Buyer beware
I highly suggest reading Jason Zweig’s “The Intelligent Investor” column in last Friday’s Wall Street Journal. It‘s a great piece about why investors need to be wary of hedge replication products and other types of investments that track or follow well-known investment managers. He astutely points out that there is more to investing then simply copying someone else’s ideas. Investing, you see, is about doing the research. It is about getting dirt under your fingernails and making decisions based on facts and figures, not simply filings. It turns out that most of these follow-on funds use regulatory filings to create their portfolios; that is, they put on positions based on […]
Munger One, Ackman Zero
The recent spat between Charlie Munger and Bill Ackman is quite amusing. Doesn’t Mr. Ackman know this is one battle that he can’t win? Regardless of whether he is right or wrong, to attack the Oracle of Omaha and his partner is like attacking Santa Claus. Buffet and Munger are untouchable. And to think of commenting about Coca Cola, Heinz ketchup or anything else they have their hands in simply a waste of time, energy and resources. It is funny to watch, however, and I look forward to Mr. Munger’s reply. Hopefully, he is preparing a clever retort that hopefully is full of the wit and wisdom he displayed at […]