Warren Buffett bets on the continuation of the present into the future. He eschews investments based on innovation or dramatic change in favor of owning assets that reliably produce profits for their owners. Insurance, railroads, candy, ketchup. Jeff Bezos bets on the disruption of the present into the future. He eschews focusing on reliable profitability in…

Regular readers know I’m not a fan of forecasts, but I do love cogently argued takes on whether or not current trends can persist into the near future. I also find it valuable to get a sense of what The Street’s expectations are and to think about whether or not I agree with them. Bank…

It’s funny when there’s a notable monthly drop in margin debt because it is usually an involuntary drop driven by market conditions or even redemptions. I get to laugh now as someone who spent a lot of my twenties on the receiving end of margin calls for speculative client accounts. Very glad to be out…

The more you study history, the more you realize that we are endlessly repeating the same cycle dynamics again and again – with only the characters and scenery changing. Since the end of World War II, America has been obsessed with the future – look no further than Disney’s Tomorrowland theme park or the explosion…

this week’s issue of The Economist, which features a cover story on the new wars being waged between Facebook, Apple, Google and Amazon.

You won’t believe this one – a startup that allows people to throw money at stock market fads.

Al Swearengen had a word for the type of retail investors who dove headfirst into the silver trade at the last minute this spring. He would call people like them “the Hoopleheads”.

Your morning links, a bit later than usual but still hot.