April 2018

These Are the Goods

Articles The book officially killed the category. By Steven Wood The growth in market capitalization at these companies is the stuff of investing legend By Aswath Damodaran The difficult part about working in a service profession is that you’re not selling a finished, manufactured product. You’re selling yourself or your firm’s ability to deliver on…

The Limits to Data

On the podcast this week, Ben and I spoke about an 18 year old who recently won the lottery. She was given the choice of receiving a $1 million lump sump, or $1,000 a week for life. She chose the weekly payment. This is the wrong mathematical decision. The time value of money says that…

Animal Spirits: The Lump Sum

On this week’s Animal Spirits we discuss: There were few places to hide in the first quarter Would you rather a lump sum or an annuity? States are strapped for cash 10 years after the crisis Ben got actually’d by a Senator The case for buybacks Listen here: Charts mentioned True story Chart crime of…

The Break

If you’re reading this, you’ve probably already heard. The S&P 500 closed below its 200-day moving average for the first time 443 days, ending the third longest streak of all-time. Were we “due” for a pullback? Well, at their peak in January, stocks were trading as far above their 200-day moving average as they had…

These Are the Goods

Articles Overcoming seemingly insurmountable obstacles are what defines us. By Anthony Isola Watching markets go up and down isn’t intellectually stimulating for most regular people. It’s a burden. By Morgan Housel Repetition is difficult in this business and the replication of past success stories is impossible. By Josh Brown Momentum is the premier market anomaly By…