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Investment Must Reads | June 2019

06 June 2019

Clint McGarvin, CFA® | Portfolio Manager/Research Analyst

Five Lessons from History | Morgan Housel

“The point is that the more specific a lesson of history is, the less relevant it becomes. That doesn’t mean it’s irrelevant. But the most important lessons from history are things that are so fundamental to the behaviors of so many people that they’re likely to apply to you and situations you’ll face in your own lifetime.”


Growing an Advisory Firm’s Org(anization) Chart as The Advisory Firm Grows | Philip Palaveev

“Organizations change when (and because) they grow. In order to grow, a firm needs to involve more people. With the arrival of more and more professionals, old structures become inadequate, and new forms of organization structure must emerge to unlock the ability of the firm to continue to function at a larger size.”

Source: Michael Kitces “Nerd’s Eye View


Financial Superpowers | Ben Carlson, CFA

“The whole process of investing involves putting off consumption now for consumption later. The ability to wait when it comes to spending money can help keep you out of credit card debt, compound your money for future use, and give you a margin of safety when things inevitably go wrong.”


Value + Catalyst | Demonetized Blog

“The problem you have is that the market has to believe there is a realistic path to unlocking that value in order for the stock to trade up.”


What Warren Buffett’s Teacher Would Make of Today’s Market | Jason Zweig

“That means doing what even most professional investors can’t: investing patiently in companies that measure their own progress against long-term goals, rather than short-term earnings or recent stock-price changes.”


Podcast of the Month

Episode #155: Aswath Damodaran, “They [Uber And the Ride Sharing Companies Collectively] Have Disrupted This Business…That’s the Good News, The Bad News Is I Don’t Think They’ve Figured Out A Business Model That Can Convert That Growth into Profits” | Meb Faber


Book of the Month

Red-Blooded Risk: The Secret History of Wall Street | Aaron Brown

“In emotional terms, thin-blooded people are motivated mainly by fear, hot-blooded people by anger and other passions – or even merely thrills – and cold-blooded people by greed. Red-blooded people feel anger and fear and greed like anyone else, but understand successful risk taking is a matter of calculation, not instinct.”


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Nothing presented herein is or is intended to constitute investment advice or recommendations to buy or sell any types of securities and no investment decision should be made based solely on information provided herein. There is a risk of loss from an investment in securities, including the risk of loss of principal. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for an investor’s financial situation or risk tolerance. Diversification and asset allocation do not ensure a profit or protect against a loss. All performance results should be considered in light of the market and economic conditions that prevailed at the time those results were generated. Before investing, consider investment objectives, risks, fees and expenses.
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