by Charles Cheng, CFA     Investors often have a general idea of why they want to make a certain investment, such as liking the underlying business or trend, but stop short of having a fully considered investment thesis. Without one, t […]

by Charles Cheng, CFA     In 1979, psychologists Daniel Kahneman and Amos Tversky published a paper called “Prospect Theory” that changed how we think about decision-making. They showed that people don’t always make r […]

by Charles Cheng, CFA     Some of the world’s most famous investors have emphasized the importance of pricing power for companies they invest in. Warren Buffett has said, “The single most important decision in evaluating a busine […]

by Charles Cheng, CFA     In the recently released official biography of Elon Musk by author Walter Isaacson, there is a story of the famed entrepreneur at a friendly poker game.  He would go all in on every hand, lose and then go buy […]

by Charles Cheng, CFA     In 2024, an unusually large number of elections are being held, in 64 countries, involving nearly half of the world’s population.  These, with those that have already taken place, include the United States, India, […]

by Charles Cheng, CFA     World equities resumed their upward course in May with both the MSCI World and S&P 500 indices climbing to all time highs.  Meanwhile, Berkshire Hathaway, the company of Warren Buffett, announced that it had ra […]

by Charles Cheng, CFA     Investing in single bonds issued by companies is something that most individual investors usually don’t practice, given the relative difficulty of making transactions versus buying and selling stocks and due t […]

by Charles Cheng, CFA     Most investors who are building a portfolio solely for their own account, are doing so on a part time basis rather than part of a full-time job.  They may or may not be experts in financial statement anal […]

by Charles Cheng, CFA     John Maynard Keynes is famous for his contributions to the field of economics, with his ideas providing the foundation for modern macroeconomic policy.  Less known is the fact that he is also one of the notable inv […]

by Charles Cheng, CFA     In the world of investing, where numerous factors contribute to financial success, the concept of liquidity is often overlooked. Yet, its impact on portfolio management and investment decisions can be significant.  […]

by Charles Cheng, CFA   Legendary investor Charlie Munger passed away at the age of 99 in November.  He is best known for his longtime partnership with Warren Buffett in managing Berkshire Hathaway, together having one of the most succ […]

by Charles Cheng, CFA     Previously we have talked about how investors should decide on an investing style suitable for their circumstances and abilities, such as becoming a long-term investor as opposed to a trader and vice vers […]