Professor Glen Arnold

Carl Icahn, an activist investor, had gained control of TWA in 1985 and immediately started calling Colodny to push for joining TWA and USAir, “He used to get on the phone and we’d go on for 30 or 40 minutes at a time. He would say we pay employees too much…and if we merged with […]

If you were pondering whether we are now out of the woods and it’s a good time to go back into the stock market in a big way you might want to first consider the recent words of some key people. Paul Romer, Nobel Prize winner in Economics Paul Romer suggests that the best strategy […]

Warren Buffett bought $358m of preferred shares in USAir in 1989. At one point he wrote down this investment by 75% and spoke of his bitter regret at having placed Berkshire’s money in an industry with such poor economics.  He was smarting so much that two years into the investment he said, “Despite the huge […]

Following Warren Buffett’s announcement that he had sold all the shares in the four American airlines owned by Berkshire Hathaway there was a very negative market reaction, with their prices falling by yet another 10% or so on Monday 4th May. He explained that the economics of the airline industry had changed so much for the […]

Warren Buffett, speaking a few days ago, advised us to have a far horizon in mind when holding shares and to make sure we had the psychological resilience to be an investor. Buy for the long term “You shouldn’t buy stocks unless you expect to hold them for a very extended period and you were […]

A downward movement on the stock market is not a reason to sell a share. What matters is the underlying economics and quality of management.  If those economics or management deteriorate then it might be a candidate for sale, but this is not because Mr Market has shoved the price down.  Warren Buffett said a […]

We’ve all heard of Ben Graham’s Mr Market, a fable kept pre-eminent in Warren Buffett’s mind ever since he learnt it by reading The Intelligent Investor in 1949. Buffett gave a twist to the fable in his Mr Farmer story told at Berkshire Hathaway’s virtual AGM a few days ago.               Buying […]

At Berkshire Hathaway’s AGM last Saturday Warren Buffett offered a few thoughts on severity of the Covid-19 shock.             “It’s been a flip of the switch in a huge way in terms of national behaviour, the national psyche. It’s dramatic. There’s a wide variety of possibilities on the health side, […]

Warren Buffett sent what at first glance seems a confusing message to investors when speaking at Berkshire Hathaway’s virtual AGM on Saturday.  On the one hand, he reaffirmed his conviction to always back the “American miracle” by investing in US companies.  You should never bet against continuation of the miracle, he says. The country is […]

1                                                       Ray Dalio is a billionaire investor, having founded Bridgewater Associates as a youngster in 1975 and turned into a mammoth $160bn fund. He is author of the […]