Perception V Reality

Perception vs. Reality Have you been following the FTX collapse? Amazing story about the fall of a Bitcoin Billionaire with all of the incredulity and schadenfreude you’d expect. I won’t cover it here. Matt Levine at Bloomberg has been doing a far better job than I could. I’d like to talk about something “bigger”.… Continue reading Perception V Reality

Is Investing the Same As Betting?

In one of our blog posts from several years ago, we did a book review of Annie Duke’s book: Thinking in Bets. It’s a fascinating book in which Ms. Duke makes the case that all decisions are a form of a bet…probability. Seeking Alpha has a really well done new article called: If Investing Feels… Continue reading Is Investing the Same As Betting?

Buy When Others Are Selling

Let’s start with some industry math. 5% of venture capitalists make the majority of the profit. What about the other 95%? Many fail to return principal, let alone hit the industry target of 18% IRR. Is this the crowd you want to follow with your investment thesis? Warren Buffett loves to advise that smart investors… Continue reading Buy When Others Are Selling