11 Tips about Big Picture

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Anything is possible, of course. Britney Spears may get her act together. The Chicago Cubs' free-agent spending spree may lead to a World Series...
We just don't see what we're not looking for. We're governed by our recent experiences and don't actually ponder the bigger picture very often. Just...
Whenever Ben Graham was asked what he thought would happen to the economy or to company X’s or Y’s profits, he always used to deadpan, “The...
We're avid followers of the Austrian school economists, who have done an excellent job of explaining economic cycles and how the expansion of credit...
Virtually all studies show that about 60% of the return and volatility of the average common stock is determined by the movement in the aggregate...
Particularly in the U.S., the market has tended to be long on stuff in people’s basements and attics that they won’t ever need and short on stuff...
One of the economists who has heavily influenced the way I think is Hyman Minsky, who always said, “Stability begets instability.” The very idea...
Today, we’d argue the disinflationary forces of the past 25 years are leveling and, if you look at any model of the cost of labor, the cost of...
It seems much more likely that in the next five or ten years, the most successful investors will be of the growth variety, not of the value variety....
Baupost Group's Seth Klarman, in his most recent investor letter, described the recent tenor of the market perfectly: “The chaos is so extreme, the...
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