Blog Archives

Looking Back At My 32 Years With CWS And Planning For The Future

Gary Carmell 32 Years with CWS looking forward

July 20, 2019, was my 32nd anniversary at CWS. After college, I moved down to Orange County to be with Roneet to start our lives together. She had recently begun her career at Nordstrom that would be the start of a meteoric rise to upper management over her 10 years there.

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Trauma and Intelligent Investing

Trauma

Traumatic events can hold great sway over our lives. They can trigger reactions that are often times not healthy for us. I was at the Museum of Tolerance in Los Angeles and saw someone speak who was born in Brussels in 1943. For the first two years of his life,

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What To Avoid So That Your Happiness Continues

Avoid so Happiness Continues

Following up from last week’s blog post that discussed Bertrand Russell’s Conquest of Happiness, this week will focus on some of the actions we can take and the ways we can train ourselves to welcome more happiness into our lives.

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Bessembinder: A Fascinating But Skewed Study

Bessembinder

In reading @jesse_livermore’s latest and always brilliant missive/analysis, he referenced and linked to a study by Arizona State University professor Hendrik Bessembinder entitled “Do Stocks Outperform Treasury Bills?” It seems like a pretty ludicrous question since our capitalist system is supposed to reward risk-takers.

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Charlie Munger, Robert Hunter, and Worldly Wisdom

Charlie Munger, Robert Hunter Worldly Wisdom

“What is elementary, worldly wisdom? Well, the first rule is that you can’t really know anything if you just remember isolated facts and try and bang ‘em back. If the facts don’t hang together on a latticework of theory, you don’t have them in a usable form.”

— Charlie Munger

For me,

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Mind Your Legacy and a Pet Peeve

Mark Hurd Legacy

I was going to write about some interesting charts that caught my attention such as this one.

Average of five key Philly Fed subindexes

And while this divergence definitely caught my eye and makes me wonder if the recent rise in yields (nearly 0.25% over the last couple of weeks on the 10-Year Treasury) is foreshadowing economic improvement like this chart seems to suggest,

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A Memorable Cab Driver and Eavesdropping in Austin

cab driver Austin

I was in Austin a couple of weeks ago and had a very interesting cab driver who looked like one of the wild and crazy guys from the classic Saturday Night Live skits played by Dan Ackroyd and Steve Martin as the two brothers from Czechoslovakia.

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Economic Gain, Treasury Pain

Treasury Yield

It’s been a brutal couple of weeks for Treasuries as the following headline from Bloomberg attests to on September 13th.

Bloomberg Treasury Dive

10-year yields bottomed on a closing basis on September 3rd at 1.47% and have shot back up to 1.90% as of September 13th.

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Sickness, Grit, Reliability, and Variable Rate Loans

mental toughness

Roneet used to say that you have to be healthy in order to be sick. She was spot on. I, fortunately, don’t get sick very much but last week was one in which I was fighting my annual cold. It usually lasts five to seven days and then I’m back to good health.

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Find a Game and Get in the Game

Failure to Launch or Find Yourself

I was talking to my daughter about a few college graduates that seem to me as if they fall into the category of “failure to launch”. Well, maybe they have launched but they have not reached escape velocity to reach an orbit of independence (and I don’t just mean financially) and growth.

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