It is time for another update to my personal finance journal. Luckily, we are so far basically unscathed financially by the covid-19 crisis. This month the markets continued to rip and I continued to lag. My saving efforts were very mediocre. Thankfully, Mr. Market chipped in a bit more to build my balances.
Read AlongThe SPAC Daddy: Sir Martin Franklin
Martin Franklin is an interesting investor. He has a fantastic track record, including returns in Jarden, which has to be among the best performing investments of all time. I think he was probably a prime candidate for the next cut of the Outsiders (the one about capital allocation, not pony boy).
He also might be credited, at least partially, with popularizing the Special Acquisition Company (“SPAC”) structure. Basically, a SPAC is formed to acquire a business via a “blank check” and often will acquire private businesses, bringing them to the public markets via a sort of “reverse i.p.o.” This structure is hot right now with a lot of the S.V. set.
In my opinion, SPACs are usually not a great deal for investors because of the incentives paid to the promoters. They often have an incentive to get a deal done and they then recognize a big windfall. For example, a common structure results in the pormoters owning 20% of the post-SPAC enterprise (though the incentives may not be that much worse than a normal IPO, when you think about who is selling and why). Yet, the arrangement has worked pretty well for Franklin’s investors.
Continue reading “The SPAC Daddy: Sir Martin Franklin”Fun Fund: Q2 2020 Update
This post is about the performance of my “Fun Fund.” I am going to discuss the performance of this actively managed investment account in the recently ended second quarter of 2020 and share some thoughts on a few positions.
Continue reading “Fun Fund: Q2 2020 Update”Personal Spending – First Half of 2020
While 2020 seems to be the longest year of my life, it is half over! I thought I would take this opportunity to “audit” my household spending to make sure nothing is going off track.
Continue reading “Personal Spending – First Half of 2020”State of the Stash – June
It is time for another update to my personal finance journal. Tracking my net worth and savings is important to help me to stay motivated and on track. I hope it is also interesting for you to follow along on my (long) journey. This month I continued to save, but Mr. Market did most of the work growing my portfolio!
Read AlongState of the Stash – May
Time for the monthly update to my personal finance journal. The equity markets continued to rally in May. I continued to save, adding to my conservatively positioned portfolio.
Continue reading “State of the Stash – May”Greg is Able
Is it too late to write down (type up?) some of my observations from the Berkshire annual meeting? It has only been about a week, but it seems like it has been analyzed to death (probably because of the lack of other usual distractions). Well I have a kid and real job, so I am just now getting to put together a (short) post on some of my observations, including the fact that Buffett pretty much laid out the Berkshire succession plan (for now) in about as much detail as I can recall.
Continue reading “Greg is Able”State of the Stash – April
Time for the monthly update to my savings/investment balances. Things bounced back a bit this month, as one might expect in the strongest monthly rally since ~1987.
Continue reading “State of the Stash – April”My Fun Fund and The Great Cessation
This is going to be a quick Fun Fund investment journal update to document my thoughts (and actions), so that I can hopefully reflect and improve over time (and, perhaps more likely, for our mutual future amusement).
I sold some stocks in my Fun Fund account last Friday, as a matter of portfolio management. If I am totally honest, however, I am also expressing a view about the overall market. The timing of “trimming” these positions was influenced by my view of the current risks and rewards on offer in the equity market.
Continue reading “My Fun Fund and The Great Cessation”State of the Stash – March
Oooof! Time to take my medicine and update my investment balances. Click here to behold the raging chemical fire that my dirty financial laundry has become (just kidding it’s not THAT bad).
Continue reading “State of the Stash – March”