Andrew Page wrote a new post, The Hard Work Of Investing 5 days, 8 hours 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? 1 week, 5 days 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 weeks, 5 days 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 weeks, 1 day 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 1 month 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' 1 month, 2 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? 2 months 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 2 months, 1 week 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 2 months, 2 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 2 months, 3 weeks 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 […]
Andrew Page wrote a new post, Reporting Season: What To Look For 3 months ago
Things have been fairly quiet on the corporate news front recently, but that’s about to change in a major way as companies begin to release their quarterly and half-yearly numbers.
It’s always a challenging t […]
Andrew Page wrote a new post, Reflecting on 2023 3 months, 2 weeks ago
Happy New Year Investor!
We hope you managed some well-deserved time off in recent weeks, both from your usual vocation as well as with your investing. Not that we’re advocating for complacency, but it’s […]
Andrew Page wrote a new post, It's Not Always Management's Fault 4 months, 1 week ago
When a share price underperforms the market, how much of that can be blamed on management? Conversely, when prices surge higher, how much credit do the senior execs deserve?Of course, in the short run, the answer […]
Andrew Page wrote a new post, The End Of An Era: A Farewell to Charlie Munger 4 months, 3 weeks ago
This week we lost one of the greats.
Only one month shy of his 100th birthday, legendary investor and polymath Charles Thomas Munger departed this mortal coil.
He had a rich and varied life with pursuits […]
Andrew Page wrote a new post, AI and Exponential Progress 4 months, 3 weeks ago
If you could fold a piece of paper just 42 times, it’d be thick enough to touch the moon. Fold it 52 times further and it’d reach across the entire observable universe.
Exponentials break your brain, and th […]
Andrew Page wrote a new post, The Language Of Business 5 months ago
Accounting may not be the most enthralling of topics, but some basic literacy here is vital if you fancy yourself a stock picker. As Buffett put it:
“You have to understand accounting and you have to u […]
Andrew Page wrote a new post, The Best Investment Approach 5 months, 1 week ago
There is no one ‘right’ way to invest.
Even if there were, somehow, a way to prove the superiority of a particular approach, it’s not worth much if you lack the wherewithal to execute it. And it’s not […]
Andrew Page wrote a new post, The First Rule Of Compounding 5 months, 2 weeks ago
Charlie Munger has loads of great quotes, but this one is a standout:
The first rule of compounding: never interrupt it unnecessarily Charlie Munger
The maths behind compounding is easy enough, but the […]
Andrew Page wrote a new post, Eyes Forward 6 months ago
At bottom the ability to buy securities – particularly common stocks – successfully is the ability to look ahead accurately. Looking backward, however carefully, will not suffice, and may do more harm than good.” […]
Andrew Page wrote a new post, Is Bigger Better? 6 months, 1 week ago
We love our small caps here at Strawman. And not without good reason.
The trouble is, at least according to conventional wisdom, that things are far riskier in that space. Perhaps that’s true, to some extent, […]