The Death Of Equities Is Greatly Exaggerated
Mark Twain aptly noted, “History doesn’t repeat itself, but it does rhyme.” The May 24th edition of the Financial Times just ran a cover story titled “The Death of Equities?” Our colleagues at Credit...
View ArticleThe Risks Of 'Risk On' And 'Risk Off"
It could be a great drinking game. Every time someone utters the phrases “risk on” or “risk off” on CNBC, you take a swig. These days, you would be trashed before you’re done with your first cup of...
View ArticleDarkest Before Dawn In China
Could it really be true? Are they really getting divorced? Only a few years ago we were invited to the blissful matrimony of what seemed to be a most happy couple — investors and Chinese equities. They...
View ArticleWhy Small Growth Stocks Just Might 'Make My Day'
You know something fishy is going on when a Hollywood-type like Clint Eastwood gives an adlib speech for a white-shoe candidate at the Republication National Convention (with no teleprompter, but also...
View Article36 Years Of Small Caps
Thirty-six years ago, we began publishing a model portfolio with a stated objective of outperforming the Dow Jones Industrial Average (DJIA) by an absolute 10 percentage points per year. We met that...
View ArticleWhy This Election Really Doesn't Matter
This has been a hard-fought election throughout, and recent polls suggest that this one is likely to go down to the wire and could be as tight as the Bush-Gore contest in 2000. It remains to be seen if...
View ArticleThree Black Friday Specials
What’s a worse pairing than sushi and cabernet sauvignon? Try a tough economic environment paired with huge uncertainty in tax rates. In any economy, predictability of future tax policy is important,...
View ArticleCliff Diving Into A Lucky '13
Last year we wrote about extremely attractive valuations for high-growth small-cap stocks. We argued that equity valuations reflected a “high degree of uncertainty, renewed fears of global recession,...
View ArticleFast Times At Wall Street High
I had a curious question the other day: What does it feel like to smoke weed? Never having toked personally, I have no firsthand knowledge. As a professional money manager and father of four, I figured...
View ArticleBeggar Thy Neighbor
Though rare in history, the risk of a global currency war is on the rise. In times of slow economic growth and high unemployment, a country may devalue its currency to increase demand for its exports...
View ArticleHow To Win At Hide-N-Seek
So right after Cyprus decided to levy its depositors, before the people in charge revised the rules from stealing from everyone to stealing mostly from the non-voting Russian Mafia, I had a nostalgic...
View ArticleThe Greatest Game Ever Played
Ponzi scheme (noun) – an investment swindle in which early investors are paid off with money put up by later ones. We are witness to the biggest Ponzi scheme and the greatest market manipulation in the...
View ArticleLook To The Cloud For Potential Winners
With P/E ratios creeping back up toward long- term historical averages, the Fed’s supply of QE helium feeling finite, and lackluster economic growth, we believe individual company fundamentals will be...
View ArticleBuck The Trend
Jumping on the latest investment fad is just as American as baseball, frivolous lawsuits, or cheating on your income taxes. We used to think it was a plague of the retail investor, but we’ve since come...
View ArticleThe Misinformation Age?
“The reason I talk to myself is because I’m the only one whose answers I accept.” — George Carlin We live in the information age, and information today moves at light speed relative to just 10 or 20...
View ArticleShifting From Overdrive To Neutral
When I was a kid, my family took a vacation to the Bahamas, ostensibly for leisure but the real reason was that my father and Sir John Templeton were filming an investment TV program together at...
View Article37 Years Of Small Caps
Thirty-seven years ago, we began publishing a model portfolio with a stated objective of outperforming the Dow Jones Industrial Average (DJIA) by an absolute 10 percentage points per year. We met that...
View ArticleNo Profits, Sky-High Valuations, Big Gains
The first time I saw it, I couldn’t believe my eyes. It came down upon us with no inkling of forewarning, no hint of remorse. It fi rst struck acquaintances--West Coast technology types--who were...
View ArticleYou Can Have Your Cake And Eat It Too
“Don’t forget this, too: Rumors aren’t interested in the unsensational story; rumors don’t care what’s true.” John Irving Very rarely do we find ideas with high growth prospects, a strong balance...
View Article2014 Outlook: Follow The Money
This year’s stock market was like Christmas at the in-laws. You didn’t really want to be there, but the consequences of staying away were even worse. Still, in the end, you were glad you participated....
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