Sublime

Windsor was never fancy, fad-driven, or resigned to market performance. We followed one durable investment style whether the market was up, down, or indifferent. These were its principal elements:• Low price-earnings (p/e) ratio.• Fundamental growth in excess of 7 percent.• Yield protection (and enhancement, in most cases).• Superior relationship o

Construction firms had not been willing to take on the risk associated with delays; instead, they put that risk on their clients. But Ivar understood a fundamental proposition about the allocation of risk: both parties to a deal can gain when the party in the best position to bear a risk takes on that risk. Construction firms, not clients, were in

5 Investment

If you put only about 2 percent of your chip stack to work ($25,000) on your first ten angel investments, and your chip stack is only 15 percent of your net worth (i.e., you allocated $1.5 million of your $10 million net worth to angel investing), well, if your first ten deals return zero, you’ve lost only $25,000 of $10 million—or 0.25 percent of

The great art dealers operated like index funds. They bought everything they could. And they bought it in portfolios, not individual pieces they happened to like. Then they sat and waited for a few winners to emerge.

The year before John Paulson decided, in the spring of 2009, to give investors in his hedge funds the option of having their returns measured and paid in gold, he had made a fortune for himself and his clients by betting on the value of America's housing markets and banks. Now he was betting that an even more basic product than housing — money itse