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...

A little something different in this post -- * General semantics - power tools for critical thinking * My acceptance speech for the S.I. Hayakawa Book Prize ...

Some short notes below – on the online brokers and zero commissions, on the music industry’s mid-year report, on the value in New York City property REITs an...

Would you be interested in a fund that underperformed its benchmark in five years out of six? Would you consider this a “good” track record? Investment track...

Phil Tetlock spoke at Greenwood Investors investor day in New York last week. Tetlock, as you probably know, wrote a bestseller titled “Superforecasting: The...

We simply call it, “the horse story.” A friend of mine and I, who I meet regularly for lunch, invoke it often. At a recent lunch, we agreed “Everything is th...

Earnings season is over. And Woodlock’s portfolio companies made it through all right. I had no palm-sweating, thesis-killing moments when I realized “I gott...