There is a question that value investors ask before they buy anything. It is the oldest question in finance, and it sounds almost embarrassingly simple. What is this thing actually worth? Not what someone will pay for it tomorrow. Not what the chart suggests. Not what the crowd is chanting. What is the underlying business […]
John Bogle spent his entire career trying to convince people of something deeply unsexy. He wanted investors to accept that they could not beat the market, that fees were silently eating their futures, and that the most powerful force in finance was not intelligence but patience. He built Vanguard into a giant not by promising
What John Bogle Would Have Said About Bitcoin and Why Crypto Investors Would Not Care Read More »
There is a quiet joke that the fastest way to retire early in the last decade was to ignore every piece of FIRE advice and buy Bitcoin. And the second fastest way to go broke trying to retire early was also to buy Bitcoin. Both things are true. That is what makes the argument so
Can Bitcoin Fund Your Early Retirement, or Does FIRE Demand Boring Assets? Read More »
There is a certain kind of argument that goes on forever because the two sides are not actually disagreeing. They are speaking different languages and pretending the other side is being stupid on purpose. The fight between value investors and crypto believers is exactly this. It looks like a debate about returns, or technology, or
Value Investors Need Cash Flows. Crypto Does Not Have Them. That Is the Whole Argument Read More »
Humans have been arguing about what counts as real wealth for as long as humans have had wealth. The conversation usually sounds sophisticated. It is not. Strip away the jargon and the charts and the confident predictions, and you find the same instinct that made our ancestors carve their names into stones. People want to
Land vs. Ledger: The Oldest Asset Class vs. the Newest Read More »
A value investor and a crypto investor walk into a bar, and neither of them can explain what the other is doing without sounding insulting. The value investor thinks the crypto investor is gambling on vibes. The crypto investor thinks the value investor is reading obituaries for companies that have not died yet. They are
There is a strange thing that happens when you hand the same hammer to two different carpenters working on two different houses. At first glance, the work looks identical. The swing is the same. The nails are the same. The confidence is the same. But one house is built on bedrock and the other is
In 1934, two professors at Columbia Business School published a book that would quietly define how serious people think about money for the next ninety years. In 2008, an anonymous figure who may or may not exist published a nine page PDF that would loudly redefine it for everyone else. Benjamin Graham and David Dodd
There is an old joke about real estate. They are not making any more of it. It is supposed to explain, in one line, why buying dirt has been a reliable path to wealth for about ten thousand years. Land is finite. People are not. Therefore land wins. Case closed, pour the concrete, collect the
There is an unwritten rule in finance that the louder someone is about their strategy, the less likely they are to be following it. Crypto investors figured this out early. Not because they are smarter than anyone else. But because they come from a culture that was built on distrust, and when you are already
Why Crypto Investors Think FinTwit Brands Are Selling Advice They Do Not Follow Read More »