Stock Analysis

Beloved Country. Unloved Hedge.

Beloved Country. Unloved Hedge. (Updated)

My thinking on gold, the US Dollar, our national debt and our reserve currency status has not really changed much since August 2020, except that at IMA we have been increasing our exposure to foreign companies whose business is not tied to the US. We still have a small hedge in gold – I am as unexcited about it as I was when I wrote this article.

Our Analysis of UBER

Our Analysis of UBER (Updated)

I re-share and update my analysis of Uber, and why it remains an attractive investment. I provide a mental model of how to analyze companies that may appear expensive but have yet to reach escape velocity in their cost structure and have a large market addressable market that they’ll likely dominate.

US and China In the Foothills of Cold War

US and China: In the Foothills of Cold War (Updated)

In this article, I update my views about the US and China, and include my original article going over the risks posed by tensions between the two nations. I also discuss and share an update on IMA's investment in defense stocks, in light of the current geopolitical climate.

The Softer Side of Value Investing

The Softer Side of Value Investing

Culture matters. I share how I evolved from an analyst purely focused on numbers to an investor and CEO focused on people. Using two stories from IMA's own past, I recount how running the business made me a better investor.

Fools Gambit

Fool’s Gambit

In investing, there are many "games to play". There are a lot of ways to try to make money in the market, and not all of them are good, rational, or productive over the long term.

Sideways Markets

Sideways Market

I go over why we may be entering a sideways market (I wrote two books on this subject), as well as how to invest in them.

How to invest in inflation

How To Invest In Inflation

Finding investments to weather the storm. Strategies and ways to mitigate inflation risk, including investing in businesses with pricing power, capital intensity, and investing abroad.

Inflation is here. But for how long

Inflation is here. But for how long?

Exploring the nuances of inflation, including when it may be coming, from where it might arrive, and how long it might be staying.

Our Sell Discipline

Our Sell Discipline

How our selling practice differs between high-growth companies with long runways for compounding and slow-growth companies.

The Renaissance of Pipelines

The Renaissance of Pipelines

At first, investors loved them. Then, they hated them. Now, investors have left them for dead. Oil and gas pipeline companies are anything but popular. But they are essential businesses, with rising free cash flow and substantial dividend yields.

Value and growth demagogues

Value & Growth Demagogues

I have a problem with both value- and growth investing demagogues. While value demagogues tend to believe any company that trades at a P/E above the market average is too frothy, growth demagogues claim that price doesn't matter.

McKesson Amazon Will Not Throw This Drug Railroad Off The Tracks

McKesson: Amazon Will Not Throw This Drug Railroad Off The Tracks

Amazon.com has announced an online pharmacy offering. How big of a punch could this be to drug distributors McKesson, Cardinal Health and AmerisourceBergen?

Letter from the Value Investing Mental Asylum or How I Embraced Stoics

Letter from the Value Investing Mental Asylum or How I Embraced Stoics

Albert Einstein defined insanity as “doing the same thing over and over again but expecting a different outcome.” I can relate to this on some level. I share with you why I am not writing this from a mental asylum. I found solace in Stoicism.

Free Value Investing Curriculum for College Students

Free Value Investing Curriculum for College Students

An announcement that should be of interest if you are a college student with a passion for value investing.

Svenska Handelsbanken and How to Use Book Value

Svenska Handelsbanken and How to Use Book Value

I discuss our investment in Swedish bank Svenska Handelsbanken, and what makes their culture so unique. Then give a short explanation on when book value works as a measure of intrinsic value, and why it often doesn't.

Defense Stocks

Defense Stocks

I wrote this before the war in Ukraine began. The thesis of this article has become even more pronounced since ...

Tesla's Stock Price Discounts Temporal Wormhole into the Future

Tesla’s Stock Price Discounts Temporal Wormhole into the Future

Low interest rates have messed with the temporal properties of the market and created a wormhole in time and in Tesla’s stock.

Airline Stocks - When the Facts Change, We Change Our Minds

When the Facts Change, We Change Our Minds (Anatomy of a Sale)

Even before the coronavirus we were not big fans of the airlines stocks. Planes are expensive. Airlines have to pay for them whether they are fully occupied during normal economic times or when they are half-loaded during recessions.

Uber Eats: Delivering Food and My 4 Seconds of Fame on PBS (not PBS Kids, unfortunately)

Uber Eats: Delivering Food and My 4 Seconds of Fame on PBS (not PBS Kids, unfortunately)

I was on PBS NewsHour talking about Uber Eats and the food delivery business (you can watch it here). When ...

Nifty FANGAM and Other “One Decision” Investment Strategies

Nifty FANGAM and Other “One Decision” Investment Strategies

In early January we would not have guessed the stock market would be at today’s level, there must be more to the stock market than FANGAM.

The Fischer Random Chess Stock Market

The Fischer Random Chess Stock Market

There is a parallel between today’s stock market and Fischer random chess. The last time we faced a global pandemic was in 1918. The only common denominator between now and then is that humans have not really changed that much – it takes a few millennia to rewire our DNA and thus our fundamental behavior.