Since I started this site, I have been asked at least 100 times for a list of recommended books. I’ve finally gone home to Miami (first time since April) and gone through my books. HERE’S MY LIST OF RECOMMENDED BOOKS. I want to point out the obvious, which is that I’ve left out many investment favorites. If you haven’t read your Security Analysis, you clearly need ... Read More

As a Floridian that’s recently moved to Mongolia, I have wizened up. Winters in Mongolia are cold, and I need a new wardrobe. My Florida ensemble (shorts, flip flops and whatever free t-shirt I got during a company visit), won’t cut it in Mongolia. Last winter, I survived on my only two sweaters. This year, I decided to go shopping for proper attire—as a ... Read More

Every year, my friends and I get together for a few casual drinks the friday before the Berkshire Hathaway annual meeting in Omaha. I thought it could be fun this year to open things up to AIC subscribers. In the past, we have chosen a local bar. Depending on the number of people coming, we may have to find a larger venue. Please RSVP ... Read More

From time to time, one of my friends really out-thinks a topic. Rather than trying to paraphrase someone else’s thoughts, I bring them to you as written. If you enjoy the following, check out capitalistexploits.com for more of the same. With that said, I pass the microphone to my friend Chris…..   I’ve been troubled by China and how to best invest for some time now. ... Read More

Investing is about indentifying trends before others do and capitalizing upon them. You don’t need to catch the bottom or the turn. You want to find a trend already in motion and latch on with everything you have. You need a trend that can go on for years and most importantly, you need to be early. The thing about trends is that they always ... Read More

Most analysts are too stupid to actually analyze financials; therefore mining stocks are usually valued on a multiple of current cash flow. Two decades ago, mining companies had an epiphany. Exploration costs money. If you explore, it reduces cash flow and hence your valuation. Rather than spend your own money, it’s better to overpay for junior miners who have found something as share dilution ... Read More

I am always amazed at how value investors tend to fixate on backwards looking metrics and conclude that a business is undervalued. Investing in a business is all about the future. When I invest, I always want the wind at my back. I know that I sometimes make mistakes and I want to be sure that the macro backdrop will bail me out of ... Read More

I am writing from somewhere over the US as I fly home from a very productive three week trip. I spent time canoeing with my dad, witnessed a close friend get married and visited a whole lot of companies along the way. Normally, when the last flight out of Toronto is three hours late, you can expect to miss your connecting flight. A better ... Read More

I just spent a week canoeing with my father. When you share a canoe, you get to talk about all sorts of things. I always try to keep my father involved in my investment thinking. He’s a great resource because he has good business sense, yet has never been involved in the investment world. He once told me a great story about when he ... Read More