Below, I update a couple of positions: Exor and Howard Hughes. And further down below, I answer a question posed on Twitter: “What is one idea or concept tha...

"Fortune tests the spirit's mettle." - Seneca, Letter 13 For me, this has been a tough market. I entered the pandemic with a portfolio laden with exposure to...

I’m a sucker for investing memoirs, letters and columns written by practitioners. Even when they are bad, they still offer something useful to learn. I feel ...

“It is only when you can stand alone with a fresh but unshaky hypothesis, for which there is as yet very little statistical confirmation, that you can push b...

Strange markets. And not just because of the virus, negative interest rates and the mind-boggling government stimulus. There is also indexation, which domina...

I held an online call with my investors yesterday in lieu of our planned annual meeting in Ireland. (The actual Woodlock House, from which my firm gets it na...

I always try to carve out time for reading books. I probably go through one a week. Below, I share a couple of things I’ve read recently that I recommend you...

”Anything can happen, but it usually doesn’t.” — Robert Benchley It’s been a rough stretch. It feels sort of like the 2008 crisis, except compressed into a m...

“A falling stock market seems to clarify and stimulate thought. When it is rising, nobody cares to know why or how, but when it falls everyone is very eager ...

Wow, what a week… How you react to the coronavirus selloff seems a matter of style. If you don’t buy businesses with the idea that you want to own them for y...

Below, we’ll take a look at a company trading at a discount to net asset value – yet which also presents a possible multi-bagger opportunity… But first, some...

This coronavirus had me digging into my investing library last week. I meandered over my bookcases of investing memoirs, histories, diaries and essays lookin...

Two little boys were playing on a sand pile. One heaped the sand up and said, “It is a mountain.” The other boy insisted, “No it isn’t. It’s a house.” They a...

I was flipping through my library of investing books, as I sometimes do, and I came across a book titled City Cinderella: The Life and Times of Mercury Asset...

I hope you had a nice holiday season. I thought I'd start the year by sharing my Q4 letter. Please see our disclaimers. The version below is edited for lengt...

A little something different today, as I take a few guesses about what to invest in for the year ahead (and beyond). It’s a fun exercise. And “if you wish to...

A couple of things I read this week got me thinking. Here’s the story… in three acts: I. Even Concentrated Portfolios Have Lagged the S&P500 since 2009 The m...

I recently finished David Deutsch’s The Beginning of Infinity: Explanations that Transform the World (2011), which I thought was an excellent book. It’s not ...

I have been thinking about Jim Simons’ mind-blowing achievement at his Medallion hedge fund: "From 1988 to 2018, Medallion returned 66.1% annually before fee...

Yesterday, Howard Hughes released its much-anticipated review of strategic alternatives. With the shares down 18%, I suppose it is safe to say the market doe...