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Does Your Portfolio Contain Concentration Risk?

Does Your Portfolio Contain Concentration Risk?

Continuing our series on “Characteristics of a Portfolio Serial Killer” (original post here), today we look at concentration. Concentrated portfolios have produced some of the best track records in the world. A slightly less publicized fact is that they have also produced some of the worst. For the average investor, taking big bets in... read more

Has the Fed Created a Drug Addict?

Has the Fed Created a Drug Addict?

The market is rising as quickly as the Fed’s balance sheet – which is one of the Fed’s intentions. The Federal Reserve released its latest meeting minutes yesterday which always make for interesting reading. One central question is whether quantitative easing is creating financial stability or financial imbalances? In reality, we aren’t going to... read more

Is it a Bird? Is it a Plane? No, it’s a Bubble – a Gold Bubble

Is it a Bird? Is it a Plane? No, it’s a Bubble – a Gold Bubble

Gold is one of the most perplexing investments in the market place. Will it go up, will it go down? Today Goldman Sachs joined a number of other commentators in marking down its forecast for the price of gold. When gold ETF GLD became a widely held position for equity focused hedge funds, you... read more

A Facebook Inspired Trading Strategy: Like/Dislike Equity

A Facebook Inspired Trading Strategy: Like/Dislike Equity

Traditional stock pickers live in a world that is analogous to Facebook. The average mutual fund manager spends their days buying stocks they “like”. But for most there is no “dislike” function. Like Facebook users, mutual fund managers are stuck in a one dimensional world of “likes”. Facebook doesn’t have a “dislike” button for... read more

Alcoa’s Outlook Optimistic

Alcoa’s Outlook Optimistic

Alcoa kicked-off earnings season in upbeat fashion passing expectations for its first quarter profit. In an interview with CNBC, CEO Klaus Kleinfeld expressed optimism for the rest of the year. It will be interesting to see what follows. Negative revisions during the quarter have been at their highest in over a decade for S&P... read more

Investing Quotes

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    • “Be fearful when others are greedy. Be greedy when others are fearful.”

      —Warren Buffett

    • “The individual investor should act consistently as an investor and not as a speculator.”

      —Benjamin Graham

    • “Know what you own, and know why you own it.”

      —Peter Lynch

    • “Sometimes your best investments are the ones you don’t make.”

      —Donald Trump

    • “It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.”

      —George Soros

    • “My favorite holding period is forever.”

      —Warren Buffett

    • “The essence of investment management is the management of risks, not the management of returns.”

      —Benjamin Graham

    • “You make most of your money in a bear market, you just don’t realize it at the time.”

      —Shelby Davis

    • “We have two classes of forecasters: Those who don’t know and those who don’t know they don’t know.”

      —John Kenneth Galbraith

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