Tuesday, April 3, 2012

Buffett on Berkshire's Earnings Mix: Operating Earnings Versus Gains from the Sale of Securities

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Analyzing Berkshire Hathaway's ( BRKa ) earnings isn't always straightforward. The year 1985 wasn't especially confusing compa...
Monday, April 2, 2012

John Maynard Keynes, The Investor

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An excerpt from chapter 12 of The General Theory of Employment, Interest, and Money by John Maynard Keynes: The chapter is one of three ...
Friday, March 30, 2012

Highest Paid Hedge Fund Managers

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In 2010, John Paulson topped   the list in hedge fund manager earnings with $ 4.9 billion. The Advantage Plus Fund he manages returned 17...
Thursday, March 29, 2012

Benjamin Graham: Margin of Safety

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From Chapter 20 of Ben Graham's book,  The Intelligent Investor : "...the risk of paying too high a price for good-quality stocks...
Wednesday, March 28, 2012

Seth Klarman: Margin of Safety

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From the book Margin of Safety by Seth Klarman: "The focus of most investors differs from that of value investors. Most investors ar...
Tuesday, March 27, 2012

Where The Growth Is In The Beer Industry

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From this release by the Brewers Association yesterday: Craft brewers saw volume2 rise 13 percent, with a 15 percent increase in retail ...
Monday, March 26, 2012

Bats IPO: A Gift to Critics of Modern Market Structure

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From this Bloomberg article  on the errors that forced Bats to withdraw its IPO and some of the implications of the failure: The malfuncti...
Friday, March 23, 2012

North American Oil and Gas Revolution

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From this CNBC article : Increased production of energy from a number of sources including deepwater drilling, natural gas exploration and...
Thursday, March 22, 2012

Buffett's Bet Against Hedge Funds, Part II

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Yesterday's post  about Buffett's bet that hedge funds (or actually funds of hedge funds selected by Protege Partners LLC) would not...
Wednesday, March 21, 2012

Buffett's Bet Against Hedge Funds

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A little over 4 years ago, Warren Buffett made a $ 1 million friendly wager with Protege Partners LLC, a New York fund of hedge funds. The...