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The Annoying Capex vs Buybacks Narrative

by: Lawrence Hamtil  on Monday, November 27, 2017

The historical outperformance of companies that return capital to shareholders tax efficiently through buybacks is no mystery.  It is, in fact, a well-documented and thoroughly analyzed phenomenon.  However, there exists a tired but persistent narrative that says that CEOs who engage in buybacks are 'out of ideas,' and are content merely to cannibalize their future growth for "short-term" rewards.  The corollary to that narrative is that investors would instead be better off investing in companies that focus on investing in the future via large capital expenditures, or "capex" spending. Read More

Productive vs Unproductive Behavior

by: Lawrence Hamtil  on Friday, November 17, 2017

Having recently engaged in a little self-reflection about my productive and unproductive habits, I thought I would share with my readers what I think are constructive habits, and which habits are counterproductive at best.  Here are a few: Read More

A Few Excellent Books On The Great War

by: Lawrence Hamtil  on Monday, November 13, 2017

November 11th marked the 99th anniversary of the end of World War I, so in honor of that, I wanted to share a list of some of my favorite books on the war. Read More

Faith in Compounding Is Not Enough

by: Lawrence Hamtil  on Friday, November 10, 2017

Earlier this week, Nick Maggiulli wrote a brilliant post that demonstrates the power of compounding by showing how a little savings over time adds up to real wealth.  His insights got me thinking about the nature of compounding, and how its power is actually everywhere around us.  For instance, the nation in which we live is the product itself of more than two centuries of compounding:  the countless decisions over time by revolutionaries, policymakers, military figures, and millions of individuals cumulatively add up to where our country finds itself today.  Our individual lives themselves reflect generations of compounding, and where each of us is today is only in small part the product of his or her own conscious decisions. Read More

Two Myths That Deserve To Die

by: Lawrence Hamtil  on Tuesday, November 07, 2017

Perhaps because people choose to believe popular narratives over overwhelming evidence, many myths persist in the financial realm.  In a way, this should not be surprising as many things in finance seem intuitive, but in reality, are much more complicated than we might think.  In this article, I will attempt to put to rest two myths that seem to be prevalent today. Read More