Overshoot Howard Marks of Oaktree Capital described the market as a pendulum that rarely stays in the middle “The mood swings of the securities markets resemble the movement of a pendulum. Although the midpoint of its arc best describes the location of the pendulum “on average,” it actually spends very little of its time there. […]
PDF Version *** The role of an active investor is to compound return at a rate higher than the market over the long-term. To achieve that, you have to be right and non-consensus. Both require making good decisions. And good decisions comes from learning how to think well. Good thinking can only be achieved through […]
Previously, I talk about the concept margin of safety and how various domains from military, engineering and investing apply the same principle because there are many unexpected things that can happen in life, albeit in different terms. Having a ‘just in case’ plan reduces the probability of unfavorable outcomes. And investing is all about protecting […]
Not everyone has the luxury of time to read 500 pages of annual reports, industry publications, and newspapers daily to find new ideas. We have family and career obligations yet aspire to manage our own investments over passive investing or managed funds. Some would opt for paid services that filter or recommend stocks that shorten […]
When there are lots of uncertainty (has the market ever been certain?), the common advice is to stay on the sideline until things clear up. There is value in this wisdom but sometimes it can do more harm than good to your return. In stocks, uncertainty can arise from macroeconomic, industry or stock specific, and […]
I have previously written a few articles on Focus Lumber and the timber industry and the links are below. Examining the earning power of Focus Lumber Finding the real numbers in timber & furniture stocks and some key observations Timber to furniture – The thing with currency, on value chain, Hevea, Homeritz & […]