Ecomagination Initiative

Ecomagination Report. http://ge.ecomagination.com

Gary Hamel Viewpoint

Leadership from the Inside Out — Part II was briliant. I liked Drew Williams's mantra, borrowed from Mike Breen: low control, high accountability.

Useful links:
http://blogs.wsj.com/management
www.garyhamel.com

Art Market Update

The Economist report. When art prices fell, auction houses struggled to attract sellers. Collectors faced with death, divorce or debt—three common reasons for selling—still consigned their works for auction. But discretionary selling fell back sharply. With the memory of the record prices of 2007 still fresh in many collectors’ minds, the question they asked themselves was “why sell if you don’t have to?” Spot on.

Useful links:
www.sothebys.com
www.christies.com

The Maple Leaf Coin

The largest gold coin in the world has been sold by the auction house Dorotheum for $4m (£2.6m) at an auction in Vienna. www.dorotheum.com

Africa's Blood Diamonds

Jason Stearns's opinion piece in Christian Science Monitor on Israeli diamond tycoon Dan Gertler was interesting. http://congosiasa.blogspot.com

Avi Krawitz Viewpoint

Avi Krawitz's opinion piece in Rapaport about De Beers was interesting. De Beers managing director Gareth Penny made an interesting point. Diamond business is a normal business but it deals with an abnormal product. So true.

Useful links:
www.diamonds.net
www.debeersgroup.com
www.dtcbotswana.com

Random Thoughts

The antithesis of this action bias is, of course, patience. Patience is a weapon you can use to protect yourself from becoming an ADHD investor. It is required because the curse of the value investor is to be too early-both in terms of buying (known affectionately as premature accumulation) and in terms of selling. Unfortunately, in the short term being early is indistinguishable from being wrong. Patience and discipline are much needed when the bottom-up search for value fails to uncover any investment of merit. If you can't find something to invest in, then you are best off doing nothing at all. Warren Buffett often talks of the importance of waiting for the fat pitch. I call investing the greatest business in the world. . . because you never have to swing. You stand at the plate, the pitcher throws you General Motors at 47! U.S. Steel at 39! and nobody calls a strike on you. There is no penalty except opportunity lost. All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it. However, most institutional investors behave like Babe Ruth at bat with 50,000 fans and the club owner yelling, "Swing, you bum!" and some guy is trying to pitch him an intentional walk. They know if they don't take a swing at the next pitch, the guy will say, "Turn in your uniform."

- James Montier
http://behaviouralinvesting.blogspot.com

Brilliant. I loved it.

Sudarshan Shetty's Art

Margot Cohen's opinion piece in the Wall Street Journal about Sudarshan Shetty's artwork was interesting and inspiring. Many thanks.

Useful links:
www.galleryske.com
www.saffronart.com