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Quiz Question: What do these companies have in common – Whitbread of the United Kingdom, Molson Coors of North America, Qantas of Australia, Honda of Japan and Adidas of Germany? Yes, they all deliver consumer products and services. Whitbread is in hospitality, Molson-Coors is in brewing, Qantas is in airline transportation, Honda is in automotive [...]

If some of the smartest people in the world work in financial markets, as is often suggested, why are their forecasts so unreliable? Perhaps the problem starts with the idea that intelligence is related to the ability to correctly and consistently predict the movements of markets and individual securities. A number of factors explain why [...]

Over the course of a lengthy and illustrious business career, Warren Buffett has offered thoughtful opinions on a wide variety of investment-related issues—executive compensation, accounting standards, high-yield bonds, derivatives, stock options, and so on. In regard to gold and its investment merits, however, Buffett has had little to say—at least in the pages of his [...]

As a topic of conversation, investment is like sports. Everyone has an opinion. And the strongest opinions often come from those who spend more time in front of the TV than out on the pitch. Practitioners, meanwhile, are wary of anything labeled a sure thing. Indeed, it’s one of life’s ironies that the people who [...]