Author Archives: Ray Galkowski, CFA

RIP, Barton Biggs

Posted on July 16, 2012 by Ray Galkowski, CFA

Barton Biggs passed away on Saturday after a short illness. Every aspiring hedge fund manager should read his book Hedgehogging, which was published in 2006. You can find it in the book store above. Having just skimmed my marked up copy … Continue reading →

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Motives vs. Results

Posted on July 9, 2012 by Ray Galkowski, CFA

Motives vs. results. A lot of truth here… Continue reading

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GreatInvestors.TV – Value Investing Video of the Day – Simon Caufield

Posted on July 7, 2012 by Ray Galkowski, CFA

I met Simon Caufield at the 2011 CFA Institute (CFAI) Annual Conference in Edinburgh. The CFAI was experimenting with a social media app for the conference and asked Annual Conference Advisory Board members to “seed” discussions on the app. My … Continue reading →

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Top Five Articles from June | Enterprising Investor

Posted on July 4, 2012 by Ray Galkowski, CFA

Top Five Articles from June | Enterprising Investor. Good Stuff… Continue reading

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Another Thought-Provoking Intelligent Investor Column

Posted on June 4, 2012 by Ray Galkowski, CFA

Jason Zweig wonders whether undisclosed skin-in-the-game is a good thing. Can disclosure alone cure a real conflict of interest? Mutual fund managers wrestle with these issues but are usually criticized for having little or no skin in the game. Hedge fund … Continue reading →

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Feelings of Guilt May Signal Leadership Potential | Stanford GSB

Posted on May 31, 2012 by Ray Galkowski, CFA

I have always struggled with feelings of guilt; maybe it is my Catholic upbringing. In my mind, at least, I bend over backwards to ensure that people feel that I am treating them fairly and if there is any question in their minds, … Continue reading →

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Public Pension Ponzi Scheme; New York Cities Borrow From Pension Plan to Make Contributions

Posted on March 3, 2012 by Ray Galkowski, CFA

I was alerted to this post by a friend on Facebook. It points to a New York Times article on pension robbing. Public Pension Ponzi Scheme; New York Cities Borrow From Pension Plan to Make Contributions. The definition of Financial Repression: … Continue reading →

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China’s “Investment Bubble” | Enterprising Investor Blog

Posted on March 3, 2012 by Ray Galkowski, CFA

It is likely only a matter of “when” it bursts, not “if.” The attached is an excellent analysis. This is just one of many grey swans on the pond. Five Perspectives on China’s “Investment Bubble” | Enterprising Investor Continue reading

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Warren Buffett Cautions Gold Bugs in His 2011 Annual Letter Out Today

Posted on February 25, 2012 by Ray Galkowski, CFA

The whole letter can be found in the Berkshire Hathaway link to the right. …The second major category of investments involves assets that will never produce anything, but that are purchased in the buyer’s hope that someone else – who … Continue reading →

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An Unusually Large Herd of Grey Swans

Posted on February 24, 2012 by Ray Galkowski, CFA

Events that can have a significant impact on the economy and capital markets have become known as swans of various shades thanks largely to Nassim Taleb’s book, The Black Swan, in which Taleb reminded us of Karl Popper’s criticism of … Continue reading →

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