There is a particular kind of horror that dividend investors feel when they watch someone day trade. It is not the horror of watching money being lost. They can live with that. Losses happen. Markets fall. Mistakes are part of the game. What horrifies them is something stranger and harder to explain. It is the […]
Imagine a quiet library. A man in reading glasses is halfway through a two hundred page annual report, circling footnotes about inventory accounting. He has owned this stock for three years. He bought it because nobody wanted it, which to him was the entire point. The price is low, the business is boring, and the
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 particular kind of person who buys a duplex in a boring suburb, spends a weekend fixing a leaky toilet, and then does almost nothing for the next five years except collect rent checks and watch the mortgage balance shrink. And there is another particular kind of person who, on a Tuesday afternoon,
Why The Landlord Plays the Long Game and WSB Plays Options Expiring Friday Read More »
Ask a dividend investor what they did last Tuesday and they will probably say nothing. Ask a day trader the same question and you will get a story involving three screens, a ruined lunch, and a moment of either triumph or quiet self loathing. Both people are in the market. Both want to make money.
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 »
There is a particular kind of argument that happens at dinner parties when someone mentions real estate. One person leans back and says they own a few rental houses. Another person, slightly smug, says they own real estate too, but without the tenants, the toilets, or the phone calls at midnight. They own REITs. Shares
REITs vs. Rental Properties: The Dividend Investor vs. the Direct Landlord Debate 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 »
Imagine trying to meditate inside a nightclub. That is roughly what it feels like to practice value investing while scrolling through financial social media. The two activities are not just different. They are actively working against each other, like trying to read poetry during a fire drill. This is not a small complaint about distraction.
Why Value Investing and Financial Social Media Are Fundamentally Incompatible Read More »
There is a strange kind of comedy in watching two people who both call themselves investors share absolutely nothing about what that word means. One of them has not made a trade in eleven months and considers this normal. The other has made eleven trades before lunch and considers this slow. They use the same
Years of Patience vs. Seconds of Execution: Value Investing vs. Day Trading Read More »