Chicken Fried and Cold Beer on a Friday Night

Can Investors Learn A Few Things From A Country Song? Those of you who know me well know that I am from Alabama and that I still have some Southern boy in me. Those of you who know a little country music may also recognize that the title of this post is based on a … More Chicken Fried and Cold Beer on a Friday Night

Don’t Cheat the Person in the Glass

Recently, I noticed a Tweet from someone asking for good advice for a 17 year-old. It made me think of a poem that I first heard when I was about 17. The CEO of a large company was speaking to a group that I was associated with and ended with the poem. I nudged my … More Don’t Cheat the Person in the Glass

Keep A Steady Hand on the Tiller

The market just dropped, again. Related to this, I thought it would be good to re-post this piece (a longer version was published in 2015).  Previously, I penned these lines: “If you followed the market today, you will have seen and heard quite a few market headlines that might raise concerns. The following are some … More Keep A Steady Hand on the Tiller

The Normal

Stocks Are Risky – This is Not the New Normal, It is The Normal The Dow Jones Industrial Average (DJIA) has dropped hundreds of points and has recently created alarming news headlines. This has not made any investor that I know feel good, but was this “The Normal?” Yes, this is a reference to “The … More The Normal

Disconnected or Connected?

If you look up the definition of “disconnected,” you will find the word “incoherent” among its synonyms. Being “disconnected” sounds negative and, in fact, people are often ridiculed for not being “connected.” In keeping with the title of my website blog, I’m posting this provoking question. Are we more coherent when we are disconnected? I … More Disconnected or Connected?

Stop It

The title of this piece comes from a recent Josh Brown article titled, Delusions and Entitlement (he deserves full credit for this quip). In his post, Josh said the following: “There’s this idea floating around out in the ether that, for some reason, public equity markets are expensive but private market valuations will serve as an … More Stop It

The Good Story

“Honey, I need to go.” When I woke up my wife to tell her this, it was still dark outside on Sunday, September 14th 2008. I had finally gotten at least a little sleep, after many calls and emails on Saturday had given me at least a little hope that my firm, Lehman Brothers, might … More The Good Story

Betting Like Buffett

Private Equity vs. Index Funds This past week, I posted a blog about how the presentation of private equity returns can sometimes be quite misleading. I will admit that the title was a little click baitish (Fake News), but the post was meant to draw attention to a practice that is worrying to many: The … More Betting Like Buffett

Fake News?

Are some investors placing votes in favor of private equity based on fake news? According to a recent McKinsey & Company Global Private Equity Review, in 2017 private investment managers raised a record sum of nearly $750 billion globally. A few factors are driving this, but one is the strong belief that private investments have … More Fake News?

Pavlov’s Brokers

Recently, I noticed a Tweet from Josh Brown (like me, a Reformed Broker) and a follow-on note from Dan Egan, who I had the pleasure of working with in the past at a brokerage firm (maybe he should be called the Reformed Behaviorist). Both focused on how incentives and stimuli can influence investor behavior. It … More Pavlov’s Brokers