Andrew Page wrote a new post, A Business Unclear 5 days, 23 hours ago
I was fortunate enough to join Luke Winchester (aka Wini) from Merewether Capital on Ausbiz last week, and he made a rather good point.
Well, he made many, but the following stood out to me. To […]
Andrew Page wrote a new post, Advantage Federer: Investing Wisdom From a Tennis Great 1 week, 5 days ago
Tennis legend Roger Federer recently delivered the commencement address at Dartmouth university, and it’s well worth a watch. He is, as always, a class act.
Roger isn’t exactly known for his investing pro […]
Andrew Page wrote a new post, Investing and Luck 2 weeks, 5 days ago
We all like to attribute our winners to our foresight and cunning. The losers? Well, they were the result of bad luck.
The truth, of course, is that random chance — both good and bad — plays a scarily big p […]
Andrew Page wrote a new post, Watching For Red Flags 3 weeks, 5 days ago
Many hard problems are best solved when they are addressed backwards. Munger called this inversion, and it’s a potent idea for both life and investing.
It’s pretty obvious when you think about it: if you want […]
Andrew Page wrote a new post, Network Effects: Why They Matter 1 month ago
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Businesses that enjoy network effects tend to have a much greater capacity to deliver outsized returns. They aren’t especially common, but if you can find them you stand to do extremely well — even if it of […]
Andrew Page wrote a new post, Simple Beats Complex 1 month, 1 week ago
Strawman member Edgescape kicked off a good conversion on Friday, suggesting Occam’s Razor — the idea that we should favour simplicity over unnecessary complexity — was very much relevant to the field of […]
Andrew Page wrote a new post, Berkshire AGM: 2024 1 month, 2 weeks ago
Berkshire Hathaway (NYSE:BRK) recently held its 2024 shareholder meeting, or if you prefer, Woodstock for capitalists.
If you’ve ever read much Buffett there wasn’t really any new insights in terms of how he […]
Andrew Page wrote a new post, The Nonsense of GDP 1 month, 3 weeks ago
It’s remarkable how many sacred cows there are in economics. Concepts that are, for some reason, beyond scrutiny.
But dig beneath the surface, and you start to see how absurd many ‘fundamental’ concepts are. […]
Andrew Page wrote a new post, What is Strategy? 2 months ago
When it comes to business success, growth is often seen as the ultimate goal. Increasing revenues, expanding market share, entering new markets — these are the metrics by which many companies measure their […]
Andrew Page wrote a new post, The Best Asset Class, The Hardest Journey 2 months, 1 week ago
According to Vanguard, here’s what the various asset class returns look like since 1991:
Kind of what you’d probably expect; the further you move up the ‘risk spectrum’ the better the average […]
Andrew Page wrote a new post, The Hard Work Of Investing 2 months, 2 weeks ago
One of the most appealing things about investing, at least in principle, is that instead of working for your money, your money is working for you.
But don’t fool yourself; if you’re going to be a […]
Andrew Page wrote a new post, Are Small Caps Back? 2 months, 3 weeks ago
A recent article in the AFR proclaimed “Small caps are ripe for a comeback”, citing the relative underperformance of this space in recent years, and the potential for easier credit conditions later in […]
Andrew Page wrote a new post, Cash Flow Conundrums 2 months, 4 weeks ago
Negative cash flows usually set off alarm bells for investors, and for good reason. At the end of the day cash is the lifeblood of a business.
Still, a closer look at things may just reveal a company that is […]
Andrew Page wrote a new post, Poor Charlie's Almanack: Summary 3 months ago
Charlie Munger, rest his soul, was one of the greatest investors that ever lived. Much of his timeless wisdom was captured in the 2005 book Poor Charlie’s Almanack by Peter D. Kaufman, which Strawman member […]
Andrew Page wrote a new post, The Big Ideas 3 months, 2 weeks ago
Wall Street columnist Jason Zweig once remarked that his job is to essentially write the same thing 50 to 100 times a year, but in a manner that keeps it fresh for his readers. The reason, as Zweig points out, […]
Andrew Page wrote a new post, Bitcoin: Tips For The 'Crypto-Curious' 3 months, 3 weeks ago
At Strawman we’re all about small-cap investing. “Crypto”, in the main, isn’t much of a focus for most of our members.
Magic internet tokens are almost antithetical to any notion of sound, time-honoured […]
Andrew Page wrote a new post, Are Small-Caps Back? 4 months, 1 week ago
The market always offers up something of a mixed bag each results season but, on balance, at least among the most popular stocks on Strawman, what we’ve seen so far has been rather encouraging.
Not so much in […]
Andrew Page wrote a new post, Computer Says No: a (mis)adventure In Property 4 months, 2 weeks ago
Do you like highly illiquid assets that involve significant trade frictions and costs? Do you like dealing with an army of mostly useless, self-serving middlemen? Do you like assets that require extreme leverage […]
Andrew Page wrote a new post, Sentiment Vs Earnings 4 months, 3 weeks ago
Over the long run, the main driver of share price is earnings per share (EPS). If, for example, EPS has grown at 10% annually over a decade, you can be reasonably confident that the share price will show a […]
Andrew Page wrote a new post, Simplicity Through Complexity 5 months ago
“Life is really simple, but we insist on making it complicated”Confucius
The same could be said of investing, where the complexity bias — a logical fallacy which equates complexity with accuracy — results […]