Klement on Investing
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When I was much younger than today, and still enjoyed the benefits of youth like a concave belly, we used to say that when the US sneezes, the rest of …
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On Monday I ranted a bit about benchmarking and how it turns businesses and asset managers into mediocre performers. The argument I often hear in favou…
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Many fundamental investors really don’t like the momentum effect. And to be honest, it does feel a bit like an insult to one’s intelligence that after …
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Note: This article originally appeared in the CFA Institute Enterprising Investor blog on 18 August 2021. Time and again throughout my career I have ra…
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CEOs aren’t the kind of people that are commonly known for their humility. Instead, many CEOs are type-A personalities who are extremely competitive. B…
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Imagine you are an economist and a great football (soccer) fan. In other words, you are a little bit like me. And like me, you are not just a football …
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Before I dive into today’s post, I have to make clear that I am not an anti-value investor. I started my career as a value investor, and I still think …
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One of the most controversial actions in finance is to use leverage. Leverage acts as a magnifier both good and bad. If you invest in something profita…
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If you look at consumption habits in history, you will find that until about the Second World War, our consumption was very sustainable. We used to cre…
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Advertising is a funny business and I don’t claim to have the first clue about the market. But when I look at the metrics for advertising with the eye …
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Over the last two days, I have done my best to lose as many readers as possible by talking about the Second Law of Thermodynamics, its implications for…
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Yesterday, I talked about how thinking about markets in analogy to thermodynamics leads us to the conclusion that if we take the Second Law of Thermody…
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