July 22, 2011


How do you make money in a boring range-bound market? Well, you certainly need to be resourceful. Finance guys have given us lots of toys to play with; the trick is to know which ones to use and how to use them correctly. I haven’t spoken much about options, but they are a key weapon in my arsenal. Longtime readers of this site will ... Read More
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July 5, 2011

What Should Greece Do?

From time to time, one of my friends simply says it better than I could ever imagine saying it myself. I have known Peter Gianulis, manager of Carrelton Asset Management for years. He is one of the deepest thinkers I know of when it comes to the markets. His fund also happens to have one of the best track records out there. So without ... Read More
Categories: Comments On Events
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June 25, 2011

Steady,…. Hold…. Hold…….

There’s this great scene in the Braveheart movie where the Scots are facing down an English cavalry charge. The Scots are armed with spears and they want to wait for the moment of maximum surprise before springing them on the advancing cavalry. William Wallace (Mel Gibson) keeps trying to get his troops to be patient and wait. “Steady, hold.., hold…, hold…..” Whenever I’m looking to buy ... Read More
Categories: Comments On Events
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June 16, 2011

The Biggest Site Visit Ever

I’ve spoken quite a bit about Mongolia on this site lately—partly this is because I am now living here, partly this is because I find what is happening in this economy so fascinating. There is no economy in the world that will see its exports triple because of the construction of just one mining asset. I don’t know if something like this has ever ... Read More
Categories: Travels
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May 20, 2011


Accounting is backwards looking—as investors, we have to be forward looking. That said, past numbers are usually a good starting point for estimating future earnings. Numbers only tell you part of the story—the reason why the numbers are how they are, is often much more important than the actual numbers. Unless you can understand the moving pieces involved in the final numbers, you cannot ... Read More
Categories: Investments
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