Smartphone Investing: Apps and Fintech Aren’t Your Friends

Dick Cooley, the former CEO of Wells Fargo, once defended Wells Fargo’s foreclosure practices to Congress by saying: “The bank isn’t your friend.” The idea was that the borrower shouldn’t let free cookies, newspapers, and coffees in the branch location (maybe even coupled with a friendly face from the teller) delude the borrower into thinking that the bank would not foreclose or exercise all of its legal rights against you in the event that you defaulted on a loan.

Similarly, every fin-tech brokerage house (Acorn, Betterment, Robinhood, Stash, Stockpile, TD Ameritrade, WealthFront, and so on) advertises ease-of-transaction services that make it unusually easy to buy or sell a given stock. I believe this … Read the rest of this article!

A Greater Reader Question About My ExxonMobil Warren Buffett Article


In the last article I wrote here, I speculated that Buffett might be currently purchasing shares of ExxonMobil when I noted that the current price of the stock is only 3-4% higher than where it was when Buffett purchased 0.9% of the entire company last year. I connected the bridge when I said that surely the actual internal value of what the company should be worth has at least increased by 3-4% over that time.

A thoughtful reader challenged that assertion, effectively saying—hey, we don’t have clear evidence that Exxon is actually doing better this year compared to last. He noted that Exxon made $2.10 in the first quarter of this year, and … Read the rest of this article!