By

Tim Travis
The market is in a bit of a tailspin again as concerns about a lack of progress on fiscal stimulus and the tumultuous election way down sentiment.  While it seems unlikely a new stimulus package will get put out before the election, I think it is very likely one of significant size will come within...
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Equities have sold off quite hard over the last few weeks, starting with the mega-cap Technology names, some of which are down more than 20%, and filtering into the overall market.  Volatility was heightened further over the weekend with the sad news of the passing of long-time Supreme Court Justice icon Ruth Bader Ginsburg.  The...
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Few things are more frustrating in investing than when you feel like you are missing out on an opportunity, which often can occur in speculative bubbles, so I just wanted to share a fun one with you.  You see people making money engaging in an activity, which you might believe intrinsically to not make sense,...
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I’ve talked a lot about how the current market environment has a lot of similarities to the Tech Bubble.  I just wanted to share an interesting chart I found.  September has been a pretty good month for value so far, as it has outperformed growth by over 5%.  Obviously that isn’t a big deal given...
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I wanted to provide a bit of good news in relation to Covid-19.  The Sun Belt wave, which peaked in late July has seen a substantial decline over the last 45 days.  Hospitalizations, ICUs, deaths, and even cases, have dropped meaningfully.  Keep in mind that many deaths we see reported daily actually occurred weeks or...
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“So, ironically, if you’re a value investor, if you’re a contrarian investor, you can’t succeed unless you’re willing to look and feel like an idiot for a period of time, until the turn happens.  If you’re willing to look and feel like an idiot, you will average in gradually and, at the turn, you’ll have...
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I’ve written quite a few times about the Tech Bubble that currently exists in the U.S. stock market.  No stock better epitomizes this madness than Tesla.  Over the last 12 months, Tesla generated $24.578 billion in total revenue and generated EBIT (earnings before interest and taxes) of negative $69MM.  Tesla’s market capitalization is a staggering...
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There was a really great interview between TD Ameritrade and Rob Arnott, who is one of the most respected stock strategists in the field.  Keep in mind that the spread between growth and value has literally never been greater. While it is easy to look at the recent past and extrapolate that into the future,...
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Sometimes it is easy to look at what is working in the stock market and assume that it is the “safe and prudent” way to invest, because it is working.  Remember that investing is about buying securities at a discount to intrinsic value based on a fundamental analysis that suggests the securities should appreciate over...
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As we get into mid-August, we are seeing some very positive data points.  Hospitalizations and ICU utilization for Covid-19 are plummeting fast, particularly in the sunbelt, where there was so much concern.  Tragically deaths lag and are likely at their peak right now, although this is a far lower peak than what we saw in...
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