Friday, March 17, 2017
Wouldn't it be nice to be able to explain the world's current political state of affairs using just a few maps? That's what Tim Marshall attempts to do in Prisoners of Geography: Ten Maps That Explain Everything About the World. I enjoyed the geography and history lessons, but I thought the author's conclusions were poorly supported.
Thursday, March 9, 2017
One hundred and fifty years ago, people who considered themselves moral, upstanding Americans suffered no cognitive dissonance in the ownership of other human beings. Today the concept of slavery seems ludicrous around these parts, but it took a while to get there. In the masterful novel Adventures of Huckleberry Finn, Mark Twain colourfully depicts the absurd situation as it was at the time.
Monday, March 6, 2017
I have seen a lot of recommendations for The Incredible Shrinking Alpha: And What You Can Do to Escape Its Clutches so maybe my expectations were too high, because I didn't like it. To me, it sounded like the same efficient market BS that one has been able to read about for decades.
Friday, March 3, 2017
Thursday, March 2, 2017
When I bought Apple just over a year ago, I really thought it would end up being a long-term holding. A combination of 1) market pessimism - the market appeared so fixated on hardware numbers that it seemed the stock was destined to languish as hardware margins were sure to fall over time and 2) rising intrinsic value - the company's recurring revenues and share buybacks were likely to force me to continually increase my estimate of the company's value over time, resulting in an increasing margin of safety in my eyes.
Wednesday, February 22, 2017
A lot of us spend our lives delaying gratification. Often, the reward is higher later if you can forego the pleasure today. Value investors know all about this. But there is a risk that tomorrow doesn't come. When Breath Becomes Air is written by a guy who spent his whole life deferring potential rewards, only to be cursed with terminal cancer just as he was about to graduate as a surgeon.