The bear you feed

“The conventional view serves to protect us from the painful job of thinking.” ― John Kenneth Galbraith ” “Believe me, it is tough to deal with the social consequences of the appearance of continuous failure. We are social animals; hell is other people.” – Nassim Taleb Many years ago I read something that stuck in […]

To End is to Begin: Small Cap Value Part III

“I’ve woken up in a hotel room, my worries as big as the moon Having no idea who or what or where I am Something good comes with the bad A song’s never just sad There’s hope, there’s a silver lining” – My Silver Lining, First Aid Kit This is the final part of my […]

Heaven and Hell: Small Cap Value (part 2)

“Forgive yourself – no one else will.” – Maya Angelou “Investing is, in many ways, a zero-sum activity in which your returns above market indices are derived from the mistakes, overreactions, or inattention of others as much as from your own clever insights” – Seth Klarman I love the smell of volatility in the morning.  […]

Small but tough: Small Cap Value (part 1)

“If there is a cure, what good is discontent? If there is no cure, what good is discontent?” – Shantideva Summer is usually downtime, an opportunity to regroup and clear the mind ready for the autumn. This year has been a little different – more ratatatat, the staccato ebb and flow of action interspersed only […]

Life as a Carp: Experiences in Very Long Term Value Systems

“Benign neglect, bordering on sloth, remains the hallmark of our investment process.”  –  Warren Buffett “Rule No. 1: Most things will prove to be cyclical. – Rule No. 2: Some of the greatest opportunities for gain and loss come when other people forget Rule No. 1.” Nothing good or bad goes on forever.  And yet […]

Things to Do In June: the CFA Program Level II exam

This is the number one rule for your set In order to survive got to learn to live with regrets On the rise to the top many drop, don’t forget In order to survive got to learn to live with regrets – Jay Z, Regrets Last Saturday was a beautiful balmy day here in London. […]