Mid-Summer Update: Ownership vs Playing Musical Chairs

Mid-Summer Update: Ownership vs Playing Musical Chairs If one were to ask an investment strategist from a bank which way the market will be headed in the next year, they could reasonably expect to hear “higher”. That has always been the case. Wall Street’s modus operandi is to sell optimism; it’s hard to sell investments … Continue reading Mid-Summer Update: Ownership vs Playing Musical Chairs

April Update, 2021: Simple Delights of a Hot Fudge Sundae

Investors continue to value the companies in your portfolio with generous valuations. It is hard to find fault with their enthusiasm when confronted with the following facts. Amazon hit record highs this Friday after posting its 24th consecutive quarter of revenue growth exceeding 15%. This past quarter its sales grew 44% to $108.5 billion or … Continue reading April Update, 2021: Simple Delights of a Hot Fudge Sundae

March Update, 2021: Counting Your Chickens

Investors collectively continue to have a positive bias towards their assessment of economic progress, and by extension, this continues to be reflected in generally rising stock market valuations. This is good news indeed, and we fully encourage a positive bias in the longer-term. There is good reason for optimism about a continuing economic recovery. The … Continue reading March Update, 2021: Counting Your Chickens

February Update, 2021: The Social Network Is Us

This one is not about Facebook. This is about the social network called the stock market, as seen through the lens of GameStop. [Common sense says] that when people make decisions about what they like, they do so independently of one another. But people almost never make decisions independently — in part because the world … Continue reading February Update, 2021: The Social Network Is Us

January Update, 2021: Know What You Don’t Know

“If something is impossible to know you are better off not being very smart, because smart people fool themselves into thinking they know while average people are more likely to say, “I don’t know” and end up closer to reality.”Morgan Housel Sitting by a fire, on a nice big, soft, well-worn couch, catching up with … Continue reading January Update, 2021: Know What You Don’t Know

Facebook: The Bark and Bite of Government Lawsuits

First, this is not breaking news and much like the government’s recent suit against Google, is unlikely to have a lasting, much less negative impact on Facebook's profitability or its attractiveness as a long-term investment. Second, whatever you may read in the coming days about this suit, it will likely proceed, as most of these … Continue reading Facebook: The Bark and Bite of Government Lawsuits

December Update, 2020: What a Month it has Been!

Well, that was quite the month! Mr. Trump was told to vacate the premises and contrary to his forecast, the markets did not crash. In fact, they jumped the most in a month since well before my career started 35 years ago. Our sense is that Mr. Trump will continue to captivate a certain percentage … Continue reading December Update, 2020: What a Month it has Been!

November Update, 2020: The Trend is Your Friend

Okay, so the election is over…kind of. Trump continues to keep his lawyers busy, and make headlines as a result, but it is increasingly looking as if he’s screaming into the woods with fewer listening, including judges. It was interesting to note that during Trump’s Thursday night briefing, filled with accusations of voter fraud, that … Continue reading November Update, 2020: The Trend is Your Friend