Note to readers: #WeeklyInvestorReader contains a few of the articles I read during the week. Visit my Twitter @HurriCap for any other articles that may not have been included.
Venture Capitalists, Cognitive Bias, And The Dangers Of Learning From The Past – Mattermark, November 17, 2016 | Venture capital is a tricky thing. Especially if you are lying to yourself.
Is the Bond Market Crashing? – Morningstar, November 17, 2016 | The Federal Reserve’s Federal Open Market Committee met on Dec. 13 and 14, with bond markets fully expecting the group to raise short-term interest rates by 0.25% to a targeted range of 0.50% to 0.75%, and that’s exactly what it did.
7-Year Forecasts – Pension Partners, December 12, 2016 | Seven years ago, one of the largest and most respected investment managers, GMO, presented their widely-followed 7-year asset class return forecasts.
The Irrationality Within Us – American Scientific, December 12, 2016 | Why we are not as rational as we think, and why that matters.
Twelve Books Everyone in Finance Will Be Talking About in 2017 – bps and pieces, December 12, 2016 | 2016 brought us some awesome new additions to the libraries of investing and business book junkies. Next year will be no different with what appear to be some early contenders for instant classic status.
Learning from Dr. Michael J. Burry’s Investment Philosophy – Panda Agriculture & Water Fund, December 15, 2016 | By watching this movie, not only did we, the Panda Agriculture & Water Fund team, rediscover the book, which we had read, it also prompted us to delve further into Dr. Burry’s investment philosophy. This document humbly seeks to be the most complete compilation of Dr. Michael J. Burry thoughts.
Brooks CEO shares the best business advice Warren Buffett ever gave him – Yahoo! Finance, December 13, 2016 | Brooks Running CEO Jim Weber has been reading Warren Buffett’s annual letters to Berkshire Hathaway shareholders since 1984. In 2006, the running shoe and apparel company became part of Berkshire Hathaway, when its then parent company, Russell Athletic, was sold to the Omaha-based holding company. In 2012, Berkshire made Brooks a separate business unit. Weber now reports directly to Buffett.
Thinking about thinking – The Economist, December 17, 2016 | Michael Lewis dissects the enduring friendship between Daniel Kahneman and Amos Tversky.
Wall Street’s Annual Stock Forecasts: Bullish, and Often Wrong – The New York Times, December 16, 2016 | Don’t expect Wall Street investment houses to predict a stock market decline in 2017. That’s just not what they usually do.
Half of people “remember” events that never happened – CBS News, December 9, 2016 | Ever find yourself caught up in a vivid memory of an event that, you later realize with confusion, didn’t really happen the way you thought? According to new research by psychologists at the University of Warwick in the U.K., you are far from alone. The study demonstrated that about half of individuals will come to believe a fictional event occurred if they are told about that event and then repeatedly imagine it happening.
The Inside Story of Apple’s $14 Billion Tax Bill – Bloomberg Technology, December 16, 2016 | The iPhone came out in 2007. So why was Apple still paying taxes like it was 1990?
When Fees Destroy Diversification – Peter Lazaroff, December 12, 2016 | Diversification is said to be the only free lunch in investing, but that’s not entirely true because the extra fees associated with more exotic asset classes frequently offset the benefits of otherwise attractive diversifiers.
Forget AT&T. The Real Monopolies Are Google and Facebook – The New York TImes, December 13, 2016 | The proposed merger of AT&T and Time Warner has drawn censure from both sides of the political aisle, as well as a Senate hearing that looked into the potential for the combined company to become a monopoly. But if we are going to examine media monopolies, we should look first at Silicon Valley, not the fading phone business.
What we can learn from Phil Fisher – Forbes, October 19, 1987 | On turning 80 last month the eminent San Francisco investment counselor Philip Fisher was in a valedictory mood. Rarely interviewed, he sat for a long chat with FORBES. He is one of the seminal figures of modern investment thinking–one of the first, if not the first, to develop the thesis that growth stocks have identifiable characteristics that make them different from ordinary stocks.
Moody’s slashed its outlook for the global asset management industry – Business Insider, October 15, 2016 | The global asset management industry has been disrupted, according to a new report by Moody’s Investor Services. In the report, Moody’s downgraded the industry to negative.
Can $300 Billion Make Companies Behave? – Bloomberg Law, November 14, 2016 | Are U.S. authorities being overzealous in their efforts to extract money from corporate miscreants? Actually, the right question might be why, despite the advent of multi-billion-dollar penalties, companies keep breaking the law.
Let’s Be Honest: Are You an Investor or a Speculator? – Wall Street Journal, December 9, 2016 | With the stock market seemingly setting all-time highs every day even as bond prices crumple, this is a crucial time to clarify the difference between investing and speculating.
Articles in Swedish
Jan Wallander in memoriam – Ekonomisk debatt, nr 8 2016 | I september 2016 avled Jan Wallander vid en ålder av 96 år. Det markerar slutet på en lång och rik levnadsbana. Mycket har redan skrivits – och kommer även framdeles att skrivas – om Jan Wallanders banbrytande insatser inom svenskt bankväsende. Mindre allmänt känt är att Wallander hade en högst respektingivande bakgrund som akademiker innan han övergick till bankbanan.
Carlström mörkar Fingerprintaffär – Dagens Industri, 15 december 2016 | Den storpost i Fingerprint Cards, som är förvaltarregistrerad på Clearstream i Luxemburg har minskat kraftigt i november. Det är minst sagt anmärkningsvärt eftersom det gäller storägaren Johan Carlströms aktier.