G-Man: J. Edgar Hoover and the Making of the American Century

In Beverly Gage's Pulitzer Prize-winning biography G-Man: J. Edgar Hoover and the Making of the American Century, we get an unflinching look at one of the most powerful figures in U.S. history. Hoover, who led the FBI for nearly five decades until his death in 1972, transformed a modest Bureau of Investigation into a formidable national security apparatus. But as Gage meticulously details, this rise came at a steep cost: rampant surveillance, political blackmail, and the erosion of civil liberties, all in the name of protecting "American values."

Karsan Value Funds: 2025 Q2 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.

Patriot

Patriot is the memoir of Alex Navalny, the now-deceased opposition leader to Vladimir Putin. He dedicated his life to exposing corruption in Russia, and paid the ultimate price for going against those in power.

Karsan Value Funds: 2025 Q1 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.

Everything is Predictable

Tom Chivers' book Everything is Predictable is a fantastic dive into a formula known as Bayes' theorem. A book about a formula sounds extremely boring, but its application is extremely useful in everyday life.

Trusting in Claros Mortgage

• Claros Mortgage Trust trades at an 80% discount to book value, despite a more measured decline in book value per share.
• The company's high debt level amplifies the impact of asset write-downs on equity value, contributing to the stock's decline.
• Management's expertise and low exposure to troubled office space, along with a focus on multifamily projects, offer some stability.
• The recent dividend cancellation likely caused a non-financial share price drop, presenting a potential buying opportunity for undervalued shares.

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Sachem Capital

First mortgage real-estate lender Sachem Capital (SACH) has seen its shares annihilated as of late, having declined almost 80% from their 2022 high. This puts it at a 73% discount to book value, making it a very enticing investment from a value standpoint.

Karsan Value Funds: 2024 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.

On The Edge

I'm an avid consumer of Nate Silver's work, so I was excited to read his new book On the Edge. It's a book about mastering risk, and the people who seek to gain advantages through superior risk management.