Entries by admin

Time and chance

I keep a $5,000 short position in Welltower. It’s my hairshirt. I know it won’t change anything. My penance will not help mankind. I continue to view Welltower (WELL) as the most absurdly overvalued real estate investment trust in the market today. The company is a provider of senior living residential facilities. Welltower mesmerizes all […]

Hold the mayo.

Kewpie Mayonnaise is a household staple in Japan. It was introduced to the country in 1924 after Toichiro Nakashima enjoyed the condiment during a visit to the United States. Today, Kewpie has been elevated to cult status. You can even visit the company “terrace” in Tokyo. Many Western chefs say it’s the best mayonnaise in […]

Subway

In the 1950’s, some of Ben Graham’s disciples would exchange investment ideas. They weren’t managing vast amounts of capital at the time, so investors like Bill Ruane and Walter Schloss might pass along a thesis about an undervalued business to Warren Buffett and vice versa. They called the practice “coat-tailing.” By teaming their resources, their […]

Sir Larry

We never found out whether Lawrence Wildman successfully turned around Anacott Steel. He sure was serious about it. You don’t drive all the way out to The Hamptons to make a deal with Gordon Gekko on a Friday night unless you’re serious. But did it work? Aside from Nucor, there haven’t been many happy endings […]

Pretty Persuasion

Shiseido is a Japanese cosmetics company founded in 1872 by Arinobu Fukuhara, the former head pharmacist for the Imperial Japanese Navy. Fukuhara opened a pharmacy after leaving the navy and added a soda fountain after visiting stores in the United States. In 1917, the company introduced face powder and began expanding its footprint. Today, Shiseido […]

High cotton

Physics was never boring. At least not when Richard Feynman was teaching. Despite the complexity of his subjects, he kept things simple and fun. Feynman was awarded the 1965 Nobel prize for his work on quantum electrodynamics. His method for learning a topic was to be able to write about it in such a way […]

Goon Squad

Everyone wants to be unique. Elvis Costello made a career out of it. Costello’s biting sarcasm stood in stark contrast to the wave of conservatism that swept Britain in the late 1970’s and brought Margaret Thatcher to power. He might have been talking about the military, or he could have meant the anonymous office drones, […]

No Regrets

I decided I needed a soundtrack for this week’s article. The theme is regret – the feeling that you wish you could change something that’s already happened. Edith Piaf laid the mark down. She had no regrets at all. Defiantly, she announced: Je repars á zéro. Non, rien de rien. Non, je ne regrette rien! […]

Craftsmanship

Boston real estate was feeling pretty sore in the early 1990’s. Many state-chartered banks in New England had collapsed under the weight of so many bad commercial real estate loans, just like their savings and loan brethren throughout the southwest. I first stepped into this troubled market by briefly working for a small real estate […]

No Show

Many years ago, when I was in high school, my Dad gave me some scholarly advice that paid dividends in subsequent years. He said that if I was stumped on an essay question, then the best thing to do was to “show what I know”. I may not have all the facts about the Battle […]