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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Barron’s Discusses Random Walks With Burton Malkiel

Two interesting articles caught my eye in Barron’s. I’ll discuss the first today and follow up with another post on the second. This week’s issue has an interview with Burton Malkiel, the renowned author of A Random Walk Down Wall Street, and a main progenitor of the efficient market theory. Despite the recent events of the [...]

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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 [...]


Green Signals Caution

The title to this post could be somewhat redundant for those who follow a value-investing philosophy. As Seth Klarman might suggest, risk-adverse investors should always exercise caution whether the economy is sprouting green shoots or withering away, during bull and bear market alike. In his classic tome, Security Analysis, Benjamin Graham counseled investors to treat [...]

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The Misleading Campaign to Discredit Buy and Hold

Today’s Wall Street Journal continues the seemingly coordinated effort to invalidate buy-and-hold investment strategies with yet another article discussing “professional” advisers ditching buy-and-hold for market timing approaches. It seems not a day passes without some hack commenting that today’s markets have turned everyone into traders or that buy-and-hold no longer works. I even had a [...]


Inverting Your Circle of Competence

The key to successful investing isn’t the successful memorization or rote application of various investment principles. Rather, it is the internalization of such principles and then bending them to fit your unique perspective and character. In this post, I am going to examine three value investing concepts: Buffett’s “circle of competence”, Munger’s “invert, always invert” [...]