Kingdom and Horse

My Kingdom for a Horse of Cash

The most important determinant of whether investors will incur opportunity cost is whether or not part of their portfolios is held in cash.  Maintaining moderate cash balances or owning securities that periodically throw off appreciable cash is likely to reduce the number of forgone opportunities. —Seth Klarman, Margin of Safety I have a footnote scrawled in […]


How to Become a Bank Voyeur

I have another confession.  I’m a bit of a bank voyeur.  There was a point where I could list some odd tidbit of information on every bank on Montgomery St. in the financial district of San Francisco.  Passing by the Beal Bank branch on my way to work was always a treat, knowing that it […]

The Right Tool

I wanted to take a short break from the bank analysis series because I woke up this morning ecstatic.  My Morningstar Document Research trial run just started. It was like Christmas, and I was ten years old running to play with the toy I’d had my mind set on for weeks. Finding the right tool […]