Friday May 16, 2008
Latest Columns 
When tech elephants mate, step aside
Published: Saturday, May 10, 2008 12:00 AM Page B12
For those who like their stocks with drama, Microsoft's bid for Yahoo fits the bill. In fact, several of my Silicon Valley informants can speak of little else. And what do I think about it?
Banks and the dot-com crash? They may have more in common than you think
Published: Saturday, April 26, 2008 12:00 AM Page B11
Accounting was invented by a Franciscan monk in the 15th century, but its First Rule - called ''matching'' - is still good today. It says that to compute true profit, you must match revenues with all costs that gave rise to these revenues. If you neglect even some costs, intentionally or otherwise, the resulting ''profit'' is incorrect, and may even be imaginary.
A blunt former Fed chairman takes on Bernanke. Take heed of what he says
Published: Saturday, April 12, 2008 12:00 AM Page B10
A few days ago an unusual event took place: Paul Volcker, the mythical U.S. Federal Reserve Board chairman from the Reagan years, criticized the policy of the current Fed chairman, Ben Bernanke, in a speech to the Economic Club of New York.
Costly factories selling stuff cheap: Why China is no buying opportunity
Published: Saturday, March 29, 2008 12:00 AM Page B13
They say in Vegas that if you always play the expected move in poker, you'll likely lose to the pros. There's a similar saying on Bay Street about those who always invest in the most popular investments.
A history lesson: Beware the makings of an echo crash
Published: Saturday, March 15, 2008 12:00 AM Page B10
Some of the best investment advice comes from old movies. In a memorable scene, Groucho Marx is caught in flagrante delicto by his movie wife, the redoubtable Margaret Dumont. Groucho brazenly denies everything, and when Ms. Dumont points to the woman by his bedside, he utters the immortal line: ''Who would you believe, your eyes or me?''
Upstart Quigo breaches mighty Google 'moat' - and I missed it
Published: Saturday, March 1, 2008 12:00 AM Page B8
Only rarely do they ring alarm bells in the market. But three months ago such a bell was rung, and I missed it. The bell announced that Google's dominance of the online advertising market just ended, and what announced it was the sale of Quigo to AOL.
To battle this bear, you'll need judgment and conviction
Published: Saturday, February 16, 2008 12:00 AM Page B8
In his delightful book Get Smarter, Seymour Schulich notes that to invest well you need judgment and conviction - and neither is much good without the other.With a correct view but weak conviction you could be rattled into selling your winners prematurely. But with strong conviction overlaid on bad judgment you could lose your shirt by obstinately holding on to losers.
If this is indeed a bear market, you should sell on the rallies
Published: Saturday, February 2, 2008 12:00 AM Page B9
The market is down a lot, the Fed cut rates twice, and brave contrarians come out of the woodwork telling you to buy. Should you? Short term you may catch a bounce, perhaps even a good one, but don't stay in long. We are in a bear market and it has probably just begun.
Hold on tight, the consequences of this bubble bursting have only just begun
Published: Saturday, January 19, 2008 12:00 AM Page B8
One advantage of having grey hair (aside from still having hair) is that it comes with memories (a.k.a. experience), and few need them more than money managers. Especially in hairy times like these, when a big bubble has just burst - real estate speculation financed by unpayable (a.k.a. subprime) debt.
The true reward of savvy investing - giving back
Published: Saturday, December 29, 2007 12:00 AM Page B8
All year, this column is about money making, but once a year, in the festive season, it tells of money giving too - just in case you were wondering what to do with some of your investment profits. Which brings me to my friend Bill Burt.
