The Return of the Bond Vigilantes
I used to think that if there was reincarnation I wanted to come back as the President or the Pope or as a 400 baseball hitter. But now I would like to come back as the bond market. You can…
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A Juggernaut Stock That Just Went On Sale
If you live on one of the coasts like me, you probably aren’t familiar with Casey’s General Stores (CASY) which owns almost 3,000 convenience stores and gas stations in the middle of the country. But as an investor you want…
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In Praise of Novak Djokovic
Earlier tonight the great Novak Djokovic was defeated in the first round of the US Open by a 25-year old journeyman by the name of Mariano Navone. It was the first time in 20 years, at the very start of…
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The Culture of Nihilism
I’m sure you’ve noticed it. The tailgating. The not stopping at red lights. The endless car accidents. The rudeness. The incivility. The outright nastiness. The hate crimes. I live in one of nicest areas of The Silicon Valley: Sharon Heights,…
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Never Enough
How much money is enough? We invest because we want to grow our wealth. The more money we have the more we can consume and the more freedom we have over our time. And so it feels like we could…
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DKS Disastrous Day: The Foot Locker Acquisition Is Undoing The Stock
Yesterday (Tuesday) I wrote about a lazy trade I made on Monday. After a three day vacation from the market playing poker, working out and reading books in Rohnert Park, I was anxious to jump back in. Unfortunately, my over…
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Why My DKS Trade Failed
One of my core beliefs is that mistakes are the royal road to growth and improvement. While painful, analyzing one’s mistakes is the best way to learn hard lessons that will take you to the next level. Unfortunately, you never…
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TPR: Applying The Perennial Strategy
Tapestry (TPR) – the maker of Coach and Kate Spade purses for women – reported 4QFY26 earnings this morning. While the numbers looked good to me, the market has sent shares down 17% at the open. This gives us an…
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Buy The Dip In Gold
On March 29, 2024 The Wall Street Journal’s Aaron Back wrote a prescient piece about why gold was rallying despite a lack of inflation (“Gold Is Rallying. It Isn’t About Inflation This Time” [SUBSCRIPTION REQUIRED]; I wrote about Back’s article…
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Revisiting The Health Insurers A Year After The Buffett Bottom
On August 19, 2025 I wrote a blog titled “A Better Way To Play The Buffett Bottom In The Health Insurers”. Buffett had been accumulating a large position that the SEC had given him permission not to disclose. When Berkshire…
