June 30, 2014

Paul Tanner , Granite Hill Capital Management, LLC

CFA

Performance Envy Diminished by Better Benchmarks and Other Factors

Jason Zweig’s recent Wall Street Journal article “Give Yourself an Investing Makeover,” discussing the transformation of Guy Spier’s investing habits, piqued my interest. Along with money manager Mohnish Pabrai, Spier was the winning bidder of a charity auction lunch with Warren Buffett in 2008, and his Aquamarine fund has enjoyed superb performance. Curious, I did a little digging.

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More from Paul Tanner

Paul Tanner, Granite Hill Capital Management, LLC

Put Corrections in Perspective to Avoid Harmful Reactions

During and after a 10 percent stock market correction, it is natural to ask whether the correction will deepen or not. We are wired for fight or flight and about twice as sensitive to losses as gains. Those more prone to act on instinct are ...

Feb 15, 2018

Paul Tanner, Granite Hill Capital Management, LLC

Indexing’s Regret: Reduced performance from Reconstitution

You know regret if you have ever sold a fund or stock only to see it rise shortly afterwards. Worse yet is when the fund or stock you purchased to replace the one sold underperforms. Some index funds systematically duplicate these regretful ...

Jun 24, 2016

Paul Tanner, Granite Hill Capital Management, LLC

Profitable Exercise in Market Timing Causes Regret

Today, stock prices are fairly high while growth is widely expected to be slow. Should equity owners sell? I did, prior to the crash of 2008, and I now regret my decision every time the market hits a new high. I’m also afraid to get back in. It’s ...

Jul 09, 2015

Paul Tanner, Granite Hill Capital Management, LLC

Add Venezuela to Cuba, North Korea, and active managers

" The 20th century has produced two grand experiments that bear directly on the question 'do markets work?' One experiment took place on the geopolitical stage and the other in the halls of academia. The intellectual origin for the role of free ...

Jan 02, 2015

Paul Tanner, Granite Hill Capital Management, LLC

99.93% of Active Stock Funds Fail to Perform Consistently in Top 25%

Skilled fund managers should easily identify stocks as too cheap or expensive, or so you might think. They don’t, as the New York Times article entitled, “Who Routinely Trounces the Stock Market? Try 2 Out of 2,862 Funds,” points out. Is the failure ...

Aug 06, 2014

Paul Tanner, Granite Hill Capital Management, LLC

Buffett’s Bequest: Risky Asset Allocation for Retirement

Warren Buffett’s annual shareholder letters, insightful and generous with advice, are a gift to all investors. This year’s letter is no exception, but his asset allocation advice to retirees and those nearing retirement warrants critical scrutiny:

May 06, 2014

Under the Micro(cap) Scope

Sponsored By Diamond Hill

Unlock the overlooked potential of microcap investing. In our latest insight, Under the Micro(cap) Scope, we explore why this expansive and under-researched market segment offers unique opportunities for long-term, active investors. (8 min read)

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