In a Volatile Market, Step Back and Read

January 12, 2019

The market has been going through some troubling times lately, and the financial sites are full of doomsday articles (although after a few quiet trading days in January, people seem to be in a much better mood). I can readily understand the desire to avoid making bold long moves in the market, as we may […]


Food Stamps and the Price of the Minimum Amount of Food in 1935 England and Today

October 15, 2013
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Catchy title, no? Anyway, between the government shutdown and the debt crisis, I’ve found looking at investments rather dispiriting, as the ensuing chaos in the markets would override even the soundest of analysis. So, I’ve been keeping my head down by catching up on my reading at least until this all blows over. One of […]


Recency Bias and Cyclical Companies, and also Assessing International Paper’s Restructuring

January 8, 2012

In my last article discussing Black Box, part of my positive opinion of the company was its performance in 2009. This led me to consider how far back into a company’s earnings history we should go. Ben Graham in his Security Analysis recommends at least a decade, but that runs into the situation that a […]


Lodgenet (LNET) – Unattractive despite very high free cash flow

April 21, 2011

As you may know, my favorite metric for evaluation a company is its ability to generate free cash flows. However, it is dangerous to focus entirely on that issue to the exclusion of other important aspects of a company. I will explore this issue by examining Lodgenet (LNET), a company with free cash flow through […]


Why Fructivore

May 30, 2009

Why fructivore? Fructivore means fruit-eater,and when investing the wisest approach is to pick the low-hanging fruit. In other words, go for the easy money, the instruments that are on sale, and leave the rest on the table. Of course, that is the goal of any risk-averse investor, but a goal does not equate to a […]