The Value factor generates its returns almost entirely through multiple expansion
May 2020
Animal Spirits: Fallen Angels
On today’s show we discuss:
-The Fed buying junk bonds
-Why the S&P 500 is not a momentum fund
-Ben’s a Peloton influencer
-How a $70,000 position turned into a $9 million loss, and much more
The Price Is Wrong
How hard is it to value a burrito company?
The Case Against Value Investing
Perhaps the days of investors throwing the baby out with the bath water are gone forever
These Are the Goods
-Au contraire, tech and giants are not the only thing driving value off a cliff
-The true cost of commodity ETFs
-What we do in life, echoes in eternity
-How credit cards exploit their customers
-What’s Wrong Warren, and much more
The Rise and the Fall
The rise and the fall is the business equivalent of the circle of life.
Off the Charts
The halt in economic activity is breaking a lot of charts
Animal Spirits: Whatever It Takes Squared
On this week’s show we discuss:
-Why Buffett didn’t swing
-How the Fed is like the blue pill
-Crisis buzzwords
-The death of commodities
-Retailers going out of business
More is Less
One of the iron laws of behavioral finance is that when things are going well, investors always think they could be going better.
What Happens When the Parts Are Bigger than the Whole?
“There are limits to size and growth”
