[for German, please see below] Appeasement is feeding the crocodile, hoping he will eat you last." [Winston Churchill] Change requires...

“Those who do not remember the past are condemned to repeat it.” (Benjamin Graham) The Nifty Fifty Bubble - a valuable lesson from the...

I recently revisited the journeys of renowned investors who went through periods of significant pain, and Charlie Munger's remarkable story,

“In stocks, it's the only place where when things go on sale, people get unhappy. If I like a business, then it makes sense to buy more...

“Maintain an army for a thousand days, use it for a moment.” [Chinese proverb] When I started writing this letter, I wanted to talk about...

“It's not whether you're right or wrong, but how much money you make when you're right and how much you lose when you're wrong.” [George...

[...] The steep market correction in February and early March was followed by a wild rally in technology stocks, record breaking IPOs,...

It ain’t over till it’s over.” [Yogi Berra] We live in peculiar times. With the global lockdown in response to Covid-19, hundreds of...

“Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.” [Warren Buffett] The markets seem...

“If everything you do needs to work on a three-year time horizon, then you’re competing against a lot of people. But if you’re willing to...

Thoughts on Value Investing: The Fallacies of Perception In 2007, a man started to play the violin at a metro station in Washington DC on...

Thoughts on the Macroeconomic Environment According to an eye-opening article in The Atlantic, 50% of Americans would not be able to pay...

Thoughts on investing in a negative yield environment Earlier this year, Finland floated a €1 billion five-year note at a negative...