The Flogging of Punchinello

Month: May, 2015

Small is Beautiful

When I invest in a company, I like to be able to explain it to my children in a single sentence. In this case, a single sentence might read: “CAC provides financing to subprime borrowers for the purchase of a used car”. – Robert Vinall, RV Capital Switzerland



The relaxation of worry eventually leads to environmental changes that permit excesses. – Howard Marks