There is only one side of the market and it is not the bull side or the bear side, but the right side.
August 22, 2019
With deference to Stephen King and his horror novel “Misery,” it seemed the only appropriate name for my scrapbook. The “book” started 10 years ago when a famous hedge fund manager massively underperformed the S&P 500. Then it happened again with a well-known mutual fund manager. I sensed there was more to come. Over two, three...
July 11, 2019
When I was quite young, my father and I would go into Boston on Saturday afternoons to see my grandmother. She lived in a brownstone in the south-end across from the Greek Cathedral. As we settled in, she would give me a dollar and ask me to “go down to ‘Sam’s” and get a pound of hamburger for dinner. Sam was the butcher at the end of the...
June 13, 2019
Most of us think of the stock market as a monolithic entity. I don’t. I believe it has an internal structure of three categories each based on the size and history of the companies. Or sometimes, it’s just the nature of the business. Each segment has its own investment advocates.
The first segment is based on the historic reason...
May 28, 2019
For all the presumed sophistication of Wall Street investment banking firms, I have yet to see a mention of a simple financial law. The law states the faster a company grows, the harder it is to maintain the same percentage of growth. We now have dozens of “unicorn” companies (billion dollar valuations) ready to go public. Many are 10 ...
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