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From 1981 to 2020, all interest rates did was go down. By the end, the banks were swimming in interest rate risk. Now rates are rising and losses piling up.
Jim Grant: “To me, the current form of dystopia is the bubble form. So I think this is the year of the dystopian bubble.”
I recently spent some time talking to Chris Mayer: "I didn't go after the cheapest stuff, I went after the best."
What boxes do I try to check off before selecting an investment? M.O.A.T. is an acronym for:
(M)argin of safety
(O)wner-operators
(A)way from the crowd
(T)rends
Putting together a portfolio is like building a collection, whether it be stamps, coins, art, old hub caps, you name it. It takes time and patience.