Author Archives: Chris Karcher

Sake and CRSP

The question came from a good friend in the asset management business over a cup of sake. Talking about a presentation to his firm from Blackrock, one of the biggest ETF/Mutual fund companies in the world, he had been surprised … Continue reading

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The numbers say that it is so

For the last few months there has been lots of talk about the size of equity markets – specifically the dramatic drop in the number of publicly traded companies. The always interesting Jason Zweig wrote a series of articles on this … Continue reading

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Berkshire versus Blackstone

A lot of pixels have been lit up here at Invest-Notes discussing Warren Buffett, Charlie Munger and their amazing enterprise, Berkshire Hathaway (BRK.A and BRK.B).  While the B-shares have been added over time to most of the portfolios I manage since their … Continue reading

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Cigarettes and soda pop

Serendipity is a beautiful thing. The recent sell-off in the technology sector made for a perfect demonstration of why seemingly arcane subjects like the capitalization weighting of stocks within exchange traded funds matters. There have been a couple of days … Continue reading

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Hitting the reset button

Apologies for the delay in delivering this post. Frankly, I’ve been struggling a bit with what to do about Invest-Notes. Not for the first time my enthusiasm around writing articles has waned. And if I’m not excited about what’s being … Continue reading

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Through a glass, darkly

Recently accused of seeing the glass half-empty instead of half-full, I replied that the analogy was not a good one for the issue at hand. I couldn’t even find the glass being discussed and so really had no insight as … Continue reading

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Heaven is not the day after tomorrow

During a recent conversation with fellow board members of a not-for-profit organization the topic of “unrealized” gains came up while reviewing financial statements. In discussing how this number (a big unrealized gain in 2016) was mostly irrelevant to our operating … Continue reading

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Don’t kid yourself

A note arrived from a long time Invest-Notes reader claiming bragging rights for having an IRA that did much better than the S&P 500 in 2016. His plan, he explained, was to begin spending more time “managing” his investments since … Continue reading

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Who are those guys?

Butch Cassidy and the Sundance Kid marveled (in the movie at least) at the tenacity of the paid posse of characters tracking them relentlessly for reward money. Perhaps an indication of the mind-set separating guys looking for a quick hit … Continue reading

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Got to be a mystic man

There is absolutely no evidence that reggae musician Peter Tosh was an equities enthusiast. Yet it is not impossible that he gave the subject some thought. This idea formed serendipitously after an event that occurred outside of my Invest-Notes bubble … Continue reading

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