Saturday, January 13, 2018


 "It may seem a comparatively easy matter to determine that one enterprise is more promising than another. But it is by no means so easy to establish that one common stock at a given price is clearly preferable to another stock at its current price." - Benjamin Graham and David Dodd (Security Analysis: Sixth Edition)

Advisers at Leading Discount Brokers Win Bonuses to Push Higher-Priced Products - by  Jason Zweig and Anne Tergesen (LINK)
At Fidelity, Schwab and TD Ameritrade, employees win extra pay and other incentives to put clients in products that are more lucrative for them, and the firm 
Investors who seek advice from discount brokerage firms might assume the counsel they get is impartial, given how these firms have rejected the old Wall Street model of working on commissions. 
In fact, advisers at some of the biggest discount brokerage firms make more money if they steer clients toward more-expensive products, according to disclosures from the firms and people who used to work at them. That means customers could end up with investment products and services that are costlier than they need.
What would confound market participants the most in 2018? (LINK)

Josh Steiner: Global Housing Market Analysis [his podcast section starts around the 22-minute mark, and the slide deck to go with it] (LINK)

Adventures in Finance Podcast -- Charge!: The Bull Case for Tesla (LINK)
At long last, a Tesla bull steps up to retort Mark Spiegel’s bear case on the electric car company. Rob Maurer, host of the Tesla Daily podcast, makes an impassioned case for both the company and the stock. 
The Importance of Deep Fun [H/T @AdamMGrant] (LINK)

Want a Learning Culture? Put this Video on Repeat (LINK)
...innovation is about a willingness to get obsessed with solving a problem. About embracing the pain of feedback and improve a little bit each time. About wiping out a bunch. And about having a group rooting you on. 
For groups, this means having leaders that embrace the discomfort of this entire painful, insane, rewarding process.