Do Bull Markets And Great Depressions Affect Your Stock Market Psychology?

One of the social theories out there that seems intuitively appealing (at a minimum) is the notion that the market conditions that exist at the time you came of age has an outsized influence on your subsequent behavior. If you find people who have lived through the Great Depression, they have socks hidden throughout their…



Men Like Buffett and Munger Impress No One But Themselves In Their Early Years




When you study the personal lives of most great value investors, be it Charlie Munger, Warren Buffett, John Neff, Richard Cunniff, Bill Ruane, or Donald Yacktman, you will find that among the many things that they share in common, one of them is this: they have all been internally motivated. When you get your hands…



The Bill Gates Approach To Microsoft Stock

One of the ridiculous components of the annual “Forbes 100 List” that outlines the richest people in the world is that it is written with the frame of reference that every member of that list is actively trying to get richer over time. In the case of Carlos Slim, that is undoubtedly true. In the…



Total SA Can Be An Astonishing Dividend Investment

No ones like to talk about Total SA, the French oil giant that is one of the “Big Six” publicly traded energy firms in the world, because the French government is fond of taxing the business highly and American investors have to deal with filing separate paperwork to recapture some of their dividend that the…



What The Heck Should We Think About BP Stock Right Now?


My guess is that anyone who is a lawyer, or at least familiar with the legal process enough to understand that separate, discrete elements need to be met in order to win a lawsuit, looks to a nearby wall to contemplate head-pounding upon reading most political/social/legal commentary on the BP lawsuit resulting from its 2010…



Roth IRA Investments: Do You Want High Dividends Or Rapid Growth?

When investing within the confines of a Roth IRA, there are two different strategies that an investor can pursue (or combine them both) to work around the $5,500 maximum contribution limit that are allowed to put into the account. The first strategy involves focusing on growth that you can convert into income later—imagine if you…



BP Has Created Over 20 Shares For Every 100 Shares Purchased Since The Oil Spill

I have written about BP several times before on this site, as the company is one in which the reputation of the firm has created a historic opportunity due to the lingering memory of the oil spill and the litigation that has come after. A frequent theme, though, on this site is that you need…



Investors From The Early 1900s Wouldn’t Recognize The Investors Of Today

Before the 1920s, it was not a common experience for America’s affluent class to own any stocks at all in their portfolio, unless they had a hand in creating the company, working for it, or a close association with it (e.g. you’ve been living in St. Louis since the 1890s, and Anheuser-Busch is the largest…



Altria Owns 27.0% Of SABMiller

When someone considers buying a stock, there are two types of thoughts that could enter his mind: market decisions and investment decisions. A market decision is what you’d expect; someone buys a stock and expects the price to go up, usually within a few months, or a year or two maximum. An investment decision is…