This year has been wild in many terrible ways.  One extremely painful phenomenon (for a value investor) has been the massive growth outperformance relative to value.  Coming into the year, we were at the widest relative spread between growth and value since 2000.  After the pandemic tanked stocks more closely related to the economy, the...Read More

There has a been a lot of discussion regarding whether Social Media and Cloud-based stocks are at bubble prices.  Clearly, there are significant differences between the current frothy valuations on a few stocks that at least seem to have legitimate businesses underlying them, and the absurdity that was the Nasdaq in 2000.  At that point...Read More

The article below provides an interesting glimpse, comparing today’s Nasdaq to the bubble of the late 1990’s.  There is no doubt that conditions in the index aren’t anything near as frothy as during that period, particularly for the “old” technology stocks such as Cisco (CSCO), Microsoft (MSFT) and Intel (INTC).  Even newer stocks that are...Read More

Here is Tim Travis’ research report on Salesforce.com, Inc.  (CRM) on Mar 15th 2013.   http://seekingalpha.com/article/1285021-salesforce-com-sometimes-hype-just-isnt-enoughRead More

Here is Tim Travis’ research report on Salesforce.com, Inc. (CRM) on Nov 21st 2012.   http://seekingalpha.com/article/1024431-salesforce-com-party-like-its-1999-updateRead More

Here is Tim Travis’ research report on Salesforces.com (CRM) on Aug 30th 2012.   http://seekingalpha.com/article/838491-salesforce-coms-valuation-brings-back-memories-of-1999Read More

Below is my most recent research report on Salesforce.com.  This is a company that I believe is very deceiving in how it presents its financial results and it has a complicit analyst community, which focuses way too much on revenue growth and far too little on actual profitability or business value. http://seekingalpha.com/article/1482511-salesforce-com-the-charade-continues-with-recent-acquisition INVESTING IN THE...Read More

For those of you that would like to go back in time to the late 90’s when optimism was rampant, one need not look further than the current valuation of Salesforce.com (CRM).  Below is a link to our most recent research report on the company and I hope that you enjoy! http://seekingalpha.com/article/838491-salesforce-com-s-valuation-brings-back-memories-of-1999 INVESTING IN THE...Read More