AK Rifles

“You can’t build lasting stock market gains or solid GDP growth on debt. Because debt cannot expand forever. Sooner or later it must stabilize and then it must contract. When that happens, all the positive features of debt become negative features. Instead of borrowing and spending more, people must spend less and pay off past debt. Instead of adding to corporate sales and profits, they subtract from them. Instead of driving up asset prices, they push them down.”

Borrowed money has an almost magical effect on the way up. It comes out of nowhere. So there is no labor cost to offset against it. It goes almost directly into corporate profits.


If you have a few favorites, please let me know. 

                                                      -work in progress-

My Other Blogs

Un Inversor Inteligente (spanish)

Ferrer Invest (spanish)

Seeking Wisdom

Value Investing Research

Magic Formula Investing

Outstanding Investor Digest

The Manual of Ideas

Value Investors Club

Value Investor Insight

Value Line

Value Investing Blogs

All Value Investing  Check out the videos!

Above Average Odds

The Brooklyn Investor:

Buffett FAQ

Fundoo Professor

Gannon and Hoang on Investing


Greg Speicher

Margin of Safety


The Inoculated Investor

Simoleon Sense

Street Capitalist

Value Investing World


Warren Buffett Resource

Value Investing Sites




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Ariel Investments


Baron Funds



Century Management

Clipper Fund

Davis Funds

Dreman Value Management


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Himalaya Capital Management

Hummingbird Value Fund

Longleaf Partners

Mackenzie Investments

Muhlenkamp & Co.

Oakmark Funds

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Olstein Funds

Pabrai Investment Funds

Pzena Investment Management

Redfield, Blonsky & Co.



T2 Partners

Third Avenue

Third Point

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Value Investing Schools and Courses

Centro Enseñanza Online Manuel Ayau  (spanish)

Columbia Business School

Gabelli School of Business

Kellogg School Of Management

Management Development Institute

Richard Ivey School of Business

UC Davis Graduate School of Management

Value Oriented Companies

Berkshire Hathaway

Fairfax Financial Holdings

Notable Economists

Carlos Rodriguez Braun  (spanish)

Jesús Huerta de Soto  (spanish)

Juan Ramón Rallo  (spanish)

Philipp Bagus

Xavier Sala-i-Martín

Amateur Portfolio Managers



Unience (spanish)

Media and other resources

Farnam Street

Barking up the wrong tree

Futile Finance

Inteligencia y Libertad  (spanish)

Libre Mercado  (spanish)

Grupo Retiro  (Family Business, spanish)

Michael Mauboussin

Santa Fe Institute

Libertarian Think Tanks

CATO Institute

Instituto Juan de Mariana  (spanish)

Ludwig von Mises Institute

A reader suggests:

  1. Bronte Capital’s blog – John Hempton shares his thought process and interacts frequently with readers on the blog. (
  2. Distressed debt investing blog (
  3. Corner of Berkshire and Fairfax forums (                                 

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