Stock Analysis
Inflation Update: Not Transitory Yet!
Today we are experiencing a perfect storm of inflation. A perfect storm is formed by seemingly small factors. Each one on its own may not be particularly significant, but once combined they result in an event that significantly exceeds the sum of all parts. I provide an update on my previous two inflation articles, and the risks I see on the horizon in the next few quarters.
Inflation Update: Not Transitory Yet!
Today we are experiencing a perfect storm of inflation. A perfect storm is formed by seemingly small factors. Each one on its own may not be particularly significant, but once combined they result in an event that significantly exceeds the sum of all parts. I provide an update on my previous two inflation articles, and the risks I see on the horizon in the next few quarters.
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 (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 (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
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.
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 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
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?
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
How our selling practice differs between high-growth companies with long runways for compounding and slow-growth companies.
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 & 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
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
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
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
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
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
Low interest rates have messed with the temporal properties of the market and created a wormhole in time and in Tesla’s stock.
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)
I was on PBS NewsHour talking about Uber Eats and the food delivery business (you can watch it here). When ...
