Down the HALL

Some of my best investments have happened when a temporary shock to earnings causes a company's stock price to get smoked, providing a good opportunity to buy. If leverage is low, the company usually has time to root out or mitigate the problem, and so the patient investor is rewarded for waiting for things to get back to normal.

Rayonier Advanced Is Far Too Cheap

For a market leader, Rayonier (NYSE:RYAM) trades at a surprisingly huge discount to tangible book value. While the share price closed at $5.36 on Friday, the company's tangible book value was $11.86 as per the company's latest quarterly report. Read more...

The Lincoln Highway

The author of A Gentleman in Moscow has written another terrific novel, this time set around 1950 in the USA: The Lincoln Highway

Why We're Polarized

Author Ezra Klein spends the first half of Why We're Polarized making a good case that America's two parties have become more polarized. The main change happened in the 1960s. Whereas prior to this point, there was a lot of diversity of opinion on several issues across party lines, since then each party has become more fixed and more polar across a range of issues, and more worriedly, "identities".