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Beating Buffett Is Hard Enough; Beating Him Tax-Efficiently Is Harder

by: Lawrence Hamtil  on Wednesday, July 27, 2016

It goes without saying that Warren Buffett has been extremely difficult to beat as an investor.  Few companies can claim to have generated higher returns for their shareholders than Buffett's Berkshire Hathaway, and fewer still investors can claim that their portfolios have generated greater returns than Buffett's.  Therefore, I thought it would make for an interesting challenge to try to identify ten or so companies that have generated superior returns to Berkshire over the last quarter-century or so. Read More

Differences & Similarities In The Global Search For Yield

by: Lawrence Hamtil  on Thursday, July 14, 2016

It's a popular narrative that low bond yields have pushed investors into certain sectors of the equity market that offer higher yields than what they could receive from fixed income. This seems certainly to be the case in the U.S. where REITs, consumer staples, and especially utilities have been the beneficiaries of this trend.   Read More

What Exactly Is Credit?

by: Lawrence Hamtil  on Tuesday, July 05, 2016

Today, the yield on the 10-year treasury hit a record low of 1.378%.  Given that data for this security go back to 1790, - a 226 year span that includes Civil War, two world wars, and multiples periods of economic upheaval, - this development is interesting, to say the least.   Read More