Venture & Gain

Essays on wealth, markets, & the classical tradition in economic thought.

Venture & Gain is the essay work of Vermillion Private Wealth: a continuing effort to think carefully about markets, capital, and the classical tradition in economic thought. The writing and the investment practice are two expressions of the same intellectual commitments.

Austrian Thought, Risk & Ruin James W. Vermillion III Austrian Thought, Risk & Ruin James W. Vermillion III

Redefining Risk: Why Playing It Too Safe Might Be Riskier Than You Think

A down-trodden gambler throws back a shot of whiskey at the poker table and wagers his last buck. That's the image that many see when thinking about risk. It can be a scary concept. But what if there's another alarming risk that's often ignored? 

There is. It's the risk of not taking enough risk. According to a Wells Fargo study, approximately 60% of Americans invest too conservatively by focusing more on loss avoidance than growth potential.

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Austrian Thought, Risk & Ruin James W. Vermillion III Austrian Thought, Risk & Ruin James W. Vermillion III

Creating Value and Leaving a Mark: Insights from Jeff Bezos' Final Shareholder Letter

The Amazon epic may just be beginning but a significant chapter is coming to an end. Jeff Bezos founded Amazon in 1994 and has since grown it into the e-commerce and cloud computing monster it is today. What began as an online bookstore is now a company that impacts many lives, every day. That growth doesn't happen without a visionary leader.

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Austrian Thought, Markets & Knowledge James W. Vermillion III Austrian Thought, Markets & Knowledge James W. Vermillion III

Demystifying Investing Transactions: What Happens When You Press That Buy or Sell Button?

The GameStop fiasco has prompted many to take a deeper look at the inner-workings of financial transactions. The purpose of this article is not to create an escape hatch for large financial institutions, rather, I hope it provides a little information on what occurs behind the scenes every time you push that buy or sell button.

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Austrian Thought, Risk & Ruin James W. Vermillion III Austrian Thought, Risk & Ruin James W. Vermillion III

The Yin and Yang of Investing: Conviction, Humility, and Finding Harmony

After hours upon hours of research, you finally pulled the trigger on your next great investment. Oops! Fast forward six months and you're down twenty-five percent and now your brilliant idea is looking like a total flop…ouch! Being able to admit when you are wrong and take appropriate, rational action once your investment thesis breaks down can help improve your returns.

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Austrian Thought James W. Vermillion III Austrian Thought James W. Vermillion III

Warren Buffett's 2020 to Shareholders: Investing Wisdom and Witty Insights

Mr. Buffett is one of the few titans with the achievements, clout, and personality to make a piece of writing regarding retained earnings, business acquisitions, property/casualty insurance, and corporate governance better than mundane. He delivers yet again with witty one-liners, jabs at Wall Street bureaucracy, and even a few pop culture references.

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Austrian Thought James W. Vermillion III Austrian Thought James W. Vermillion III

The Ever-Advancing Frontier: Why Charlie Munger Underestimates the Next Wave of Innovation

Charlie Munger is a living legend. He’s best known as Warren Buffet’s trusted sidekick, right-hand man, and partner in building Berkshire Hathaway into the monstrous entity it is today. But he’s an icon in his own right. In a recent interview Mr. Munger was wrong about the future of innovation, way wrong.

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For essays on classical liberalism, emergent order, and the broader intellectual tradition the work here draws from, see jamesvermillion.com