Spring 2026 Newsletter - Should You Try to Own Winning Stocks?
Yes! I suggest searching for, investing in, and holding onto winning stocks is sound investment philosophy.
Winter 2026 Letter Listening to Warren Buffett
Warren Buffett stepped down as CEO of Berkshire Hathaway after more than 60 years at the helm.
Summer 2025 When Should You Sell a Stock
Well, the most recent (fill in the blank) existential threat to t...
Winter 2024 The Myths and Dangers of Portfolio Rebalancing
“Nothing is more deceptive than an obvious fact.”
&n...
Summer 2024 Looking for a Needle in a Haystack
You’ve heard the phrase, “It’s like looking for...
Spring 2024 Signal to Noise Ratio: Reducing Investment Noise
The Signal-to-noise ratio (SNR) is a science and engineering meas...
Fall 2023 The Eaves of Concentration and Diversification
Advice on meeting investment goals is often positioned as right o...
Spring 2023 Chasing Yield - The Cardinal Sin of Income Investors. Our Guide to the Major Risks
“An investment in knowledge pays the best interest.”...
Winter 2022 The Inflation Fire Extinguisher
“We didn’t start the fire. It was always burning sin...
Summer 2022 The Seeds of the Next Bull Market Have Already Been Planted
“I love those who can smile in trouble, who can gather str...
Fall 2022 Growth Investing vs. Value Investing. Which is Better for These Times?
“Don’t play what’s there. Play what’s no...
Spring 2022 The Stock Market's Wind
“Human subtlety…will never devise an invention more...
Summer 2021 Ten Investment Life Lessons I Shared With My Children
I started writing these quarterly letters in 1997. Following the ...
Spring 2021 Darwin, Punctuated Equilibrium and the Stock Market
During a speech at Carnegie Mellon1, Tom Siebel, founder of Siebe...
Winter 2020 Big Picture or "Thematic Investing"
Years ago the "newspaper" included the "news", "sports" and somewhere in the middle the "business" section with page after page of stock prices.
September 2020 Concentrated Stock Positions - Good or Bad?
In 1976, Ronald Wayne, Apple’s third co-founder, sold his 10% share to Steve Jobs and Steve Wozniak for $800. As of this writing, he left over $200 billion on the table.
Summer 2020 The "Great Housecleaning of 2020" and the "New Economy"
“If past history was all there was to the game, the riches...
Spring 2020 The Cardinal Rule of Investing For These Times
“In the end, how your investments behave is much less impo...
Fall 2019 The S&P 500 Index is not the North Star
“Nothing is more dangerous than an obvious fact”
- S...
Winter 2017 Some Important, Overlooked and Even Ignored Secrets to Investment Success
Besides cost, are there any other important factors that affect investment success? Absolutely, and they are often overlooked or ignored.
Spring 2017 Worried about a Market Decline? Open this Newsletter
A stock’s current price is not automatically indicative of its value, but rather, the market’s emotion at the time.
Fall 2016 Technology's Danger to Investors
Steve Jobs eloquently summed up the value of technology when he said, “The computer is the bicycle of the mind”. Here’s how investors misuse technology to their detriment and how to correct that.
Spring 2016 Smooth Seas does not a Skilled Mariner Make
“Individuals who cannot master their emotions are ill-suit...
February 2016 Market of Stocks
“It’s a market of stocks, not a stock market”
...
Fall 2015 Have we simplified investing yet?
“Simplicity is the ultimate sophistication”
– ...
Summer 2015 Performance vs. Results Which Do You Want
“There is nothing more deceptive than an obvious fact&rdqu...
Summer 2015 What Investors Can Learn From Nature
Nature can't be rushed. Neither, many would agree, can investing.
Spring 2015 Don’t Confuse Brains With a Bull Market
“Nothing is new, it is just forgotten.”
— Coco...
Winter 2014 The “work” of investing
Data is all around us. Actually, it always has been, though latel...
Fall 2014 Is it time to Sell
Investors perpetually ask me two questions: 1. When do I think a ...
Summer 2014 Selling Too Early: What's the Rush?
“Compound interest is the eight wonder of the world; he wh...
Fall 2013 Missing an opportunity, or losing money?
“I am always willing to learn, though I am not always will...
Summer 2013 Voting Machine Versus Weighing Machine
The stock market has recovered handsomely [the Dow Jones Industri...
Spring 2013 Beware, The S&P Has No Fear
My daughter recently got her driver’s license. I believe yo...
Spring 2013 Alexander Hamilton’s Revolutionary Idea
My daughter recently got her driver’s license. I believe yo...
