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Value Investing
2020 has certainly been a tragedy of epic proportions on just about any level imaginable.  There is no sugarcoating that.  When you have tens of thousands of people dying from a new virus, and economies shut down across the world, it is tough to feel cheery, especially when you sprinkle in record unemployment.  The stock...
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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...
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2020 has seen a major disconnect between growth and value.  In the first quarter, the Russell 1000 Pure Growth Total Return index returned -13.6%, while the Russell 1000 Pure Value Total Return index returned -35%.  If you think about the companies that are most negatively impacted by the bizarre nature of this crisis where economies...
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On Saturday, Berkshire Hathaway hosted its annual shareholder meeting, which had a different feel, taking place in an empty auditorium, and without the great Charlie Munger being by his side.  Despite that, the meeting had a lot of great information, during these immensely precarious times.  Overall Buffett, is always bullish long-term on America, and on...
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It has been an interesting week with a great start and a terrible finish for the markets.  We know there is going to be volatility so I wouldn’t see it as much of a surprise.  I’ve written a lot lately, so I’ll just pass on this great video of Rob Arnott of Research Affiliates, one...
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The Covid-19 health crisis continues to evolve globally, and slowly we are learning more about the virus.  There have been quite a few serology studies in various regions of the country, where they are examining how many people possess Covid-19 antibodies.  The results of the studies seem to indicate that the true number of infected...
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This week, earnings began coming out in abundance, starting with many of the Big Banks.  I’ve gotten through J.P. Morgan, Wells Fargo, Bank of America, and Citigroup.  Research reports will be forthcoming.  I will tell you that I am incredibly encouraged.  All 4 banks were profitable, despite posting dramatic and expected reserves to account for...
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The vicious Covid-19 Pandemic is one of the most interesting and tragic times in history.  Right now, we are at an inflection point.  New cases, hospitalizations and deaths, are declining in Spain and Italy.  Deaths are likely peaking this week and early next week in our hardest hit areas of New York and New Jersey. ...
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While we are likely in the peak period for deaths in hard-hit New York and New Jersey from Covid-19, there are signs of hope emerging.  The NYC confirmed case daily growth rate has declined.  Governor Andrew Cuomo said that “the number of deaths has been dropping for the first time.” While too early to get...
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Well, that was one awful week that we just had, for much of the world, and certainly in financial markets.  I know I feel like I aged a decade this week.  The stock market has been increasingly worried about this Coronavirus over the last few weeks, leading to increased volatility and large selloffs.  This, combined...
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