Being Warren Buffett

Buffett’s phenomenal performance has long been somewhat of a mystery. He’s clearly a once-in-a-generation talent. But what if his incredible results stem from a few simple rules he intuited early on and then stuck with for 50 years? Even so, that would not detract from his remarkable accomplishments. Buffett’s Alpha, the award-winning 2018 paper*, analyzes […]

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Family offices: practice ≠ theory

Family investment offices have several theoretical advantages but the execution matters. I’ve met more than 75 family investment offices over the years. There are family investment efforts that can compete with the best of them. But there are many with below average or even worse results. When you’ve met one family office, you’ve met one family office.

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Mistakes individual investors make

I’ve made mistakes as an individual investor (overconfidence and market timing, among others). And given my education and professional experiences, I should know better. An understanding of theory, though, only gets you so far. The biggest mistakes tend to be behavioral and from a lack of understanding financial history and market cycles. Here are the

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