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Southeastern Asset Management (Mason Hawkins) recently wrote to SEC on their criticisms on high frequency trading. Interesting read. See below.
Some key points from an interview with Mohnish Pabrai by DNA India (full interview here): Make few bets, make big bets, and only bet when the odds are heavily in your favour. You are buying a business, not a stock. Ask if you are willing to buy the whole business at that price. Understand how … Continue reading
Jason Zweig wrote an interesting article on the fact that what really matters about inflation or deflation is how it impacts you, and either one can be beneficial or detrimental depending on your own personal circumstances (read the full article here). Key Points: Deflation negatively impacts (conversely inflation positively impacts) people’s job security, value of stocks, makes … Continue reading
Just read a New York Times article “The Resource Trap” which highlighted an interesting issue with South American countries. In recent years, China has had a huge appetite for raw commodities, importing soybeans from Brazil and Argentina, iron ore from Brazil, copper from Chile, oil from Brazil and Venezuela, etc. For these South American countries, … Continue reading
I just read an interesting New York Times article “Newcomers Redefine A Label” about how the Chinese immigrated to Prato, Italy and started producing low-end garments (clothes, shoes, accessories). They would import materials from China, hire Chinese workers illegally, and repatriate profits back to China. Essentially, it is almost as if China rented a space … Continue reading
Book: Successful Value Investing in Asia: 10 Timeless Principles by Tony Measor (2007) Review: This is a bit like an autobiography, but it does contain some good points. Tony Measor was a stock broker (did not specify where), dealer (did not specify where), business editor (Hong Kong Standard), equity researcher (Hong Leong Securities which became … Continue reading
Quotes from Charlie Munger in his session at University of Michigan on 14 Sep 2010. Video here or here. These are not verbatim, its what I gather: On things never to do: Two things that you should never do Never ever feel sorry for yourself. When your child is dying of cancer, don’t feel sorry … Continue reading
I am reading a book called The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession, by Richard Koo. His explanation of how and why Japan is in a recession is logical and convincing, and made me realise just how brilliant Bernanke’s ‘credit easing’ move was. It was simply an amazing masterstroke that has never … Continue reading
Book: “A Concise Guide to Macroeconomics: What Managers, Executives, and Students Need to Know” by David A. Moss. Review: This is an excellent book! Can’t recommend it highly enough! This lays down clearly the basic relationships among economic variables without going into equations or formulas. It is what makes macroeconomics interesting. Key Points: Output The … Continue reading
Journeys of a Bumbling Trader 