Stock Analysis
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
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.
Why The Survival Of Traditional Carmakers Is Far From Certain
Traditional carmakers do have strengths in designing, assembling, and marketing cars. They can afford to make an enormous investment in EV and absorb the losses that come with them. But will they?
The All-Terrain Dividend Portfolio
I was finally able to do something I have tried to do but could not for ten years! We have built a dividend portfolio that’s “all-terrain” and that yields … well, you’ll have to read to the end to find out.
Our Thinking About Coronavirus Has Evolved
Our thinking about coronavirus has evolved significantly over the last few weeks. Our initial optimism that it would send us into a mild recession was proven wrong by our government’s inept response – the extra time that we were given was wasted.
Never Let a Good Crisis Go to Waste
I discussed with Andrew Horowitz this recession and why it's a good crisis, and not like any other previous one we've experienced.
Surviving The Coronavirus Crash: ‘You Make Most of Your Money in a Bear Market; You Just Don’t Realize it at the Time’
Especially in this coronavirus market crash, we continue to seek out what we always look for globally — high-quality businesses that we can buy at a significant discount to fair value.
Markets in Turmoil: Our Game Plan for Crisis
A letter we sent to clients about how we are responding to the recent market selloff. We are anything but celebrating the toll coronavirus will take on human life and the global economy, we are embracing this crisis as an opportunity to increase the long-term returns of our portfolio.
What Would Ben Graham Do in Today’s Market?
I stumbled on a column by the wonderful Wall Street Journal columnist Jason Zweig, titled “What Benjamin Graham Would Tell You to Do Now: Look in the Mirror.”
Russia & Saudi Play a Dangerous Game of Chicken
Saudi Arabia announced that it will increase oil production from 9.7 million barrels a day to 10 million and then to 12 million if needed. This news alone sent the oil price down 20% – and the whole stock market with it.
The Impact of Coronavirus: People, Economy & Your Portfolio
This letter will be about the impact of coronavirus, divided into three sections: health and human impact, economic impact, and investment strategy.
The Jet Lag Series -Should You Copy Your Heroes?
Should you copy your investing heroes? I write about importance of learning from other investors while still trying to be you.
Equinor: A Good Oil Crisis is Never Wasted
Should you buy commodity stocks? The long-term outlook for oil is not brightand the current decline in oil prices will not last forever. If oil prices decline, Equinor may have to cut its dividend but will still be strong. If oil prices stay at their current level, there is some upside to the stock's valuation, and if they go up, they will benefit Equinor.
Bollore: Streaming Music & Cash Flows
We purchased Bollore, a two-hundred-year-old French conglomerate run by Vincent Bollore, for its two operating divisions: ports in Western Africa and a battery manufacturing business. We were primarily interested in Bollore's 25% stake in Vivendi, which owns the Universal Music Group.
2020: Party Like It’s 1999?
The 2020 stock market is experiencing a light version of the 1999 dot-com bubble, with growth stocks being incredibly expensive and value stocks underperforming. What will the feature bring?
Market Risk & The All-Terrain Portfolio
I sat down for an interview with RealVision TV to discuss IMA’s All-Terrain Portfolio, Tesla, Bitcoin, oil, the dollar, value investing, and more.
Is Tesla Apple? Is Elon Musk Steve Jobs?
Examination of the potential success of Tesla, comparing it to Apple. What advantages Tesla has, and can Tesla become as successful as Apple?
Why We Don’t Own Tesla stock (and no, we’re not bears)
After writing a 37-page opus on Tesla, I am often asked what I think of Tesla stock. Although I am a very enthusiastic Model 3 owner, I can equally see both sides of the argument around Tesla as an investment. This makes me neither bullish nor bearish, but someone who can foresee distinctly different paths for Tesla the company and Tesla the stock.
Tribalism in Investing Might Leave You Broke
People have a tendency to form tribes and stick to the views of that group, even if they don't agree with them. Tribalism can be dangerous in investing, as it can lead to ignoring important facts and evidence. How to avoid this?
Why We Sold Softbank
To understand why we sold it, you need to understand why we bought it.We bought Softbank when it was an unknown company to US investors.
These Simple Tips Can Make You a Better Investor
The stock market is not your friend. Instead, the market awakens a dangerous emotion — fear. Fear is not your friend, either. Here are some simple tips that can make you a better investor.
