Joshua M Brown

Follow-up: Will Warren Buffett Buy an Oil Company?

I asked that question in the beginning of January here. Buffett had been famously sitting on over $50 billion in cash and valuations had broadly collapsed across the XLE and XOP names. Oil stocks have come back some since then but Warren Buffett was not a buyer. In fact, we learned this week that he…

Howard Marks: Have an Approach and Hold it Strongly

In this brand new video clip from the Manual of Ideas, Howard Marks makes the important point that investors need to do the following: a) Have an approach b) Hold it strongly c) Accept that, no matter what, there will be times where your approach doesn’t work d) Work within your own skill set and…

Why Active Management Fell Off a Cliff – Perhaps Permanently

As you are likely well aware by now, 2014 was the worst year for actively managed mutual fund performance in three decades. Less than 20% of stock-picking managers were able to exceed the returns of their benchmarks last year and, in some categories, the number was closer to 10%. How on earth could things have…

New York not so reliant on Wall Street jobs after all

New York City has always benefited a great deal thanks to the presence of Wall Street’s job creation engine, not to mention the impact on the broader regional economy thanks to windfall bonuses and boom-time profits. This recovery is quite different from the last one for NYC, however, as the securities industry is not coming…

Nine Surprising Things Jesse Livermore Said

There are those who would convince you that it is somehow smart or in your best interest to be manically switching your investments around, back and forth, long and short, on a daily basis. To pay attention to this kind of overstimulation is the height of madness, even for professional traders. The most storied and…

QOTD: Charlie Munger on Ideology

The mark of a successful investor, or at least one of the marks, is the ability to maintain two opposing thoughts in one’s head – especially these days. But if you’ve already decided what you think about every issue based purely on what your preexisting ideology demands of you, how can you possibly do that? You…

josh’s awesome investment mix

Side One Stocks For The Long Run Jeremy Siegel (WisdomTree) Anything But Market Cap-Weighted Arnott, Hsu and Brightman (Research Affiliates) Sometimes It’s What You Won’t Own James O’Shaughnessy (OSAM) Price Is What You Pay, Value Is What You Get Warren Buffett (Berkshire Hathaway) Take Nothing On Faith James Chanos (Kynikos Associates) Long Term Returns Are The…