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I Don’t Eat Desserts

I just finished a ten-page quarterly letter to clients and am taking refuge here to write about anything other than stocks. This scribble will be about a topic that I have been thinking about the last six months. I am somewhat embarrassed about it, because it’s a bit “me”-centered, and I am going to go […]

Socially Irresponsible Investing

The article I am about to share with you has been in the works for three years. I started and failed at finishing it half a dozen times. I want to warn you, this is an apolitical article. I go out of my way not to take positions on any issue – not because I […]

Bitcoin – Millennials Fake Gold

I’ve been asked about Bitcoin a lot lately. I’ haven’t written anything about it because I find myself in an uncomfortable place in agreeing with the mainstream media: It’s a bubble. Bitcoin started out as what I’d call “millennial gold” – the young (digital) generation looked at it as their gold substitute. Bitcoin is really […]

Jesse Livermore: Parallels Between 1920s and Today

There are lot of similarities between the 1920s and today. In fact Livermore’s quote says it all: “There is never anything new on Wall Street, because speculation is as old as the hills.” Jon talked about how the 1924-1929 bull market was rigged by stock manipulators.

Franz Liszt’s Piano Concerto No. 1

As one of my favorite childhood memories, I remember walking home with my father on a sunny Sunday afternoon. I was maybe nine years old. There was the sound of classical music coming from the fourth-floor window of our apartment building.

Valuex Vail: Coming at Shale Oil from a Different Angle

The U.S. oil market, which is going through one of its largest transformations in decades. In fact, watching this market is like watching the invisible hand of a maestro conduct a gigantic orchestra within the constraints imposed by various laws and regulations.

See You in Omaha, Again!

Traditions.  I write this word and I think of Tevye the milkman in Fiddler on the Roof saying (actually singing) it.  As you get older your life slowly starts turning into a series of “traditions.”  Over the years the beginning of May has turned into a wonderful tradition: the trip to Omaha to Buffett’s Berkshire […]

Musical Note: Van Cliburn

I have known about Van Cliburn was since I was very little.  He was about the only American that (Soviet) Russians did not hate but admired (maybe the only other one I can think of off the top of my head is Louis Armstrong).  Van Cliburn won the first International Tchaikovsky Competition.  It was 1958.  […]