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Reflections On Investing: Return Of The High Fliers?
While 2020/2021 were great years for our High Fliers, in 2022 the party ended and many of those companies like Peloton, Wayfair, and Carvana came crashing down.
Reflections On Investing : The Howard Marks Checklist Revised
Since the conditions in the market have changed dramatically it is time to revisit Mr. Marks' checklist.
Reflections On Investing: When Bad News Is Good News For The Stock Market
The market's worst day of 2022 was Sept. 13, when the CPI came in higher then expected. The next CPI release was a similar surprise, yet the market reacted differently.
Where Do We Go From Here? Valuing The S&P 500
A look at the approach to valuing the S&P 500 developed by NYU Professor Aswath Damodaran and explain its relevance to current market conditions.
Discount Rates And Realized Returns
There is an inverse relationship between current investment performance and expected future performance. Understanding why is key to maximizing long-run risk-adjusted returns.
Reflections On Investing : Forecasting Returns
A look at the relationship between current price ratios, future expected earnings growth, and future stock market returns.
The Discount Rate And The Future Of The Stock Market
Finance theory in recent years has stressed the importance of changes in the discount rate for explaining movements in stock prices.
The “Real” Interest Rate
A look at real interest rates through history.
Reflections On Investing: Inflation And Relative Prices
Relative price changes are often confused with inflation, but they are different. This difference can lead to a misunderstanding of the causes of inflation.
Reflections On Investing: The Shiller CAPE Ratio
The Shiller CAPE Ratio is often referenced yet at times not fully understood. In this latest installment, I start at the source and break down this popular metric in detail.
Reflections On Investing: Interpreting The Market P/E Ratio
From the pandemic lows of March 2020 to the end of 2021, stocks had an incredible run. Earnings were up but so too were P/E ratios. As the market climbed many warned that valuations had become unjustifiably high.
Reflections On Investing: ESG And Investment Returns
There has been an explosion of interest in ESG investing, in part because many investors believe it leads to superior investment returns.
Will Elon Musk Buy Twitter? What Does The Market Think?
Elon Musk recently proposed a buyout of Twitter at 54.20 per share. The Twitter stock traded over 50 following the news but in recent weeks the stock has dwindled.
The Best Of Times, The Worst Of Times
Recent times have been dreadful for investors especially for holders of growth and tech stocks.
Reflections On Investing: Expectations And Valuations
Growth in earnings doesn't necessarily equate to growth in stock price. A company's growth must meet or exceed the expectations of its investors to increase the stock price. When they fall short of expectations, the results generally spell trouble.
Investor Memo Q1 2022
There are two themes that we have stressed in our quarterly memos: interest rates have been extraordinarily low and the second is that stock prices have been high relative to fundamentals such as earnings and cash flow.
17 to 32 of 74 Posts