Every spring, Warren Buffett releases his annual letter to shareholders. The wisdom that Warren Buffett gives, and the simple way he gives it, has made his annual letter one of the most widely read documents dealing with investing and the markets. At Iron Gate Global, it’s certainly one of our favorite annual letters, and this year was no exception. Proper capital allocation, the good and the bad about companies buying back shares, how great America as a country is, and the importance of low-fees were among the several topics Buffett discussed this year. However, one topic that stood out to me was his update to the big Buffett bet. In Buffett’s own words, he describes the bet: In Berkshire’s 2005 annual report, I argued that active investment management by professionals – in aggregate – would over a period of years underperform the returns achieved by rank amateurs who simply sat
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Over the last few weeks, and seemingly every time I look at the news, I see articles that are trying to forecast whether President Trump will be good or bad for the stock market. Here are a few examples: “The Trump Factor: Should Investors be Bullish or Bearish?” (Marketwatch) “With Donald Trump as President, Here’s What Will Happen to the U.S. Economy” (The Street) “How Donald Trump’s Presidency Will Affect the Stock Market” (Forbes) And, my personal favorite, the potential development of “Trump ETFs” being discussed at this week’s Inside ETF conference. If I’m being completely honest, here’s how I feel: I can’t take this nonsense anymore! And that’s putting it lightly. Nobody can be certain what is going to happen to the stock market, and this early on, these types of forecasts are a waste of time. Their purpose is to generate clicks, not to spread information. That said,
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This week has seen one of the most surprising US Presidential election results in history. What a ride it was! For me, this has meant mass texts, calls, emails and more from clients and associates wanting to grasp what it means for their portfolios and how to react. Today’s video is meant as a guide to how we believe the disciplined investor will act in light of a President-Elect Trump. Enjoy. What We’re Reading Jamie Dimon just sent this memo to his staff about Donald Trump’s victory: One of our favorite CEOs, Jamie Dimon of JP Morgan, sent out a letter to his employees after the election results. The whole idea of working hard, listening to our clients, and realizing the kind of country that we live in, that is stuff that we completely agree with. Good work Mr. Dimon! Master’s in Business Podcast interview with Bill Miller: This podcast
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I am often asked how we have managed to have the performance in our All-Cap Value portfolio that we have had over the last 15 years. People want a “secret sauce” or a “hack” of some sort that gives us some kind of unseen power. Really, our process has been very transparent and easy to understand. I wanted to share with you a video from my partner Brian Hunsaker that walks you through exactly what we do. You’ll see that it’s not complicated or magical at all. Sticking to this process with discipline and not straying from it has been the key to our success. Enjoy the video. What We’re Reading Brett Pattison on CNBC – yes this is a bit of a fun one. Remember last week’s topic regarding advisor fees? Well an article I recently wrote was featured on CNBC just this week. It covers much of what
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