Thursday, July 17, 2008


We all make mistakes.

I have made two substantial mistakes I know about in doing this blog. (There are probably more I do not know about.)

For one mistake I just annotated the post. The other mistake was so central to the argument I just deleted the post as a demonstrably false argument is not worth any reader's time. [That post was on Fannie Mae and Freddie Mac. If you remember it - just forget it.]

In this business mistakes cost money.

If any of my readers spot something that they know to be wrong - or even think to be wrong I would really appreciate an email. We might agree to disagree - but I will try to approach any position with an open mind.

I am not writing this blog to push positions. I would rather tell you of the warts in positions (such as GE Real Estate at GE). The world is complex and most good positions have a bit of hair on them. Intellectual honesty is - in my view - a key to good investing. I am trying hard to cultivate that trait.

So please readers - keep the emails coming.


John Hempton

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The content contained in this blog represents the opinions of Mr. Hempton. You should assume Mr. Hempton and his affiliates have positions in the securities discussed in this blog, and such beneficial ownership can create a conflict of interest regarding the objectivity of this blog. Statements in the blog are not guarantees of future performance and are subject to certain risks, uncertainties and other factors. Certain information in this blog concerning economic trends and performance is based on or derived from information provided by third-party sources. Mr. Hempton does not guarantee the accuracy of such information and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. Such information may change after it is posted and Mr. Hempton is not obligated to, and may not, update it. The commentary in this blog in no way constitutes a solicitation of business, an offer of a security or a solicitation to purchase a security, or investment advice. In fact, it should not be relied upon in making investment decisions, ever. It is intended solely for the entertainment of the reader, and the author. In particular this blog is not directed for investment purposes at US Persons.