Investment Journal
Bitcoin, Psychology and Munger
If you have been under a "financial news" rock for the past few months, I thought I would welcome you with a story you are likely to have missed…Bitcoin, or more broadly Cryptocurrencies. I generally read about things that I find interesting or at least relevant to...
A Few More Thoughts on JD and the VIE Structure
Happy New Year! In my last post, I outlined why I decided to invest in JD.com. I received a couple questions from readers about the structure of this company, and its use of what is called variable interest entities (VIE's). Chinese laws restrict foreign investors...
The Intangible Qualities That Create Strong Moats
I watched a video with one of the very early employees at Tencent. It’s a great video, and David Wallerstein gives some examples that illustrate just how focused Tencent is on the user, their customers. He goes into the history of Tencent, with some great background...
Two Earnings Updates and Portfolio Commentary
I thought I'd update members on a couple stocks that could use an update. First, the good news: I'm not one for putting much weight on any particular quarter, but Tencent is doing incredibly well, and there latest numbers were pretty amazing. When you zoom out, and...
CMG Update
CMG reported their most recent quarterly earnings a few weeks ago. I wanted to update my last post on CMG with some additional thoughts regarding their numbers. CMG's operating history shows one of two things. Either CMG has created a superior model in what has...
Malls and Retail Stocks: Be Mindful of Where the Puck is Going
I’m busy looking at a number of investment ideas, and while the general market trades at new highs almost daily, I expect to be able to locate value. A couple weeks ago I referenced a quote Buffett made about how he could run the top five companies (Apple, Google,...