Stock Analysis

Softbank Will Succeed Even If Its WeWork Investment Doesn’t Work Out

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

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

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

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: 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

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

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.

Intellectual Investor Podcast

Intellectual Investor Podcast

I am launching something new: the Intellectual Investor Podcast. It has been in the works for a few months, and I cannot wait for you to hear it.

Opioids Crisis & Drug Distributors

Opioids Crisis & Drug Distributors

Pharma distributors have been wrongfully blamed for the opioid epidemic, because they are not actually responsible for the misuse of these drugs or the fact that doctors overprescribe them.

This Stable Value Stock Is Built To Weather Market Storms

This Stable Value Stock Is Built To Weather Market Storms

It is hard to say anything about McKesson that we have not said before — it is a high-quality business with extremely cheap shares. McKesson is a pharmaceutical distributor with extremely undervalued stock.

Beats & Misses, Seen & Unseen

Beats & Misses, Seen & Unseen

Wall Street often focuses on companies that beat quarterly estimates, but this does not always lead to long-term success.

The Market Right Now Doesn’t Care How Fantastic Your Stocks Are

The Market Right Now Doesn’t Care How Fantastic Your Stocks Are

Seneca's words that "time discovers truth" apply to the stock market, where long-term stock prices will reflect a company's true intrinsic value, but in the short term the pricing is unpredictable.

Why We Sold Apple Stock

Why We Sold Apple Stock

Our firm sold its entire Apple stake last week due to concerns about mature iPhone sales, Apple's weak services, and the lack of a large new product category.

Stansberry Investor Hour Interview

Stansberry Investor Hour Interview

I was interviewed by my friend Dan Ferris on the Stansberry Investor Hour show.

The Average Stock Is Overvalued Somewhere Between Tremendously And Enormously

The Average Stock Is Overvalued Somewhere Between Tremendously And Enormously

We are having difficulty finding attractive stocks because the stock market is overvalued. We have chosen to focus on finding high-quality companies significantly undervalued, rather than trying to time the market. But where to find them?

Soul In The Game in Investing

Soul In The Game

Few people have had as great an impact on me as an investor as Nassim Taleb. His books explore the role of randomness in life and the stock market, and I incorporated his concept of "soul in the game" into our investment philosophy.

How A Stock Market Turns Investors Into Gamblers – Audio Edition

How A Stock Market Turns Investors Into Gamblers – Audio Edition

Today I am going to share with you an article I wrote after the January 2018 stock market volatility. It’s as relevant today as it was then.

How To Invest In A Stock Market That’s Due For A Hard Landing

How To Invest In A Stock Market That’s Due For A Hard Landing

Global debt is growing, and stock markets are at their most expensive in the last 100 years. How to invest in a stock market that’s due for a hard landing?

Investors Have Misdiagnosed Amazon’s Push Into The Pharmacy Business

Investors Have Misdiagnosed Amazon’s Push Into The Pharmacy Business

Companies are worried about Amazon's potential entry into the retail pharmaceutical industry. However, a slower changing older population, combined with the fact that Amazon's sales would only represent a small portion of total drug sales, suggests that it is unlikely to have a significant impact on the industry.

Questions I’d be Asking If I Owned Tesla Stock

Questions I’d be Asking If I Owned Tesla Stock

Here’s a big question I’d be asking if I owned Tesla stock: What happened to 345,000 reservations?

Why My Firm Sold Short-Term Bond ETFs and Bought U.S. Treasury Bills

Why My Firm Sold Short-Term Bond ETFs and Bought U.S. Treasury Bills

Recently my firm replaced all of our short-term bond exchange-traded funds with U.S. Treasury bills. The core motive for this decision was not to pick up a few points of extra yield, though that’s a nice bonus.