Tuesday, December 16, 2014

The Goal

I don't re-read books very often, so when I do it's because I really appreciated it the first time. I recently re-read The Goal and loved it all over again.

Friday, December 12, 2014

The Shareholder Value Myth

James Montier wrote an interesting paper about how chasing shareholder value as a firm's number one priority is a terrible idea. The paper didn't make any convincing arguments to me, as Montier both made misleading statements and tried to establish causes and effects between things with complicated relationships. Here were my issues with the paper:

Wednesday, December 10, 2014


There are a lot of reasons to hate Antifragile: the author comes across as arrogant, is verbose and uses obscure vocabulary, and goes out of his way to repeatedly insult large segments of the population. Nevertheless, I think the book is a useful read in that it helps the reader think about and understand a very useful mental model.

Thursday, December 4, 2014

Dover Downs is an Asymmetric Wager

The gaming industry in Delaware has been under severe strain for a number of years. The state government increased taxes on gaming companies to cope with budget shortfalls that ballooned as a result of the financial crisis. Meanwhile, neighboring states removed gaming license restrictions to increase their revenues, resulting in increased competition for Delaware casinos, the largest of which is Dover Downs Entertainment (NYSE:DDE).

The resulting declines in revenues and profits at Dover Downs have led to an extraordinary reduction in market value. The stock is down 90% from its 2009 highs, as casinos with fewer regulatory fees in neighboring states continue to open and eat into Dover's market share.

However, the stock is so beaten down that the company is now a bargain.Read more...

Monday, December 1, 2014


One of the founders of the web company Basecamp gives us his views on how to start and run a company in his book, Rework. I can't say I got a whole lot out of this book, but that's only because I already agreed with almost everything in it.

Wednesday, November 26, 2014

Think and Grow Rich

Napoleon Hill offers guidance for those who want to accumulate wealth in his 1937 book,Think and Grow Rich. Hill purports to have gleaned the wisdom he imparts in the book through countless amounts of time spent with very successful people.

Wednesday, November 19, 2014

Stress Test by Tim Geithner

Few people were closer to the action in the recent financial crisis than Tim Geithner. First as New York Fed President while Bush was in charge, and then as Obama's Treasury secretary, Geithner was perhaps the most influential government policy maker during the crisis. In Stress Test, he describes the events he faced in his roles and how he believes he helped reduce the economic fallout from what could have been another depression.

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