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Novel Investor
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Chicago, Illinois, United States
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SINK (Single Income, No Kids)
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Latest Blog Posts

Morgan Housel is out with a great post on the relationship between luck and risk that you really should read. Luck is the flip side of risk. You cannot understand one without appreciating the other. If risk is what happens when you make good decisions but end up with a bad outcome, luck is what happens when […] The post Happy Hour: Lucky Streak appeared first on Novel Investor. © All Rights Reserved. ...
Posted: Mar 16 2018 @ 1:13 PM
Seth Klarman’s Margin of Safety is a rare and elusive book that sells for a huge premium over its IPO original price. It’s a book about managing risk. And its namesake is the key to it all. Klarman follows a value investing philosophy that originated with Ben Graham – buying something for less its worth. What’s unique […] The post Lessons from Seth Klarman’s Margin of Safety appeared first on Novel Investor. © ...
Posted: Mar 14 2018 @ 7:37 PM
Nothing is more mind-boggling than our ability to repeatedly fall prey to financial euphoria. Equally so, is our ability to recognize it only after the fact. Though a few recognize it sooner, nobody really knows until its over, after the crash. What’s almost as mind-boggling is how each new generation of investors gets the opportunity to experience […] The post Happy Hour: Innovation, Debt, and Euphoria appeared first on Novel Investor. © All ...
Posted: Mar 09 2018 @ 1:18 PM
John Kenneth Galbraith sat before a Senate Committee Hearing to explain his version of the events that led to the ’29 crash. I’ve referred to this hearing before. A number of prominent financial minds were called to offer their view of the market in 1955. Galbraith was there to offer some historical context. As it turns […] The post Galbraith: Bubbles and the Bias Behind Speculation appeared first on Novel Investor. © ...
Posted: Mar 07 2018 @ 5:57 PM
Buffett sat with CNBC for an interview this past Monday. The Q&A gives Buffett a chance to elaborate on topics he touched upon in the annual letter and answer other questions as well: healthcare, airlines, Apple, etc. Almost all of his comments are things he’s said before. He offered a few details on the new […] The post Happy Hour: Buffett on Investing vs. Gambling appeared first on Novel Investor. © ...
Posted: Mar 02 2018 @ 12:13 PM
Warren Buffett’s always-anticipated annual letter was released last weekend. It was shorter than I expected. I’m not surprised either. Buffett’s older letters are better, more specific about his thought process, and more educational for dedicated investors. His more recent letters are almost the opposite – more general in nature, certainly more PC, yet still educational but […] The post Lessons from the 2017 Berkshire Letter appeared first on Novel Investor. © All ...
Posted: Feb 28 2018 @ 5:56 PM
It’s annual letter/meeting season and if you follow Munger or Buffett at all, you might already know what this is about. So first Munger, then Buffett. The Daily Journal annual meeting was held last week. Charlie Munger is the Chairman and always gets peppered with random questions unrelated to the company. There are some good […] The post Happy Hour: Munger & Buffett Reading appeared first on Novel Investor. © All ...
Posted: Feb 23 2018 @ 11:44 AM
In 1955, the Senate Committee on Banking and Currency decided a stock market study was in order. The big concern was whether the market was euphoric and what to do about if it was. They didn’t want a repeat of ’29. So they rounded up all the big names to expound on the market. Ben Graham […] The post Lesson from a Senator: How Experience Shapes Investing Decisions appeared first on Novel ...
Posted: Feb 21 2018 @ 6:56 PM
The folks at SumZero published a great interview with  Micheal Mauboussin this week that is worth reading this weekend. The interview is not too long, but it focuses on the opportunities for active management going forward. So things like value investing, market inefficiencies, systematic strategies, and more were discussed. However, the final question reflected on a great […] The post Happy Hour: 4 Investing Principles appeared first on Novel Investor. © All Rights ...
Posted: Feb 16 2018 @ 11:57 AM
For whatever reason, investors have a hard time dreaming of the high returns they can earn from an investment while also thinking about its risks. A deficiency in multitasking, I guess. But it plays a big enough role in poor investment performance that Seth Klarman spent a chapter in his book explaining why risk management […] The post Seth Klarman on Risk Management appeared first on Novel Investor. © All Rights ...
Posted: Feb 14 2018 @ 7:35 PM


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