Daniel Peris

Low variance investing in a high-variance world. danielxperis.substack.com/p/slow-and-ste…

@KenGardner11 @JeremiahDJohns Indeed, Fukuyama prescient in that regard. Also read his book on Trust as the basis for scalable economic growth.

@JeremiahDJohns cc: @HistoryInvestor -- this looks right up your alley.

Frank Fukuyama wrote this in like 1991

You want to kill it on Wall Street? Work on Main Street first. The career advice new graduates don't want to hear. linkedin.com/pulse/you-want…?

List of sources/suggested readings: strategicdividendinvestor.com/background-rea…

Wondering about Russia's future direction in our new global order? So am I. Hegemons rise & fall, but how R does so will reflect its own admin history. This is geo-political path dependency in real time. T/y @alastair_benn / @EngelsbergIdeas team engelsbergideas.com/essays/russias…

@Mylovanov Just out with a similar argument. engelsbergideas.com/essays/russias…

Serhii Plokhy: The war in Ukraine may become a catalyst for Russia’s collapse. The Harvard historian in United24 argues that Russia’s attempt to preserve its empire through war follows a historical pattern that usually ends in exhaustion and disintegration. 1/

Learned and far‑sighted: Daniel Peris on Russia’s hegemonic destiny for @EngelsbergIdeas.

A thought exercise on the govt banning dividends from publicly traded corporations. After 40 years of slimming down, do US corps need to invest (a lot) more? Yes. But it can be done without the govt dictating the terms. open.substack.com/pub/danielxper…?

Grateful for this close read of The Ownership Dividend on another platform. Was especially struck by the characterization in the final graph. substack.com/home/post/p-18…

New Year. And what might be the new discount rate/equity risk premium? Asking for a friend....

On the fate of Russia's Far Eastern territory in the years/decades ahead. Follow-up piece on the rest of R's borders out soon. Hint: Russia's history holds the key to its future direction. T/y to the @EngelsbergIdeas team.

Corp interest deductability was an exigency of WW I govt finances. When the measures were reversed in 1919, it was not. Imagine a world w/no tax-based privileging of debt. Corp leverage, PE, Buybacks, etc--- all would look v different were it not for this fluke of history.

@DavidBahnsen It is a usually messy, often inefficient way to "run" a complex society. Sometimes more messy & inefficient; sometimes less messy & inefficient. But vastly, incomparably superior to the alternatives.

“The liberal society — that is, a society organized to safeguard equal rights and limit the powers of both governments and majorities through institutions of law and consent — has never been best understood as a utopian proposition. It is much better understood as a coping mechanism for those seeking virtue in a fallen world. It calls on us to constrain our expectations of politics, so that we might reach higher in every other facet of our lives.” ~ Yuval Levin

@KenGardner11 For those of you less masochistic than Ken, it formally works out the long math for DCFs, DDMs, IRRs, etc-- the stuff of cashflow-based analysis. That had been understood earlier (of course by Fisher, 1906) by centuries of businesspeople, but not worked out/canonized until JBW.

@HistoryInvestor Starting it tonight. It looks right up my alley.

My latest book purchase, because it’s chock full of algebraic equations. books.apple.com/us/book/the-th…

Could be the tinnitus, but I swear I hear a bell ringing. Help me out here....

@KenGardner11 @bogumil On it.

@HistoryInvestor @bogumil Well, you can always make up the lost sales by....writing another book.

Reposting this one year later. open.substack.com/pub/danielxper…?

Yes, I am 22 yrs late & the last to know, but it is still worth pointing out that marginalrevolution.com is one of the very best corners of the Internet. Is it possible that the species US publicus intellectualis is not entirely extinct? H/t @tylercowen & @ATabarrok

Not for the first time, I've heard from a reader who summarizes my approach to investing better than I could. In this case, it is an investor based in Thailand. Reposted with his permission. H/t @bogumil_nyc for putting us in touch, & @kofinas for hearing me out many years ago.