Price vs. Value

Ralph Wagner, the legendary manager of the Acorn Fund, once likened the stock market to an excitable dog on a long leash in New York City, darting randomly in every direction. The dog’s owner is walking from Columbus Circle through Central Park to the Metropolitan Museum. But at any given moment, there is no predictingContinue reading “Price vs. Value”

A Bias Towards Inaction

Businesses make capital allocation decisions such as expanding factories or investing in new tech with the intent of recouping their investment over timeframes that span years and decades. Not all capital allocation decisions pan out but the process that is followed is with the intent of getting as high a return on investment as possible.Continue reading “A Bias Towards Inaction”