Reinvesting Dividends Sets You Free

Tim Urban in one of his posts, The AI Revolution: The Road to Superintelligence, attempts to measure the accelerating rate of human progress through something called the Death Progress Units (DPU). Take George Washington for example, our first president and likely a very curious dude from the mid-eighteenth century and say we transport him to today. But imagine hisContinue reading “Reinvesting Dividends Sets You Free”

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”