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 …
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…
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 …
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…
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…
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 …
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 …
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…
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…
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 …
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…
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…