These Are the Goods

Articles Experience is a hard teacher because it gives the test first, and only then provides the lesson. By Carmen Sanchez and David Dunning Seeking out problems for which no solution currently exists By Amanda Cantrell It’s an uncertain business By Ben Smith Being human is being able to enjoy life By Khe Hy You…

Here We Go Again?

What are the chances that the next recession looks like the last one? I guess that number can’t be quantified, but I’d also guess that it’s a lot lower than people expect. The banks were at the epicenter of the greatest financial crisis this generation has ever seen, so it’s natural to think “here we…

We’re All Selling

“A.B.C. Always be closing.” When I hear the word salesman, this is what comes to mind. Scenes and images like this lead us to believe that selling is a zero sum game, with all of the benefits going to the seller, and very little accruing to the buyer. There are two types of products- ones…

Animal Spirits: The False Breakdown

Stories mentioned It’s financial literacy month A little learning is a dangerous thing The value of I don’t know Is college worth the cost? Investors want out of Pershing Square Did Einhorn lose his mojo? The last superstar investors This Novogratz profile is worth reading.  A hedge fund bought the Denver Post. The writers are…

The Risk

Investors have been worrying about a rising rate environment for a few years now. What would that do to their bonds, and how would a normalization in rates affect stocks? The jury is still out, but so far so good. From July 2016 through February 2018, the ten-year treasury rate rose from 1.37% to 2.94%….

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…