There’s always plenty to worry about, but lately the mood on the Street seems to perking up a bit. More color on this in our November newsletter . Download the Newsletter (PDF)
Read Article →Perhaps you’ve been waiting with baited breath for our comments, which are typically issued closer to the middle of the month. Between a scheduled delay of about a week and upcoming quarterly reports, we decided ultimately to wait a little longer, send the newsletter now, quarterly reports mid-month, and then we plan to resume our …
Read Article →It seems like August should be a quiet month, but it tends to be surprisingly interesting. This week, in particular, has been anything but a “quiet week in Lake Wobegon!” This Notes includes an interesting chart of the “top ten” companies over the decades. Few rarely stay on the list from one decade to the …
Read Article →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!
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