I am pleased to tell you that I have partnered with a longtime colleague, James F. Basili, to form a new firm, Lightsail Capital. Lightsail employs the same concentrated investment strategy as Monte Sol, but does so through a single pooled investment fund rather than many separately managed accounts. As part of this transition, Monte … Read more
The Noblest Pursuit
September 2nd, 2016 | Posted by in General | Investing | Uncategorized - (Comments Off)Is what I believe to be true, actually true? This question underpins all science and analysis. But it is a very hard question to answer. Answering it honestly to ourselves proves especially difficult. The difficulty arises from a number of causes. The chief among them is that we never fully comprehend the truth; we only … Read more
Toward a Taxonomy of Corporate Executives
February 6th, 2015 | Posted by in Investing - (Comments Off)In the investment world you end up meeting a lot of management teams. On roadshows, at conferences, in 1-on-1 meetings, in hotel lobbies, etc. Over time it is only natural to notice patterns and similarities in their personalities and methods. In my experience the CEOs I meet tend to fall into the following groups: … Read more
I was going to title this post The Secret to Investing but I thought that would be cavalier. On a serious note though, this is the secret to investing: Only make great investments You are probably cursing me now. Rightfully so. My advice is patently moronic, akin to proclaiming that if you want to be … Read more
The Hidden Signal that Insider Buying Sends
February 4th, 2015 | Posted by in Investing | Uncategorized - (Comments Off)Everybody knows insider buying has positive signaling properties. Executives own gobs of their companies’ stock through options grants, so just about the only reason for an executive to use after-tax salary dollars to buy even more company stock is because he or she believes the stock will go up. The executive could think this for … Read more
Warren Buffett has said that the three most important words in investing are “margin of safety”. The term is quite common, and anyone who has done even a modicum of investment reading is familiar with it. But what does it mean? What should it mean? The common understanding of the term is simple: an investor … Read more
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