Comment that is, by us on the Presidential Campaign. We have enough trouble commenting on Wall Street. Politics is a whole other kettle of fish. But we spotted some things you might find interesting. The chart below is kind of busy but the message is pretty simple. Since 1990 Democrats have gotten more liberal and […]
News & Insights
Technology and the Internet of Things
The Economist did a special report recently (October 3, 2015) on the World Economy. They talked about rise of China, the shift from developed world growth to emerging markets and the future of America. They concluded that the U.S. is still a “sticky economic superpower”. The chart at the bottom shows where America was 10 […]
The State of World Housing Markets
What are housing prices telling us? Assessing prices usually is complex because housing itself is complex: It fulfills an essential human need, yet also serves as an investment vehicle and a store of wealth – for many, the largest component of their wealth. What’s more, interpreting house valuations requires the context provided by credit growth, […]
The Buyback vs. Dividend Debate
There seems no shortage of things to worry about these days. Is China’s economy decelerating? What will an increase in interest rates do to the stock market? And let’s not forget the ongoing political upheaval in the Middle East. But in the midst of this angst, it is important to remember that Corporate America is […]
Welcome to our 20th Annivesary Issue…
On the next page you can see the very first article on Value Investing that we published in September 1995. Next to it is our most recent one, written this month. Perhaps you’ll see what we see: that the principles of Value Investing remain very much the same. The world we are looking at today […]
The U.S. Scene – From Our First Newsletter – September, 1995
Twenty Years On…
Hard to believe it has been twenty years since our first newsletter. Back then we were convinced that Value Investing was a profitable strategy. You can read our original thinking on Page2. Why Value? Because people don’t like to be associated with losers and they drive prices of many securities to levels below which they […]
This Picture Really is Worth 1,000 Words…
The chart below is really big… and also a bit complicated. But bear with me, it’s worth going through. Sometimes a picture is worth a thousand words. The black bars in this chart from JP Morgan show the price return of the S&P 500 for every year since 1980. The red dots show the largest […]
Finally, a Financial Dictionary That’s Fun To Read
Quick, what is the definition of “stock market?” According to Jason Zweig’s new book, The Devil’s Financial Dictionary, it is: “A chaotic hive of millions of people who overpay for hope and underpay for value.” Jason Zweig is investing and personal finance columnist at The Wall Street Journal. His lexicon, inspired by American satirist […]
Longing for the golden era of the 1990s
Are we having a moment of nostalgia for the 1990s? I think I am after reading two articles on the subject in as many days. Remember the 1990s? The U.S. economy was in an expansion where we seemed to have cracked the code on balancing inflation and unemployment. There was a budget surplus. Europe was […]
Wall Street From Our Vantage Point
With the recent volatility in the world stock markets we thought we would comment now rather than wait for the September Newsletter. As Always, be in touch with any questions or thoughts. This is the best definition of Wall Street we know: “The stock market is only indirectly related to economics. It is a function […]
These are painful financial markets . . .
A few weeks ago, John Authers of the Financial Times wrote, “Amid one of the quietest sequences for the stock market on record, making money has proved painfully hard, especially for those who practice the art of value investing.” Recent markets have indeed been painful – lacking conviction and meaning, but offering plenty of uncertainty […]
