Yes, you are the CFO of a public company in the Great Era of Degradation in the quality of reported earnings. And yes, because “all
“Buy these X stocks because Y will be elected.” Using the KBW Regional Banking Index (KRX), there was a 20% gain in Q4 2016 on
We own this with roughly a $12 cost basis. We have always liked smallcap aerospace and defense. They can have oddball, profitable niches in an
Byrne Hobart thinks..not always correctly but that isn’t the point. He makes you think. “And it’s an elite school story: it opens with an anecdote
If a Soft Landing Is in the Cards, Why Aren’t Small-Cap Stocks Rallying?
From WSJ.com Wall Street Races to Bring Private Credit to the Masses Investing titans are jostling to launch funds made up of hard-to-trade private loans
While the beach version of SoCal has had an epic, non-marine layer summer, it seems to have been enjoyed by few locals who instead violate
So a few weeks ago, we put out a “bookish” piece on our efforts to effect Board change at a holding, Motorcar Parts of America
We have referenced Byrne Hobart’s The Diff newsletter any number of times as well worth reading. He thinks and writes as well as anything I
FTI Consulting August 2024 Newsletter Given the explosive growth of leveraged credit markets over the last decade, the ascendance of private credit, the extreme lengths
This gentleman does interesting work which can be summarized as follows: Most equity investments are not good: the “mean” for equity investments is much higher
Securities can go down as well as up. Over-owned and hyped securities will be pummeled more. The world in which we live is heavily indexed
this makes CNBC and Bloomberg out to have the credibility of BBC reporting on Gaza.
As a follow-up to this and this blog post, I received this 9 times today in my inbox. I can tell you one thing with
As a follow-up to partner Austin Farris’s recent piece on our blog regarding small-cap index performance, we present weird scenes inside the stock market goldmine in July.
I don’t know the Verdad people, but they tend to lean toward what we are thinking, so they are obviously smart and worldly people who
Why does the SEC want this? Who really wants it? “Only 4 hours of work” is BS. Another reason to run concentrated portfolios.
Private market assets under management totalled $13.1tn on June 30 last year, having grown at nearly 20 per cent a year since 2018. Most of
This is 68 pages of gogglygoook. But summed up… Google’s energy use is exploding. Google Chief Sustainability Officer Kate Brandt told The Associated Press news
Identify an underpriced public equity with some fixable issues. Buy the hell out of it. Install Board members to direct improvement, and as importantly, increase
Here we are in June, and things mostly continue on in a Newtonian fashion: “A stock at rest will remain at rest, and a stock
“I am open to the idea that the market is getting less efficient and that this has something to do with indexing. But if so,
I have clocked a lot of Smil on different topics. Thoughtful and obvious math on the carbon world. This is not political, it’s reality.
We do keep an eye out on all things roaming around the world, although a lot of them don’t turn up in portfolios. That said,
It might simply be wrong to infer any “corporate conduct” hurdles from someone who was simply born to be the grandson of Warren Buffet’s sister,
This is subtly very interesting when attempting to understand just how screwed up our healthcare system is. Investment and policy relevant. Like the Middle East
We will credit the Financial Times for this tidbit. Let’s assume a Chairman with a Forbes estimate of net worth north of $4 billion works
In a March 8th interview in the FT (which is behind the paywall, so I will summarize), Cliff Asness of AQR continues to lead the charge for why seven stocks won’t rule the world forever. And a few other non-original thoughts that are still worth repeating.
This is a former holding that we sold earlier this year (at a price higher than today) due to a complete lack of faith that
