Howard Marks on Risk: Why Volatility Is Not the Real Enemy
byIf you spend enough time roaming the corridors of modern finance academia, you will eventually be told that risk is a neatly packaged Greek…
Legends
Howard Marks on Market Cycles: The Pendulum Between Fear and Greed
byIf you flip on financial television during a market correction, you will eventually see Howard Marks. The anchors treat him like a secular saint,…
David Swensen vs the Retail Investor: What Individuals Can and Cannot Copy from Yale
bySo here is the intellectual paradox that has bugged me for years: David Swensen did not actually want you to invest like David Swensen….
David Swensen’s Manager Selection Discipline: Why Access, Alignment, and Skill Matter
byI hate the active-versus-passive debate because it makes smart people sound like they joined rival potato cults. You know the drill. One side screams…
David Swensen on Asset Allocation: Building Portfolios Beyond Stocks and Bonds
byI have a deep personal suspicion of asset allocation pie charts. They look clean, which is usually the first warning sign. A bad pie…
David Swensen’s Illiquidity Premium: When Locking Up Capital Becomes an Advantage
byI do not naturally trust anything in finance that turns “you can’t get your money back” into a premium. When an investment deck frames…
David Swensen and the Yale Model: How Institutional Investing Changed Forever
byI do not trust any finance idea once it becomes a pie chart. That is usually when the machinery disappears, the critical thinking shuts…
The Best Berkshire Investments Influenced by Charlie Munger’s Thinking
byI don’t want to measure Charlie Munger’s influence on Berkshire Hathaway by counting the aphorisms printed on coffee mugs. That is how finance people…
How Munger Helped Warren Buffett Upgrade His Definition of Value
byI don’t buy the idea that Charlie Munger turned Warren Buffett from a value investor into a quality investor. That sounds tidy, which is…
Buffett vs Munger: The Subtle Differences That Made Their Partnership So Strong
byI get suspicious whenever finance people describe a business partnership as “perfect harmony.” Perfect harmony is usually what people say right before a room…
Warren Buffett and Charlie Munger on Wonderful Businesses vs Cheap Stocks
byI get twitchy whenever investors turn asset allocation into a holy war. The cigar-butt crowd acts like every highly profitable company is an overpriced…
What Charlie Munger Taught Warren Buffett About Business Quality
byThe lazy version of financial history says Charlie Munger taught Warren Buffett to buy “wonderful businesses.” I’ll admit it: “wonderful business” sounds nice. Too…
Warren Buffett Before and After Charlie Munger: The Shift That Built Berkshire
byThe written tender offer arrived on Warren Buffett’s desk in May 1964 specifying a price of $11.3125 per share. Just weeks prior, Seabury Stanton—the…
How Charlie Munger Changed Warren Buffett’s Investing Style for Good
byThe lazy version of the story is that Charlie Munger sprinkled quality fairy dust on Warren Buffett, teaching him to stop buying junk and…
Warren Buffett’s Real Investing Evolution Started With Graham but Did Not End There
byThe lazy version of Warren Buffett’s evolution is that he started as a Benjamin Graham bargain hunter, met Charlie Munger, discovered wonderful businesses, and…
How Warren Buffett Blended Graham’s Discipline With Better Business Analysis
byThe financial media loves a tidy evolution story. They’ve spent decades painting a picture of Warren Buffett graduating from Benjamin Graham’s classic value framework…
Buffett, Graham, and the Meaning of Margin of Safety
byThe conventional story of Warren Buffett goes something like this: a wholesome midwestern gentleman sits in an office in Omaha, drinks Cherry Coke, reads…
Graham Investing vs Buffett Investing: What Changed and Why It Matters
byI have no interest in declaring Benjamin Graham or Warren Buffett the winner. That is the kind of fake debate that makes investing dumber…
Why Warren Buffett Moved Beyond Pure Graham-Style Cheap Stocks
byI understand the appeal of cheap stocks. I really do. A low price tag feels like an absolute seatbelt. You can point to book…
Warren Buffett’s Transition From Cigar Butts to Great Businesses Explained
byI understand the cigar-butt temptation. I really do. Cheap things feel safe because the downside looks visible, quantifiable, and wrapped in hard physical assets….