Howard Marks recently published Mastering the Market Cycle, and also was a presenter at the Mauldin Investment Conference. Our comments this month address both. His book is a healthy reminder of why equity investing is so interesting, and we agree with the gist of his comments from the conference. Download the Newsletter (PDF)
Read Article →The Fed wraps up a much-anticipated meeting this afternoon. So much going on! Even in choppy seas, though, there is usually a channel available for navigation. Some thoughts about this channel are explored in this month’s comments. Download the Newsletter (PDF)
Read Article →We’ve spent a lot of time on the macro issues with Notes over the last ten years. Today we take a different tack, looking in a little more detail at a specific sector that may offer some opportunity. The charts on page 2 are pretty interesting. Download the Newsletter (PDF)
Read Article →The classic adage “Buy low, sell high” is a great idea. Today we include some data that demonstrates the surprising extent to which the investment collective (the “average investor”) struggles to put the adage into practice. Download the Newsletter (PDF)
Read Article →Today we focus on profit margins, a very important factor in determining earnings and, thus, value. We hope you will find this of some interest. Download the Newsletter (PDF)
Read Article →Today we bring you a brief recap of the year just past, including a review of the expectations that were had for economic activity and earnings growth. In sum, another lesson in why market timing only works in hindsight! Download the Newsletter (PDF)
Read Article →The last couple of weeks have been less than inspiring. The market seems to be trying to find its footing today. Traders are sure to be unhappy, but prices have improved for long-term investors!
Read Article →When we wrote this, the S&P 500 was relatively flat over the last four weeks. Two days later, this is no longer true. The rest of the first paragraph holds, however: Volatility has returned, and defensive stocks are faring better than cyclical stocks.
Read Article →The third quarter was strong, but the fourth quarter has thus far not followed through. While we continue to be cautious about the headwinds of monetary policy, we doubt the recent selloff signals the end of the bull market.
Read Article →In honor of its tenth anniversary, today we bring you a recap of the GFC (Great Financial Crisis)
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