“Your average Wall Streeter, faced with

“Your average Wall Streeter, faced with nothing profitable to do, does nothing for only a brief time. Then, suddenly and hysterically, he does something which turns out to be extremely unprofitable. He is not a lazy man.” Fred Schwed, “Where Are the Customers’ Yachts?”

It was the best of times, it was the worst of times…

I would like to share with you this section from Mayar Fund’s 5th Annual Letter to Partners for the year ending June 30, 2016. I apologize for having to post it as a PDF but I wanted to preserve its original formatting . Portions have been redacted for compliance purposes. Mayar Fund – June 2016 –…

My Circle of Competence

You don’t have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital. -Warren Buffett (1996)” Last weekend I attended the 7th Annual “From Graham to…