| Hepburn Capital Management

Diversification: When It Doesn’t Work

Posted on June 12, 2006

Diversification: When It Doesn’t Work The most common description of diversification is to not keep all of your eggs in one basket. However, Andrew Carnegie, steel magnate of the late 1800s, had a very different philosophy regarding diversification, “keep all your eggs in one basket and then watch that basket very carefully.” Carnegie was mighty successful, having made so much money by age 65 that

————————— read more —————————

Posted in Money Matters Newsletter aggressively, backwards, carefully, categories, commodities, contrarian, correlated, correlation, correlations, description, difference, diversification, diversified, diversifiers, everything, generalities, increasingly, investment, investments, likelihood, philosophy, portfolios, strategies, successful, undiversified

February 2005: China

Posted on December 23, 2005

by Will Hepburn China CHINA — It is very much a present influence. Wait until you see to what extent China is going to influence our future. (Thanks to Richard Russell, of Dow Theory Letters) China’s population is five times that of the U.S. China has one of the world’s oldest civilizations with a long history of innovation. The Chinese invented gunpowder, and paper money. Although

————————— read more —————————

Posted in Money Matters Newsletter appropriate, association, attribution, bootlegging, civilizations, communication, constitutes, established, improvements, increasingly, information, intellectual, international, investments, nationalism, professional, professionals, refinements, sensationalism, significant, solicitation, specializes, stimulating, technicians

Noise vs Information (Feb05)

Posted on February 15, 2005

Noise vs. Information I have good news! No, I did not save a lot of money on my car insurance (actually I shopped those folks a few years back, and found that I am in good hands where I am). The good news is that I have just completed the biggest upgrade to my Adaptive Strategies software since I wrote it over six years

————————— read more —————————

Posted in Money Matters Newsletter association, bootlegging, civilizations, communication, determined, discussing, encouraged, government, increasingly, indicators, innovation, intellectual, investment, investments, nationalism, population, predicting, professionals, prudential, publicized, stimulating, submarines, superpower, technician, technicians

Who May Get Hurt the Most?

Posted on August 10, 2003 by Will Hepburn

Who May Get Hurt the Most? A recent item about interest rates on the news really got to me. The reporter said something to the effect of “. . . and rising interest rates may hurt homeowners.” I can’t tell you how many news articles and statements by experts I disagree with after I really think about them. They often get things exactly backwards. This is

————————— read more —————————

Posted in Money Matters Newsletter absolutely, affiliated, announcing, associates, conservative, contribution, disappointed, discounted, environments, financially, government, homeowners, immediately, increasingly, interested, investment, investments, management, mospagebreak, recognizable, refinancings, replacement, savingsbonds, significant, systematized