Low Risk RulesOn investing versus speculationIn Security Analysis, the 1934 bible of modern value investing, Benjamin Graham and David Dodd made a clear distinction between investment…10 min read·Jul 14, 2023----
Low Risk RulesNobody knows anything reduxI’ve written before about the idea that “ nobody knows anything.” So far, 2023 is living up to that axiom.3 min read·Jul 4, 2023----
Low Risk Rules“Eat what you kill”I first heard this expression in my early 20s when I interviewed at a prestigious bank brokerage firm. I’m not going to mention which one…3 min read·Jun 25, 2023----
Low Risk RulesThings that don’t changeHere’s something you don’t hear every day. Recently, I decided to take up smoking. No, not cigarettes. And even though it’s 2023 and the “…5 min read·Jun 18, 2023----
Low Risk RulesThere’s no crying in accounting (my holy war origin story)The stock market has fascinated me since I was young. When I discovered Buffett, and then Munger, it was a revelation. Nerds who spend…4 min read·Jun 11, 2023----
Low Risk RulesWhen it comes to preserving wealth, invert the problemIt’s not a leap for most people to understand that wealth preservation requires a different set of skills and mindset than wealth creation…2 min read·Jun 4, 2023----
Low Risk RulesWhat are you thinking? — Low Risk RulesMy intention for this newsletter was to focus on timeless investment principles and to ignore the day to day noise. But given market…5 min read·May 28, 2023----
Low Risk RulesYou’re not Elon MuskWhat follows is an outtake from Low Risk Rules: A Wealth Preservation Manifesto. Somewhere out there is a long-lost “Part One” that speaks…5 min read·May 21, 2023----
Low Risk RulesFurther evidence in support of the Low Risk effect — Low Risk RulesThe Low Risk Anomaly is a tricky one. Everyone seems to admit that it exists, but most investors seem to go out of their way to find…3 min read·May 14, 2023----
Low Risk RulesThe S&P 500 has gone to shit (again)The stock market goes through periods where it seems like things aren’t making any sense. Often, driven by liquidity and investor greed…5 min read·Apr 30, 2023----
