Investment Theory

Banks Are Gushing Cash and Look Cheap

For the first time since the correction in the stock market in February, I am getting interested in a few investment ideas. A few of the ideas are in unexciting companies (unexciting in the sense that they are well-known and have been discussed plenty of times before…...

The Other Side

“I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do.”— Charlie Munger “We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of...

The FAA Inspector as an Investor

Imagine you are an airplane inspector for the FAA.  You job is to certify the flight-worthiness of a plane. You check the planes annually and certify that they are flight-worthy until the next inspection.  This particular day you happen to be flying in the plane you...

Buffett’s Information Advantage: Then vs. Now

When Buffett first started out, he had a true information advantage.  Other investors just didn't know that Sanborn Map had an investment portfolio worth more than the entire market valuation of the company.  This was an incredible opportunity and he took advantage of...

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