A province in India once had too many cobras, so they incentivised the capture of these snakes Except then people began breeding cobras to earn the reward… Meaning more cobras, not fewer – an “Unintended Consequence” (UC) This is relevant because the UCs of Trump’s policies are everywhere, and his efforts to MAGA are MIGA … Read on
But in a recent interview, Howard Marks applied a financial twist to that definition saying, “Insanity is doing the same thing, in an entirely different environment, and expecting the same result (as you received in the previous environment)” explaining further “So the things that worked the best in an environment of declining and ultra-low interest … Read on
No market, sector or size rules for ever; the wheel always turns Howard Marks (pictured) is a billionaire investor who’s been successfully investing through the many market cycles since 1970. Warren Buffett once said of him, ‘When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I … Read on
Time for a fresh chance to do the things you know make sense And aren’t January sales great? Who doesn’t think buying goods on sale makes sense? If you like your purchase, you have money left over And if you change your mind, you can sell on Vinted and not lose too much BUT If … Read on
– Has only one position– Uses leverage, there’s no limit and it’s growing– Is run by a “fund manager” with a chequered history – settling with the regulator back in 2000 because he inaccurately reported profits instead of losses …– Priced at 200% premium to Nav (down from 300%) Are you keen? Every sensible investor … Read on
Their true numbers are blurred by huge share awards to employees. Finance theory says a company is worth the present value of its future cash flows to shareholders. But that’s not how it works in practice sometimes. Accountants focus on earnings, not cash flow and while you’d think it’s only due to timing differences that … Read on
I’m with you, Charlie Because there are LOTS of BIG lessons companies seem to miss about consultants Last week, US discount retailer, Big Lots, announced they are closing up to 315 stores Which is over 20% of their store base and very unsettling for their 10,000 employees But wasn’t this a good business? Yes, that’s … Read on
He played it down a little at the AGM in May when questioned about his Q1 sale of 115m Apple shares But meanwhile his trader was working flat out to sell half his remaining stake Bloomberg data tells me 4.4bn Apple shares traded in Q2 so Berkshire’s sale of 394m means he was 9% of … Read on
Wrote my son in a WhatsApp message from the golf course where he is working over the summer He’s never sent me a message like that, I better wait up Dad, he went around the course in 5 under par! Wow, that’s incredible, especially with all the water. Is that what you want to tell … Read on
I guess I’m not sure I’d look good in a Burberry Bucket hat And at £320 a piece, am not about to “check” “But Luxury goods companies are quality businesses founded hundreds of years ago with wide moats..” Yes, but many Banks pre-dated them and it’s much easier to launch a luxury brand today than … Read on
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