| Hepburn Capital Management

Are You Good at Poker?

Posted on November 29, 2006

Are You Good at Poker? How about investing? Just about everyone knows that three of a kind beats a pair, even those of us who don’t play poker. But as I point out in an example for my college class, it takes a higher level of skill to play and consistently win at poker than merely knowing the relative values of the hands. Where many people

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Posted in Money Matters Newsletter abilities, absolutely, assessments, attention, categories, competence, consistently, definition, difficulties, estimation, expertise does, incompetence, incompetent, individual, individuals, international, overestimate, performance, psychologists, recognizing, themselves, underestimate, underestimated, unfortunately, university

Messages from the Bond Markets

Posted on July 23, 2006

Messages from the Bond Markets The fact that so many people expect interest rates to be on the rise is a contrarian’s delight. When it comes to investments, the biggest crowd is almost always wrong. The brave souls willing to buy their straw hats in winter normally get the best bargains. Listen to news reports, read articles by financial pundits and talk to people you know

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Posted in Money Matters Newsletter affecting, aggregate, appearing, backwards, borrowers, businesses, commodities, contraction, contrarian, definition, engineering, expansions, financially, government, indicators, investments, meaningful, nonetheless, pronouncements, purchasing, rationalizations, recessionary, relationship, themselves, treasuries

The Only Thing We Have to Fear

Posted on January 15, 2003

The Only Thing We Have to Fear Is Fear Itself Franklin Roosevelt said that at his first inaugural address when the country was in the depths of the great depression. That depression was deflationary, and right now, this economy has businesses fighting the problems of deflation again. Our current economy is in no where near the sad shape of the 1930’s when banks failed en-masse and

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Posted in Money Matters Newsletter annihilation, apparently, appointment, businesses, capitalism, competition, confidence, consequences, consquences, definition, deflationary, depression, destruction, diversified, enterprise, morningstar, mospagebreak, performance, significant, similarities, successfully, surprisingly, traditional, uncertainty, unemployment