Background, attitude, and principles
*This picture was taken at Day at the Beach for Special Surfers. The event gives special needs and homeless children the opportunity to experience the wonder of the ocean through surfing and fun activities. Click here if you would like to know more.



I work for Silvergate Bank, a financial institution headquarted in La Jolla, CA. In my role as a VP in Capital Markets I provide debt and raise equity on U.S. commercial real estate. You can see some of my work by clicking here.


I earned the Chartered Financial Analyst (CFA) designation in 2016 and prior to that I studied business administration at Chapman University, a graduate school in Southern California.


I do not manage other people's money nor am I a financial advisor. On rare occasions, when I feel I can materially provide value, I will consult on specific investment issues. 
If you have specific question in mind, write to me.


I opportunistically invest in all kinds of companies. From companies that own movie theaters to companies that sell nitrogen fertilizers.


I follow the footsteps of other professionals that dedicate some of their time to share knowledge. I founded Pen&Paper because of a vlog about design by Ran Segal.


Transparency & Objectivity

I write about my failures in stock investing just as often as I write about success stories. Both will serve you as a learning tool. Because I am personally invested in all the companies, my writing and perspective is very subjective.


I dedicate about 30 to 40 hours each week in reading annual reports, analyzing financial statements and learning about investment concepts.

Pen & Paper

All of my investment decisions are made using a pen and paper (I do cheat at times by using an HP12C calculator.)
I named the website Pen & Paper to emphasize that the main tools for sensible investing are available for us all.


Write to me at noam [at] getpennpaper.com or visit my Linkedin page. I would be happy to hear from you.



I typically own between 15 to 20 positions and try to purchase a stock every month. Visit the scorecard page if you would like to read about the stocks I currently own. 


To make sure I think carefully before each stock, as a principle, I will hold a stock for at least two years, even if the price halves rights after I bought it.


Common reasons for selling stocks: (1) I found a better place to allocate cash, (2) the market value equals intrinsic value, (3) the rate of return greater than 50% in less than a year, (4) the initial reason for purchasing the stock proved to be wrong.


The last time I shorted a stock was in March 2016. And since it's been over two years now, I think it's safe to say that I got rid of that vice.


I publish articles every Friday, after trading hours, so that readers have plenty of time to make an informed decision on their own.  


Amazon Affiliates

If you make any purchases using the links on the website, Amazon pays me up to 10% of the proceeds.
I donate 100% of these. 

CFA Institute

While I am an active board member of the CFA Society of San Diego and a current CFA charter holder, I do not receive any compensation from the CFA Institute.