Featured Articles, Links, And News
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The Myth of Asset Allocation and the Importance of Selection
GEM reviews asset allocation vs. manager selection as the source of portfolio outperformance
The Intelligent Investor
In print for almost 70 years, this classic seems to suggest that even as the world changes, the core principles of value investing remain constant over time. Benjamin Graham was Buffett’s mentor and a Wall Street pioneer in an era before shareholders’ rights and fundamental analysis were commonplace. Many of the concepts he popularized, such as margin of safety, dollar-cost averaging, Mr. Market, and separating volatility from risk, are foundational to value investing today. Graham believed that absolutisms are impractical – no company, sector, or type of security is inherently superior because price determines the attractiveness of any investment. We certainly agree.
In a world where we are overwhelmed by competing demands on our time, Cal Newport helps us understand the importance of getting into a deep state of thinking and working. Myriad books discuss the perils of a distraction, but Deep Work sets itself apart by examining the science behind distraction and how we can overcome it in order to accomplish our most important tasks. The reader will begin to treat the finite resource of time with increased vigilance.
Zen and the Art of Motorcyle Maintenance
Robert M. Pirsig
Zen and the Art of Motorcycle Maintenance is a philosophical journey exploring the identification of quality and the importance of achieving balance between emotional and rational thought. A few key lessons include how inertia can foster innovative insights, how gumption can fuel efforts to continuously improve, and how too much gumption can prevent an individual from developing a sensitivity to quality when they see it. “Rigid thinking” is the ultimate barrier to recognizing quality.