Investing

The articles selected for this page discuss one or more essential principles of intelligent investment. Perhaps the most important thing investors must do is avoid panic during market declines. Coping With Market Meltdowns was written in March 2009 and Coping With Market Meltdowns II was written in March 2020, both periods of tremendous market volatility. Readers may want to begin with those articles. There is a separate archive for all book reviews related to investing.

There is a separate page for all Berkshire Hathaway content as well as analysis of other companies.

Backing into a Speculative Position
Moral Hazard in Banking
First Republic Bank’s Proxy Statement
The Role of Deposit Insurance
Barney Frank’s Signature Bank Compensation
Yet Another Bailout
Fragile Capitalists
The Fall of Silicon Valley Bank
Political Risks for Railroads
The Perils of Blind Coat Tailing
Daily Journal Annual Meeting Questions
Different Types of Mistakes
Managing Decline
Information Wants To Be Free
The Year in Review
Exemplars
Ben Graham’s View of Unpopular Large Companies
The Story of FedMart
The Automobile Industry
The Value of Repetition
A Tale of Three Acquisitions
Selecting Companies to Research
Title Insurance
Throwing Sand in the Gears
Irrational … Compared to What?
The Case for Mad Money
The Benefits of Zooming Out
Business Lessons from Tom Murphy
Auto Insurance Competitive Dynamics
Trading Ban Proposals
The Anchoring Effect
The Irrational Tax Trap
Coping With Market Meltdowns II
Thoughts on the Coronavirus Correction
Staying Informed Amid the Noise
My $2 Million Apple Mistake
The Pitfalls of Early Success – A Personal History
Tax The Small Investor Behind The Tree
Sharing Ideas? Beware of Negative Lollapalooza Effects
How to Quickly Scan a 10-K Report for Key Updates
How to Review a Proxy Statement
How to Read a 10-K Annual Report Efficiently
The Individual Investor’s Performance Incentive System
The Risk of Backing into a Speculative Position
Getting In on the 50th Floor
The Virtue of Being Merely Average
Coping With Irrational Markets
Assessing Investment Performance
The Problem of Rational Capital Allocation
The Individual Investor’s Edge
When to Sell a Successful Investment
Howard Marks Interview Transcript
Howard Marks on The Human Side of Investing
Why Are Value Investors Willing To Share Ideas?
Start the New Year With an Investment Report Card
The Year in Review: Popular Articles of 2010
Retailers ‘Stuck in the Middle’ May Soon Face Extinction
Value Investors Are Finding Opportunities in Banking
Harness Technology to Stay Informed During Earnings Season
Technology CEOs View Dividends as Sign of Defeat
Burry Sees Opportunities in Farmland, Gold, and Small Tech Firms
Bill Miller: Large Cap Stocks are ‘Bargains of a Lifetime’
An Absurd Example of Technical Analysis
Individual Investors Abandon Stocks; The ‘Death of Equities’ Redux?
Manual of Ideas Offers Insights into ‘Magic Formula’ Approach
The Value Investor’s Guide to Value Line Investment Survey
Graham’s Advice on “Relatively Unpopular Large Companies”
Using Checklists to Control Emotions During Market Meltdowns
Was Burry’s ‘Primer on Mortgage Short’ Convincing in 2006?
The Inoculated Investor’s Value Investing Congress Meeting Notes
Estimating Global Brand Value
Jeremy Grantham on Bubbles and the Outlook Ahead
Joel Greenblatt Applies Magic Formula to Global Investing
Pabrai: “I Don’t Invest in Tech Because I Spent Time In It”
Share Buybacks Gain Popularity as Stock Prices Rebound
The Dangers of Commitment Bias
A Modest Proposal for Audit Reform
Marty Whitman Reflects on Value Investing and Net-Nets
Super Bowl Indicator Points to Higher Stock Prices in 2010!
Motives Behind Value Destroying Mergers
Oak Value Fund’s Year End Letter
Exposing the Compensation Consultant Smokescreen
Avoid Relegating Investment Errors to the “Memory Hole”
Investors Must Take Responsibility for Executive Compensation
Can Playing Bridge Make You a Better Investor?
Excessive Cash Hoarding Can Destroy Shareholder Value
How To Fail in Retail: Six Easy Steps!
Looking Behind Headline GDP Statistics
The Value Investor’s Technology Dilemma
Dow 10,000 and the Lost Decade
Investment Theory: More Multidisciplinary Thinking Needed
Will Consumer Brands Survive the “Great Recession”?
Behavioral Finance and Value Investors
Twitter’s Uses for Online Scuttlebutt
Walter Schloss Interview
Series I Bond Composite Rate Falls to Zero
Strategies for Achieving Economic Moats
Does Instant Information Promote Market Efficiency?
The Virtue of “Pessimism” for Investors
Net Current Asset Value Stocks
Coping With Market Meltdowns
DJIA: A Highly Flawed Benchmark