Monthly Commentaries

Aug 9, 2018

“The idea of excessive diversification is madness.” Charlie Munger The route to creating and building wealth usually involves concentrated bets. Entrepreneurs notoriously put all their eggs (and...

Jul 10, 2018

“In football everything is complicated by the presence of the opposite team.” Jean-Paul Sartre As the calendar flips from June to July, it marks the midpoint of the year and the first weeks of...

Jun 7, 2018

“Politics is not the art of the possible. It consists in choosing between the disastrous and the unpalatable.” John Kenneth Galbraith For centuries, Italian chefs and vintners have been serving up...

May 14, 2018

“Bubble, bubble, you’re in trouble.” Duck Tales As long as humans are involved in the activities of investing and speculating, bubbles will occur. And while policymakers and academics debate...

Mar 1, 2018

“Trade wars are good, and easy to win.” Donald J Trump After months of protectionist rhetoric and threats of looming trade wars, it appears that the first shots have been fired. Trump followed-up...

Feb 1, 2018

“People change and forget to tell each other.” Lillian Hellman Ask any couple that has been together for a while, and they will tell you that relationships change. They go through phases, have...

Jan 1, 2018

“Gravity wants to bring me down.” John Mayer Since the Great Recession of 2008, interest rates, like early aviators, have had to contend with the power of gravity. But while the Wright Brothers...

Dec 1, 2017

“Children now love luxury. They have bad manners, contempt for authority, disrespect their elders, and love talking instead of exercise.” Socrates It is every generation’s prerogative to opine on...

Nov 1, 2017

“Doing nothing is very hard to do…you never know when you’re finished.” Leslie Nielsen In a world that values and incentivizes action, ‘doing nothing’ carries with it certain negative...

Oct 1, 2017

“Choices are the hinges of destiny.” Pythagoras Amidst all the catchy click-here headlines, several contenders vie for the title of ‘the most important investment decision you’ll ever make.’...

Sep 1, 2017

“The road to hell is paved with good intentions.” Proverb One of the great dilemmas in moral philosophy is whether actions should be judged based on their intentions or consequences. The...

Aug 1, 2017

“Using volatility as a measure of risk is nuts.” Charlie Munger The future is full of possibilities, some good some bad. Risk comes from not knowing which of them will come to pass. Given it’s...