Animal Spirits: Funding Secured

On this week’s Animal Spirits, we discuss: Why did I say “funding secured” Why do companies go private? Are buybacks starving the economy? No, but it’s complicated And earning-per-share bonuses need to be adjusted for buybacks The housing crash disproportionately affected the middle class The CAPE ratio arguments are usually black or white. This one…

These Are the Goods

Articles You can’t call your doctor or advisor everyday asking questions. You need to learn how to cope on your own. By Tim Mullooly Financial planning in the absence of an investment strategy designed to implement the plan is a f***ing fortune cookie. By Josh Brown You’re always trading one risk for another, not eliminating…

The Scapegoat

“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.” -Winston Churchill We have always been a country of haves and have nots. In 1937 John D. Rockefeller had a net worth of $1.4 billion, or 1/65th of U.S. GNP. Today, the three wealthiest…

Animal Spirits: Despite All Logic

On this week’s Animal Spirits, we discuss MoviePass becoming profitable, despite all logic This is some press release Cutting the chord and Disney’s new streaming service Busting some pension myths The pension hole is the size of Germany’s economy Bankruptcy booms among older Americans Creating an ideal liquid alt 1 in 8 divorces is caused…

The Longest Bull Market of All-Time?

Does it really matter when a bull market begins? Whether you measure it from the low in 2009 or when new highs were made in 2013, isn’t this just semantics? Bull markets are in the eye of the beholder, and when we mark the beginning is of little importance, unlike things like earnings and valuation…

These Are the Goods

Articles Mix a little data with something you want to be true and you grab it with both hands By Morgan Housel Chart goodness By Tadas Viskanta If you can’t save money, your investment returns won’t matter. By Nick Maggiuilli Mean reversion is probably one of the most misunderstood concepts in all of finance. By…

Who’s Warren Buffett?

“Who’s Warren Buffett I asked?” That’s what George Goodman (“Adam Smith”) said to Benjamin Graham when he was asked to work on a new edition of The Intelligent Investor. Adam Smith's SuperMoney is the book that introduced the world to an obscure money manager from Omaha. pic.twitter.com/BZ8mMdt4jS — Michael Batnick (@michaelbatnick) January 12, 2017 George…

What Are Your Thoughts?

I think an NFL team can be turned around quicker than an NBA team. There is more parity in the NFL than the NBA. There are 3 or 4 NBA teams that can win the championship next year, there are a dozen NFL teams that can conceivably win the Super Bowl. You tend to see…

Animal Spirits: What Worked On Wall Street

On this week’s Animal Spirits, Ben and I discuss  Facebook’s (2x) giant loss Twitter also had a rough day after earnings  Being 30 What worked on Wall Street These funds don’t want your money Gen X FTW We’re all above average (survey) According to the U.S. Highbush Blueberry Council (survey) The race to zero State Street’s…

Making a Market

One of the concerns that people have expressed over the rise of index investing is that it will prevent true price discovery, if it isn’t doing so already. With fewer and fewer people doing fundamental research and more people only acting as price takers, at what point do prices truly separate from the economic realities…