Stock Analysis
The AI Revolution
The discussion of AI quickly falls into a domain bordering on Sci-Fi. My thoughts here are only marginally shaped by scientific facts.
The EV Industry Landscape
As a part of a summer letter to IMA clients, I will discuss investments in the EV industry, spurred by the following question from a client.
Lessons from History’s Technology Booms
The technology at the core of the mania is different every time. What doesn't change over time is human emotion – the fear of missing out and then the fear of loss.
The Magnificent 7 and the Dangers of Market Hype
Despite the S&P 500 showing gains in the mid-teens, the average stock on the market is either up slightly or flat for the year.
Understanding Today’s Economic Landscape
Interest rates that stay low and actually keep declining for almost a quarter of a century slowly propagate deep into the fabric of the economy.
From Bull to Sideways Markets to Nvidia
I discussed my condensed views on the stock market, economy, and our investment strategy in a letter to IMA clients.
Traditions, Investment Conferences and Presentations
Investment conferences are the constants in my life. This year, we heard 24 presentations in three days at VALUEx Vail.
The Slippery Slope of Student Loan Forgiveness – Edition 2024
My daughter Hannah was just accepted to University of Denver. She might take out student loans. Why wouldn’t she?
Hedging the Portfolio with Weapons of Mass Destruction
Uber's business is doing extremely well. It has reached escape velocity – the company's expenses have grown at a slow rate while its revenues are growing at 22% a year.
From Twinkies to Rolexes (IMA Client Dinner 2024 Video)
Once a year, we host what the IMA team gently calls “client appreciation week.” This week is very special to me, as I get to meet people who have entrusted their life savings to us.
Cable Stocks Keep Getting Punched in the Mouth
Despite weakness in cable stock prices, our thesis on Charter Communications (CHTR) and Comcast (CMCSA) has not really changed. We made a small, superficial change in the portfolio.
My Appearance on John Oliver’s Last Week Tonight (Kind of)
This past Sunday, I received a text from a friend who told me he saw me on John Oliver's "Last Week Tonight" show on HBO.
No Shortcuts to Greatness: The Path to Successful Investing
One of my principles in life is to have a net positive impact on the people I touch. If every single stock I discussed only went straight up, I wouldn't have to worry about it. But this is not how life works.
Investing in a New Era of Global Tensions
You don’t have to worry about the market and its crazy valuations. That’s your neighbor’s problem, not yours. In building your portfolio, we are aiming for resilience.
Why the Survival and Dominance of Car Manufacturers is Far from Certain
Today EV sales account for a tiny rounding error of total global car sales. Can traditional automobile companies successfully transition to making EVs?
Next Year in Omaha (2024 Edition)
It is time to plan for my annual pilgrimage to Omaha! I am very sad because, for the first time, Warren Buffett will not be joined onstage by Charlie Munger, who passed away in November.
Putting a Charge Back into the EV Market
Over the last few months, electric car sales seem to have gone from hot to cold. Are electric cars a fad, like beanie babies, pet rocks, or fidget spinners?
My thoughts on AI
Innovation disrupts, but it also creates new jobs and improves the standard of living of society. AI will displace many jobs, but it will also empower people with new productivity tools.
Tax Loss Harvesting
With a few exceptions, which I’ll address at the end, tax-loss selling makes no logical sense. Let me give you an example.
What happens in China may not stay in China
To understand what will happen in China and its impact on the global economy, we simply need to invert what happened over the last two decades.
Our investments in oil and natural gas stocks
I am about to discuss a topic that, for reasons that are unclear to me, has been politicized: oil and natural gas stocks. I am writing this as a pragmatic analyst who looks at two factors: supply and demand.
