Price Discovery, But Now With Fewer “Patsies” “If you’re playing poker for half an hour, and you don’t know who the patsy at the table is . . . it’s you.” –Warren Buffett As super-cheap exchange traded funds (“ETF’s”) proliferate, Wall Street is fighting back. The latest salvo: a new academic paper suggesting that ETF’s...Read More
Blue Chip Stocks as Alternative Stores of Value When the world is going to hell on a Harley, investors find few places to hide: Treasury bills, gold, Swiss francs”or the stock of McDonald’s Corp. –Holman Jenkins, “What Pepsi Can Learn From McDonald’s“; The Wall Street Journal (1/27/2012) To Jenkins’ list, I’d add Coke, Phillip Morris,...Read More
