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Welcome to my website! The site is designed to provide easy access to my books, blog, journal articles and white papers. The content on the site is updated at least once a week, as my blog posts come out every Friday. Other site pages will be updated as new articles, white papers and books appear.

Most of my work has an investment focus, at least in the broadest sense. Good investors – those who preserve and grow their capital across the decades and generations – are educated investors. Whatever aspect of the investment process they are working on, they know the difference between best investment practices and whatever everybody else is doing. This site is designed to help you be that informed investor.

Here is a quick snapshot of what’s on the site:

  • My bio. In short, I’ve been advising very substantial investors since 1979. Many of the clients I work with today are the grandchildren of the folks I started with way back when. You can check out Greycourt, the company I founded, here.
  • My blog. A new post appears every Friday. As noted, the blog has an investment focus, but I interpret that very broadly. So far there are nearly 200 posts, i.e., almost four years’ worth of the blog. If you would like to receive the blog via email (it’s free), you can do so here.
  • My books. I’ve published three investment books, a book of poetry, and I’ve edited two other books. More to come!
  • Articles. I’ve published scores of articles over the years, including articles in refereed journals, white papers, and newspaper and magazine articles.

I hope you find the site useful and interesting. Please let me know what you think by contacting me here.

Recent Blog Posts…

  • Is Everything that Didn’t Work Worthless? (Part 4)

    Is Everything that Didn’t Work Worthless? (Part 4)

    We began this series of posts by examining the sorry state of value investing. We then moved on to making unfashionable arguments on behalf of hedge fund fees and performance. We’ll close the series by looking at the important role hedge funds – and, for that matter, value investing – … read more »
  • Is Everything that Didn’t Work Worthless? (Part 3)

    Is Everything that Didn’t Work Worthless? (Part 3)

    We’re talking about nobody’s favorite subject, hedge funds. Last week we dispensed with the ugly topic of hedge fund fees, and this week we’ll take a deep breath and tackle the even more noxious topic of hedge fund performance. On the surface of it, the only way to describe recent … read more »
  • Is Everything that Didn’t Work Worthless? (Part 2)

    Is Everything that Didn’t Work Worthless? (Part 2)

    In my last post we discussed the sorry state of value investing following seven years of rigged markets courtesy of our central bankers. In this post we’ll turn to another category of investing that sits right near the top of so many investors’ Sh*t Lists: hedge funds. Whole books have … read more »
  • Is Everything that Didn’t Work Worthless?

    Is Everything that Didn’t Work Worthless?

    For reasons best known to themselves and their (not very robust) consciences, America’s central bankers concluded that the best way to drag the US economy out of the Financial Crisis was to make rich people richer and poor people poorer. They therefore adopted policies – QE1, QE2, QE3 – that … read more »
  • On Karoshi, Part 3

    On Karoshi, Part 3

    As noted in my last several posts, Japanese salarymen worked long hours without overtime pay for a selfless reason: to pull their defeated country up by its bootstraps. And they succeeded wildly. By 1978 Japan had surpassed Germany to become the world’s second-largest economy, a position it held until it … read more »