May 2023
Hope you all had an enjoyable and safe Memorial Day weekend celebrating those that paid the ultimate sacrifice for our country!  I’m glad to see a debt ceiling deal seems to have been agreed upon in principle over the weekend, which hopefully will remove a major headline risk.  It certainly doesn’t resolve any of the...
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One of the hardest aspects of investing is dealing with the psychological challenges financial markets present.  Mr. Market’s extreme pessimism or optimism can be contagious at exactly the wrong time, leading to big losses and permanent losses of capital, which are precisely what we are most focused on avoiding.  The current market is being dominated...
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In our last article we covered the Bubble in “Safe” Stocks, where investors are paying outrageously high multiples for companies that are believed to be more recession resistant such as consumer staples.  In this article I figured I’d cover a stock Mr. Market and the doom and gloom propagandists view to be “risky” based on...
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Since early March, the stock market has been far more driven by fear than fundamentals, which has led to what I believe to be a bubble in stocks perceived as being “safe.”  When you pay 50% too much for a stock, a simple reversion to the mean can cause disastrous permanent losses of capital.  Conversely,...
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This weekend, Warren Buffett’s Berkshire Hathaway holds its annual meeting where investors flock to Omaha Nebraska to listen to the valuable insights offered by Buffett and his partner Charlie Munger.  It’s a great time to reflect on why these investors have been so successful and how it can be applied to our own investments.  Today,...
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This morning we woke up to the news that JP Morgan has purchased the vast majority of the assets and deposits of First Republic with the help of the FDIC bank-funded insurance fund.  This deal removes the last lingering overhang from the panic-induced bank runs that we saw in early March, which led to the...
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