The past few weeks have a lot of people in the financial world making comparisons to the 2008-2009 financial crisis. This is understandable, as markets have fallen and day-to-day swings are reminiscent of the large one-way – and then the other-way – percentage point moves in 2008 and 2009. I remember those days well, as … More The Good Story – Part II
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
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
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
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
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
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
Based on My True Stories, I’ll Let You Decide While surfing Twitter recently, I noticed another long debate about the difference between passive and active investment management. When the debate turned to the meaning and use of the words “active” and “passive, I chimed in by sharing a brief tale of time I spent at … More Who Is Passive?
I wrote this in 2014, and my feelings on this subject have grown even stronger over time. I’m keeping this very short in the hope that all will click the link below and then provide comments. Are We Spending Too Much Time Selling Alpha?
Just a simple note to pay tribute to an artist who created wonderful music and inspired passion in many. I will always remember going to see the movie “Purple Rain” and driving home from school blasting “Little Red Corvette“. Thanks Prince. The memories that you created will stay with me forever. The magic starts below … More Still Gently Weeping