...Read More
I like saving money. A lot. In fact, I’m a cheapskate and actually take pride in my stinginess. But you won’t see me fighting the crowds on Black Friday. Not going to happen. Life is far too short to explore the depths of human misery that I see on display the Friday after Thanksgiving every year....Read More
Portfolio manager and researcher Dr. Wesley Gray is at it again, looking for ways to build that proverbial better mousetrap. I reviewed Gray’s previous book, Quantitative Value, which he co-wrote with Tobias Carlisle, and found it to be “solid piece of research that combines the successful value investing framework of Benjamin Graham and Warren Buffett with the analytical...Read More
Real estate investment trusts have gotten absolutely crushed over the past three months and particularly since Donald Trump’s surprise victory in the 2016 presidential election. The perception is that Trump’s economic policy will blow out the budget deficit, fuel inflation and send bond yields higher. And as REITs have become proxies for bonds in the low-yield...Read More
