Friday, January 12, 2018

Monday, January 8, 2018

Ready Player One

Ready Player One: A Novel is an absolute page-turner. I had a hard time putting it down, and I probably understood less than 10% of 1980s pop culture references on which the book is based.

Friday, January 5, 2018

Karsan Value Funds: 2017 Q4 Results

Karsan Value Funds (KVF) is a value-oriented fund, as described here. Due to securities regulations, the fund is not open to the public at this time. Should that change in the future, there will be an announcement on this site.

Wednesday, January 3, 2018

Barbed Wire

A book about barbed wire sounds pretty boring, but it's not really about wire, but about people. People have sought to control their environments, and the invention and spread of barbed wire resulted in unmatched control over animals and other humans. Barbed Wire: An Ecology of Modernity is a history book about how people came to control environments they never could before.

Tuesday, December 26, 2017

Hibbett Sports

Three months ago, Hibbett Sports' valuation was downright silly, as I opined here. I still think it's undervalued, but it's within a range in which I can't put a ton of confidence in that assessment. As such, I've taken my money off the table.

Friday, December 22, 2017

The Attention Merchants

I was so impressed by Tim Wu's The Master Switch: The Rise and Fall of Information Empires that I decided to give another of his books, The Attention Merchants, a read. It provided a terrific history of advertising: where it came from, how it has evolved, and how technology now gives it unfettered access to our brains.

Thursday, December 14, 2017

The Acquirer's Multiple

Any book by Tobias Carlisle goes to the top of my reading list, as I find the content about which he writes is usually extremely relevant to how I try to invest. For me, the main idea behind this line of thinking is to identify market anomalies (e.g. stocks with lower multiples outperform) and then play in that space, so as to benefit from a statistical advantage. Carlisle has done a lot of work identifying and discussing perhaps the most useful anomaly today, the outperformance of low EV/EBIT multiples, or a variant of what he calls The Acquirer's Multiple.

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