Suppose you are a believer in the philosophy of value or focus investing. In that case, you inherently understand that market prices don’t always equate to the intrinsic worth of a company. Thus, market prices often fall short as a reliable yardstick for assessing a company’s real-time performance. …

“If you don’t get this elementary, but mildly unnatural, mathematics of elementary probability into your repertoire, then you go through a long life like a one-legged man in an ass-kicking contest.”
– Charles T. Munger

If you’re like me when I started learning how to …

I read 45 books this year. This blew away my previous record of 26 from a couple of years ago, and I absolutely loved (almost) every minute of it.

Some people have asked me how I read so much (while still maintaining the rest of life). The primary reason is that I listen to most of these books, so …

The Efficient Market Hypothesis (EMH) claims that if an investor wants higher rewards they must take greater risk. This belief in the symmetry of the public market is one of the pillars of EMH. The idea that you can find an investment that is low-risk and high-reward, on the other hand, would be …

If you look over my blog posts you’ll see they have giant multi-year gaps between them. The main reason is simply my changing interests, and/or cynicism, at a given moment, and how I get caught up with other activities. I’ve repeated one reason to explain this to myself for years, “someone has …