Markets are efficient, or so we’ve been told. I am not here to put a rebuttal to this academic nonsense, but let me give you one of the core reasons why markets are and will remain inefficient: because human beings are efficient. To function in everyday life, our brains are used to simplifying complex problems, [...]
I’d like to invite you to the first annual VALUEx Vail being held in Vail, Colorado, June 15th through 17th. VALUEx Vail is designed for serious PROFESSIONAL investors to share ideas, learn from one another experiences, all while enjoying each others company and fun activities in the beautiful Colorado mountains. We are only sending out this [...]
I am back! It was an amazing trip. It started with Warren Buffett’s Omaha. I flew into Omaha on Thursday morning, and a few hours later received a call from the CFA Society of Nebraska, asking me to give a talk to their members. Whitney Tilson and his partner Glen were supposed to do a [...]
When I wake up in the morning and check news for the companies I own, I worry. I don’t worry that my companies missed their quarterly guidance by a few pennies – running a business is an art, and things don’t usually work out in a precise, linear fashion. The companies that have a “deliver [...]