This Time Is Different
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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 mar…
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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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Devil Take the Hindmost: A History of Financial Speculation, by Edward Chancellor, is an interesting read that chronicles various speculative bubbles a…
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Yelp (YELP) is an interesting company that seems undervalued. This might stem from a misunderstanding about the core economic drivers of the business. …
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There is a dangerous type of "magical thinking" going on in the markets right now. Investors appear to believe that since the lockdowns are easing, cor…
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There are few industries with as much uncertainty right now as airlines. Even the "Oracle of Omaha", Warren Buffett, admitted that the future of airlin…
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