Links (03/23/17)

GM Tries a Subscription Plan for Cadillacs – WSJ

The Behavior of Stock Market Manias – John Huber, Base Hit Investing

Buy Great Businesses when the PE Ratio is Lying to You – Geoff Gannon

Ford Warns Higher Rates, Decline in Resale Values Will Hurt Results – WSJ

U.S. Supreme Court Rejects Structured Bankruptcy Dismissals – WSJ


Links (03/15/17)

The Active Equity Renaissance: Rejecting a Broken 1970s Model – C. Thomas Howard, CFA Institute.

Charlie Munger on the Paradox in Hold vs. Buy Decisions in Long Term Investing – Fundoo Professor

Revenue Recognition Rules Taking Effect in 2017 – WSJ. This is an article from 2014. I found it through a more recent article in the WSJ about the new revenue recognition rules taking effect in 2017.

As New Accounting Rules Loom, Time To Tell Investors More – WSJ

Links (03/13/17)

I try to spend a lot of time reading, but one of my issues is that I read an article I like, leave the tab open because I want to try to save some information from it, and forget about it. Right now, I have 23 tabs open in my web browser! After a while, the clutter bugs me way too much and I end up closing the tab and losing the information I wanted to save.

I’ll be the first to admit that I have a terrible memory, so writing things down helps tremendously. Not that I’m on his level at all, but Charles Darwin wrote everything down because of his terrible memory. One of his best qualities was that he identified a weakness of his – memory – and compensated for that weakness. This is my attempt to emulate him.

Hopefully on a daily basis I’ll post the links of things I’ve been reading and much less often I’ll post write ups on companies, my investment process, etc. In a self-serving way, this is all meant to help me, but hopefully it helps others who read it as well.

Here come the links:

For-profit education rebounds – WSJ

Short-term results – WSJ. I found this article quite interesting because it discusses how a hedge fund is the worst performing hedge fund of the year so far, even though we’re only in the middle of March! The hedge fund also gained 22% last year. Just another example of focusing on short-term results, when long-term results are really what counts. The article has no mention of how the fund has done over the last 5 years.

Saber Capital 2016 Annual Letter

When the Stock Market Plunges… Will You Be Brave or Will You Cave? – Jason Zweig