Contrast In Approach: Bill Miller vs. Warren Buffett

The folks at Legg Mason must have some pull as Bill Miller features are making the rounds this week: Bloomberg: Legg Mason’s Miller Helps Win Clients as Returns Rise Barron’s: It’s Miller Time The Barron’s article, in particular, seemed embarrassingly gushy for a manager who ranks in the 99th percentile for fund managers over 3 [...]

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Dennis Gartman Idiotically Insults Buffett

I have long held the view that a person’s judgment or criticism is more a reflection of that person than it is a reflection on the subject being criticized. My jury on Dennis Gartman, of The Gartman Letter and CNBC/Bloomberg fame, had been out until this piece on the Wall Street Journal website: Gartman: Warren Buffett [...]


Tilson & Pabrai: A Change In Strategy Or Just Finetuning Tactics?

One of the toughest aspects of successful investing is maintaining discipline in the face of adversity. Every investment strategy will have periods of underperformance. Those unable to hold to their strategies in down periods risk compounding their woes. In my estimation, value investors have a harder task in this respect than do growth or momentum [...]

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The Invaluable Follies of 2008

Painful as it was, 2008 was an invaluable learning experience. That may be a gross understatement.  The investment turbulence of 2008 may have been a formative experience — one of those events that truly molds people and perspectives for a lifetime.  That I managed to only lose -15% vs. a 39% drop in the S&P [...]

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[Book Review] The Dhandho Investor by Mohnish Pabrai

AUTHOR: Mohnish Pabrai RATING: 8.5 of 10 REVIEW by Davy Bui 06/15/2007 Select Highlights Very good look at risk as permanent capital loss in the context of time opportunity cost, which I haven’t seen in other books Organic use of “latticework” models to view investing from different perspectives, including even mythology as a way to [...]


Division In the Ranks?

As much as I’d love to tackle the infighting among the Democrats, I’m actually referring to the divergence among some prominent value investors. Whitney Tilson, of T2 Partners / Value Investing Insight / the Value Investing Congress / Financial Times, posted a piece on Seeking Alpha about a possible dead-cat bounce in financials. In it, [...]

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