Stock Analysis
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.
Should You Invest in Marijuana Stocks?
What do you think about investing in marijuana stocks? We think making money on marijuana (cannabis with high content of intoxicating THC) and hemp (cannabis that contains low content of THC) will be very difficult.
Was the Uber IPO a Success?
The media often portrays a successful IPO as one that opens 30-100% above its set price and finishes the day up, however this is not beneficial to the company itself. We can look at the Uber IPO from a different perspective.
Here’s Why Pharmacy Stocks Are a Bargain Right Now
Why pharmacy stocks are a good investment right now? Let's take a look at two specific companies, McKesson and Walgreens Boots Alliance.
The Venture Capital market Bubble Is Putting Established Companies at Risk
Low interest rates have been in place for over a decade and while they have created a bubble in the venture capital market, they have also caused some companies to rely on the kindness of future capital markets and become "Ponzi-like" companies.
Is Value Investing Dead?
According to many market commentators, value investing doesn’t work the way it used to, and some tout statistics that growth has outperformed value over the last decade. Is value investing dead?
Letter to a Young Investor
To quote Mark Twain, don’t let schooling interfere with your learning. I recall that when I graduated from university, I was feeling invigorated by Modern Portfolio Theory (MPT).
Softbank Will Succeed Even If Its WeWork Investment Doesn’t Work Out
My firm is not as big a fan of WeWork as Softbank's CEO, Masayoshi Son, and we have doubts about WeWork's ability to make money. We have watched Son make investment decisions for Softbank, and we believe he has integrity, intelligence, and follows a deliberate process.
VALUEx Vail 2019
On June 12-14, my company, IMA, will host the eighth annual VALUEx Vail conference. I borrowed the idea for this conference from my friend Guy Spier after attending his conference in Zurich in 2011.
Why Stock Investors Shouldn’t Watch Business TV
Investors are prone to two opposing fears which can impair the ability to make rational decisions. To reduce this, it is advised to turn off business TV and focus on how news affects the value of a business. This will help filter out the noise and lead to more rational decisions.
Want to Be a Better Investor? Stop Staring at Your Portfolio
Investors often make irrational decisions due to fear of missing out or fear of loss. To reduce irrational decisions, investors should avoid constantly watching their portfolio.
Stock Investors: You Have Nothing to Fear but Fear Itself
Stock investors must remain rational and guard against fear when approaching the stock market. Fear of missing out and fear of loss can lead to poor decisions which can result in buying high and selling low.
The Real Secret About Why Corporate Mergers Fail
Corporate mergers often fail because buyers pay too much. This is due to the control premium, the need for the buyer and seller to feel they are getting a good deal, and the false promise of synergies.
Mature Company Stocks Are Not Bonds
Dividends have historically been a large part of total stock returns and represent real earnings. Low interest rates have created a cult of dividend-paying companies, and some companies have had to borrow money to pay out dividends even if it isn't in their best interest.
