Watch the Cash Flow

The following is a quote from a breakfast that I recently had with a long-time senior executive and UHNW private direct-deal investor. “We all know that the D and A in EBITDA can be ‘delusional accounting’ but it is ‘accepted’ so we work it.” We were discussing how most everyone inside the business knows about … More Watch the Cash Flow

To Learn More – Play More

Push push push… Work more, research more, analyze more – faster and faster. Sound familiar? I can’t speak to all types of business, but over my career in and around the investment world, I’ve consistently seen premiums placed on the frequency of extremely long days, all-nighters and working through the day without breaks. I’m not … More To Learn More – Play More

Rock Science

This past weekend my family was fortunate enough to spend time on Martha’s Vineyard and I smiled when seeing this old sign again. It has sat for many years at the edge of a grass airfield – a simple weather-divining device involving only a stone and some pithy instructions. It is a little worn, but the … More Rock Science

The Council of Leading US Economists Predict Dow 100,000 During Trump

The title of this post is the headline out this morning from the Council of Leading US Economists (C.L.U.E. for short).  According to the organization, C.L.U.E.’s prediction is based on their latest research model. Will the Dow hit six figures while Trump is still in office, or is this another example of the never in … More The Council of Leading US Economists Predict Dow 100,000 During Trump

Don’t Get Blindsided – Super Bowl Version LIII

Tips Direct from the NFL The past few years, I’ve written Super Bowl posts about the emotions of big financial market games often getting the best of investors (click here for last year’s version). This year, I was fortunate enough to collaborate with Jeff Locke, who has been a punter in the NFL since 2013 … More Don’t Get Blindsided – Super Bowl Version LIII

Outperformance in Down Markets 100% of the Time?

Yes, this title is a little click-baitish, but with all the other crazy headlines floating around I figured I’d throw out this provoking question. I didn’t make it up, however. How one could have outperformed “100% of the time” in the “longest” bear markets was detailed in a report published by a well-respected research center … More Outperformance in Down Markets 100% of the Time?

Holiday Colors

Try to stay focused on your goals and the often rewarding long-term green versus short-term red. On my way to the office this morning, I noticed many holiday decorations in red and green. They always bring me joy and I stopped to take the picture at the top of this post. Unfortunately, in the financial … More Holiday Colors

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