Letters
Home is the point. Everything else is weather.
This is where the papers meet what is actually happening, in markets now or in some year that keeps repeating itself. It is where theory has to earn its keep against practice, and where I write down what I believe the two of them, taken together, teach us about investing and about life.
Each one is a letter to my daughter. Anyone else is welcome to read over her shoulder.
The enemy in the mirror
On behavioral finance, and why knowing about your mistakes does not stop you from making them.
Read the letter →Two things that work
On value, momentum, and why two flawed things hold each other up.
Read the letter →What Warren actually does
On Buffett, money nobody can call back, and the genius of waiting.
Read the letter →The silent tax
On inflation, the thief that empties a family without breaking a window.
Read the letter →The anatomy of bubbles
On tulips, crypto, and the month in 1637 that still explains every mania.
Read the letter →Next letter coming soon