The Irrelevant Investor

APRIL 27, 2016

Apple's stock is set to tumble 8% at the open. At $98, it will be trading at the same price it was all the way back in July 2014. But despite the recent setback, it's hard to feel too bad for Apple share holders, who have enjoyed one hell of a ride. Below are a few charts showing how Apple's returns depending on when an investor first bought it. 2010 2011 2012 2013 2014 Investors who bought Apple in 2010 don't have much to complain about, but human nature will compel them to anyway as stocks are

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Brown Advisory

APRIL 1, 2016

Investment Perspectives | Liquidity & Volatility. achen. Fri, 04/01/2016 - 15:39. Volatility has returned to the capital markets in recent months. After several years of relative calm, investors have had renewed reason to worry about protecting their portfolios. Following the turmoil of the Great Recession, many market participants were lulled into complacency by seemingly steady gains in asset prices and the extended period of low interest rates.

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The Irrelevant Investor

APRIL 26, 2016

"Two things have always been true about human beings. One, the world is always getting better. Two, the people living at that time think it's getting worse" - Penn Jillette What do Bill Gross, Sam Zell, Jeremy Grantham and Carl Icahn have in common? They're all old, they've all had brilliant careers, and they're all bearish on the stock market. Whether it be in music or in stocks, the prior generation never thinks "kids" will ever measure up.

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The Irrelevant Investor

APRIL 19, 2016

This Saturday marks the 106th anniversary of an amazing speech Teddy Roosevelt made in Paris on April 23rd, 1910. Below is an excerpt in which Roosevelt has some words for those who comment from the stands without having played on the field. It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better.

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Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

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Accounting

The Irrelevant Investor

APRIL 19, 2016

Earlier today, Goldman Sachs reported just awful earnings. In fact, this was the worst quarter of the Blankfein era. This morning, the Wall Street Journal (MoneyBeat) did a really cool live analysis of what was Goldman experienced in Q1. Below are some of the points from their analysis (emphasis mine). Goldman Sachs just had its worst first quarter of the Blankfein era.

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The Irrelevant Investor

APRIL 7, 2016

Sam Hinkie was an undisputed failure as General Manager of the Philadelphia 76ers. But today he went out with class as he penned a beautifully written letter, chock full of wisdom. In May of 1969, a 38-year-old Warren Buffett sat down at a typewriter to inform his investors that he was closing his fund (then Buffett Partnership). His reason: market conditions were such that he no longer had the requisite confidence that he could make good decisions on behalf of the investors and deliver on his

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The Irrelevant Investor

APRIL 4, 2016

Nothing works 100% of the time in investing, but the following phrases are pretty reliable indicators of who you can safely ignore: "We're in the __ inning" "We're at a crossroads" "Something has to give" "1929" "Too far, too fast" "Eventually, the chickens will come home to roost" "The canary in the coal mine is _" "Never in my lifetime" "It's priced in" "In a normalized environment" "Ex-cash" "Sum of the parts" "But what about Japan" "Manipulation" "The contrarian in me" "Cross currents" "Tang

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The Irrelevant Investor

APRIL 22, 2016

In 1955, as the Dow Jones Industrial Average was at prices not seen since 1929, a nervous Congress called a hearing to discuss "Factors affecting the buying and selling of equity securities." They interviewed the father of value investing, Benjamin Graham, to get his take on why the market climbed so fast, where it might be going, and if an "orgy of speculation" would result in a 1929-like disaster.

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