What makes a stock go up? I mean, what makes it really go up. Not just for a few months or a year, but over a period of a decade or more?...

The most basic recipe for a 100-bagger calls for a business with a high return on capital. Then you mix in a lot of years. Put that combi...

“With the unknown, one is confronted with danger, discomfort and worry; the first instinct is to abolish these painful sensations. First ...

“A constellation is nothing more than an arbitrary grouping of stars.” - Carl Sagan The story goes that Alfred Korzybski once strolled in...

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...

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

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

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

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

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

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 ...

”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...

“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 eve...

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 wa...

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 opportun...

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

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. I...

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 Ti...

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...

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....