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Don’t Be a Sophist

Listen on: iTunes | Google Podcasts | Online The market is up a lot; it is expensive. Should we be selling? This is the number one question we’ve been getting from clients. So, should we? We’ll give you several answers. We agree that the market is expensive. In fact, a few months ago we compared the euphoria and speculative mood […]

Why Do I Write a 27-page Letter To Clients

Listen on: iTunes | Google Podcasts | Online Four times a year I write letters to IMA clients. In these letters I diligently walk clients through our research on stocks we own, including those we have recently bought and sold. I cover how we value them, why we own them, etc. I update clients on our thoughts on the economy […]

A Shift in Perception Transforms Reality

Listen on: iTunes | Google Podcasts | Online “When you arise in the morning think of what a privilege it is to be alive, to think, to enjoy, to love …” -Marcus Aurelius As I look at 2020, I have very conflicting feelings. On one hand, the year was horribly tragic for many people who lost loved ones and businesses. […]

Letter from the Value Investing Mental Asylum or How I Embraced Stoics

Listen on: iTunes | Google Podcasts | Online The following is an excerpt from our recent client letter. A year ago, I called the stock market mood “partying like it’s 1999.” I was off by a year. Last year was missing the necessary euphoric speculation, which ironically arrived in the middle of a pandemic that engulfed the world.  Just as […]