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Companies typically borrow money at less than their return on equity and therefore compound their return at the expense of lenders.

Bill Gross

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Bill Gross
Age: 80
Born: 1944
Born: April 13
Businessman
Entrepreneur
Financier
Middletown
Ohio
Bill Gross
William Hunt Gross
William H. Gross
Therefore
Compound
Return
Compounds
Company
Typically
Less
Borrow
Money
Equity
Expense
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Companies
Lenders

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Whenever I read the newspaper, I say to myself, 'At least my wife loves me.'
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In questioning initially whether I am a great investor, I open the door to question whether other similarly esteemed public icons like Bill Miller are as well. It seems, perhaps, that the longer and longer you keep at it in this business the more and more time you have to expose your Achilles heel - wherever and whatever that might be.
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I am tough but I have a soft side.
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When you're underperforming the index, you go home at night and cry in your beer. It's not fun, but who said this business should be fun. We're too well paid to hang our heads and say boo hoo.
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Whether a tops-down or bottoms-up investor in bonds, stocks, or private equity, the standard analysis tends to judge an investor or his firm on the basis of how the bullish or bearish aspects of the cycle were managed.
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Be cautious and content with low positive returns in 2015. The time for risk taking has passed.
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Do you really like a particular stock? Put 10% or so of your portfolio on it. Make the idea count … Good [investment] ideas should not be diversified away into meaningless oblivion.
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