Second Quarter: “Being Careful. Being Prepared.” (pdf)

First Quarter: “What’s Today’s Story?” (pdf)


Fourth Quarter: “An Ever-Changing Narrative” (pdf)

Third Quarter: “Do You Know TINA?” (pdf)

Second Quarter: “Flightlessness” (pdf)

First Quarter: “Is it a Duck or is it a Rabbit?” (pdf)


Fourth Quarter: “Is The Future More Certain Than The Present?” (pdf)

Third Quarter: “Tailwinds become Headwinds” (pdf)

Second Quarter: “The Magic of Flooding the Farm with Fertilizer” (pdf)

First Quarter: “Sound Intellect and Emotional Discipline” (pdf)


Fourth Quarter: “Feedback Investors and Electric Shocks” (pdf)

Third Quarter: “A Combination of Gumption and Patience” (pdf)

Second Quarter: “Delaying the Inevitable” (pdf)

First Quarter: “I will gladly pay you Tuesday for a hamburger today” (pdf)


Fourth Quarter: The Price Action Of Stocks Trumps Fundamentals (pdf)

Third Quarter: Ted Williams, Ford F-150’s, and Market Valuations (pdf)

Second Quarter: Risk Communicates Signals that Something Important is at Stake (pdf)

First Quarter: “Can You See the Gorilla?” (pdf)


Fourth Quarter: Patient Opportunism (pdf)

Third Quarter: Abiding by the First Rule (pdf)

Second Quarter: Unknown Unknowns (pdf)

First Quarter: “What Else Am I Going To Do?” Is Not a Compelling Reason to Invest (pdf)


Fourth Quarter: Equities — A Store of Value (pdf)

Third Quarter: October 11, 2011 (pdf)

Second Quarter: July 12, 2011 (pdf)

First Quarter: “Let Them Eat iPads!” (pdf)


Fourth Quarter: January 10, 2011 (pdf)