This Time Is Different
An increasingly prevalent model for growth, especially in the tech / startup world, is: Spend (and lose) a lot of money to buy users Monopolize the market by outlasting all other competitors (who are also losing a lot of money) Raise prices Profit At least, that’s the theory. In…
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The Hang Seng Tech index in Hong Kong has declined 40% in the past six months. This is greater than the S&P 500 drawdown of 32% in March 2020, when fea…
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Cash and "market timing"
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Taking another look at Yelp
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The endowment effect, commitment bias and a brief example
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More thoughts on #neversell and the market
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Common sense or speculation?
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In 2020, my portfolio returned 17.15% and the S&P 500 index returned 18.40%. Cash holdings averaged 40% during the year and 53% since June. This result…
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This Time Is Different


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