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Gold means lots of things to lots of people. To some, it is a store of value, to others; it is a barbarous relic from a long-ago era of archaic finance. To some, it is a day-trading product, to others; it is meant for jewelry and little else. The issue with gold is that it … Continue reading
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From time to time, one of my friends simply says it better than I could ever imagine saying it myself. I have known Peter Gianulis, manager of Carrelton Asset Management for years. He is one of the deepest thinkers I know of when it comes to the markets. His fund also happens to have one … Continue reading
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Accounting is backwards looking—as investors, we have to be forward looking. That said, past numbers are usually a good starting point for estimating future earnings. Numbers only tell you part of the story—the reason why the numbers are how they are, is often much more important than the actual numbers. Unless you can understand the … Continue reading
