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Circle Of Competence Issue #5

Department of General Finance

How bad was P/C insurer's underwriting loss in 2017?

- Great article on 2017 performance (or rather, lack thereof due to tough hurricane season) of P/C insurance industry

Inside the strange odyssey of hedge-fund king Eddie Lampert

- VERY exclusive interview with Eddie Lampert of Sear's Holdings on his current strategy with Sears and other folks' opinions of how he has handled the situation thus far. Normally, I'm not a Vanity Fair type guy... but this was juicy.

Libor's rise accelerates, squeezing short-term borrowers

- Interesting article on Libor and how rising rates are affecting consumers and corporations alike

Warren Buffett Predicted the Fall of Eddie Lampert in 2005

- Good quotes from Buffett back in 2005 on retail companies in decline, Eddie Lampert taking on a failing retailer, and his advice not to test history when it comes to a tough industry.

Fight the Fed Model.

- An interesting, data driven post from Cliff Asness from AQR Capital on why the comparison between the 10 year treasury yield and P/E isn't quite the right approach for forecasting returns.

Department of Real Estate

Self storage: how warehouses for personal junk became a $38 billion industry

- Great article with some historical facts on the self storage industry and where it's headed.

Department of Blogs