Stock Analysis
Audio Interview with Chuck Jaffe at MarketWatch
I had a fun radio/podcast interview today with Chuck Jaffe at MarketWatch, we “played” hold it or fold it with some of the stocks we own.
AmEx as a Bank Holding Company
AmEx becoming a bank holding company (BHC) is not just net positive for the company it is simply positive. When a highly leveraged investment bank like Goldman Sachs turns into a BHC, its future profitability suffers as its leverage drops to commensurate level of the bank.
Stuff Stocks Still Too Expensive
I am probably right about what I am about to say: The global slowdown is just starting and will last longer than most expect.
Interview with Advisor Perspectives
I was interviewed by terrific Robert Huebscher at Advisor Perspectives. We've revisited my range-bound markets thesis, possible economic scenarios for our economy, and discussed global economy including Europe, Russia, Middle East, and of course China.
You are not as dumb as you think – or – Psychotherapy for Bear Markets
Today I've slightly rewritten the same article to address underconfidence of bear markets.You are not as dumb as you think - or - Psychotherapy for Bear Markets.
Forbes Video Interview: Dotcom portfolio
I was interviewed by Forbes in early October. I discussed my favorite "dotcom" portfolio of stocks.
Thoughts about the market
Some thoughts about the market. In today’s market you see some unbelievable opportunities. For the first time, in a long, long time, we can actually put a full portfolio together where we don’t have to compromise on Quality, Valuation or Growth when we pick stocks
Gold, Doomsday Currency?
I got a call today from a financial journalist asking me if gold is “the” asset for the doomsday portfolio. I took this question very seriously.
Five things that will be different after the ‘bailout’
"Don't worry they'll bail them out." Though I love putting my clients at ease, there are consequences to the bailout.
Nokia is So Cheap!
Several weeks ago I made a case for why I liked Nokia in an interview with Kate Welling for Welling@Weeden. I said something along the lines of, "I have to pinch myself because I can buy Nokia so cheap."
Jos. A. Bank’s Margins
Reader asked me a question about Joseph A. Bank's profit margins, as a follow up to my early JOSB analysis.
The Most Misunderstood Stock On Wall Street – Joseph A. Bank
I tell you, every time I talk to someone who has shopped at Jos. A. Bank, has seen company's commercial on TV, or simply read the company's quarterly earnings report, I have to pinch myself to remind myself that the company is still around.
You Don’t Have to Be Sick To Own HMOs
You want to buy straw hats in the winter. This sums up an important kernel of successful value investing: making decisions that are unpopular at the time.
Kimberly Clark, an Opportunity?
If you believe at some point oil prices will follow the fate of the global economy and decline, Kimberly Clark (KMB) is one of the better ways to play it.
Income Pie Implications
The NY Times came up with a very interesting way to look at consumer spending. In the long run, consumer spending is a function of consumer income.
Plane Lessors Headed to the Desert
Plane leasing looks like a great business. Despite U.S. and global economies facing a slowdown and oil prices making all time highs, demand for planes is still very strong.
Lloyds TSB, Still a Good bank but cautious…
My firm sold Lloyds TSB Group (LYG) a couple of weeks ago. I still think it's one of the best run banks in the world, but its exposure to loans underwritten by other banks made us pause and rethink our thesis.
Look to the margins when using the price/earnings ratio
I love the price/earnings ratio, but like all investment tools, it is flawed. This is because it is only as good as the numbers that go into it.
Additional Thoughts On Starbucks
After I wrote a piece on Starbucks (SBUX) raising questions about its future success in international expansion and questioning the growth premium built into the stock, I got a lot of great emails that really made me think.
Is it a Bull, Bear or Cowardly Lion Market?
Are we in a bull, a bear, or a cowardly lion market? As we will see, the answer can make a huge difference in your investment portfolio.
