1
Feb
2021
The GameStops Here
…which you can do in an index fund. I don’t mind though, because I’ll bet that the risk management team at each of the fund companies saw what was happening…
23
Nov
2015
A Free Lunch for Thanksgiving
…trade unwound (click here for my article). Prior to the selloff in Valeant, it was more than seven percent of the fund. The 13D Activist fund explicitly buys and sells…
12
Nov
2014
Finding Meaning in the Morningstar Star System
…a love-hate relationship with Morningstar. I love the data and some of the commentary, but the star-system oversimplifies complex information that promotes short term investing and performance chasing. Buyer beware….
1
Nov
2021
The Trouble with Tesla
…lot of times, we talk about ratios like price-to-earnings or price-to-sales, but I think it’s helpful to look at the numbers themselves to compare companies. When I look at the…
13
Oct
2014
Dirty Words of Finance
…can use them here to describe how we mostly, but not entirely, keep clean of these items. Derivatives Leverage Concentration Short-Selling Derivatives are securities whose price is derived from the…
29
Sep
2014
Bill Gross, Meet Derek Jeter
…Mohamed El-Erian, quit abruptly and started an ugly, public feud. All of a sudden, stories about Gross’ mean-spirited and erratic behavior, like disallowing employees from looking him in the eyes…
14
Aug
2015
What Success Looks Like
…was emerging research that suggested that small cap companies outperformed large cap companies (read my primer on small caps here). Back then, the term ‘small cap’ didn’t even exist. Booth…
31
Mar
2014
Buybacks vs Dividends
…with buybacks. When a company cuts their cash dividend, shareholders revolt and stock prices crumble. On the other hand, companies change their buyback policies all the time without much hoopla…
1
Jun
2015
ETF Deathwatch
…less than 0.10 percent thanks to price wars among issuing companies. The silly ETFs are simply a byproduct of innovation and competition. It’s impossible to compete with Vanguard or iShares…
18
Mar
2024
The Return of Sound Money
…“the persistence of positive real interest rates.” If they explicitly defined real interest rates, I missed it, perhaps because the report is 24-pages long and has plenty of footnotes. In…