For almost a year now, I’ve been advising you that gold production is plunging… Q3 hedge fund letters, conference, scoops etc By itself, declining gold production isn’t a huge deal. It takes hundreds of millions of years for minerals to form deep in the earth’s crust… but humans only need a few [...]
Global markets were bid in week two rising 2.4%, led by the Americas (IWM +4.73%, ILF +3%) and Asia Ex Japan (2.9%). Q3 hedge fund letters, conference, scoops etcSectorally, technology was strong across the board, with Asia tech +6.7% w/w. Energy was bid on the back of crude’s 7.6% gain, [...]
Shoshana Zuboff, professor emerita at Harvard Business School, has the rare ability to take a subject that has been beaten to death and offer a fresh, provocative take on it. The Age of Surveillance Capitalism: The Fight for a Human Future at the New Frontier of Power (Public Affairs/Hachette, [...]
Proposal Represents Substantial 41% Cash Premium to Gannett’s 2018 Year-End Closing Price Requests that Gannett Immediately Enter into Discussions with MNG about a Strategic Combination Calls for Gannett to Commence Review of Strategic Alternatives to Maximize Value for all Gannett Stockholders Calls for Gannett to Commit to Moratorium on Digital Investments MNG’s 7.5% [...]
Increased government regulation is a fact of life—particularly in the shipping sector. As a shipping investor, this tends to be good news; as disruption usually upsets existing trade patterns and leads to an increase in charter rates. I learned the benefit of this nearly two decades ago, when single-hull [...]
GDP per capita is a critical metric for understanding the economy. Q3 hedge fund letters, conference, scoops etc It’s a measure of a country’s economic output that takes into account the number of people who live there. GDP per capita takes the gross domestic product and divides it by the number [...]
I recently stumbled across an old discounted cash flow (DCF) model from mid-2006 that I built for Harley-Davidson (HOG, formerly HDI) as I was weighing whether to invest. I thought it would be fun to assess my process from the vantage point of 2019. Q3 hedge fund letters, conference, scoops etc In [...]
Good versus Bad Corporates This research note was originally published by the CFA Institute’s Enterprising Investor blog. Here is the link. Q3 hedge fund letters, conference, scoops etc SUMMARYESG factors generated positive excess returns since 2009 Show positive exposure to Low Volatility & Quality and negative exposure to Value & Size Factor exposure is likely [...]
Here’s some classic Munger wisdom on ‘gold’ as an investment: Q3 hedge fund letters, conference, scoops etc“I think gold is a great thing to sow into your garments if you’re a Jewish family in Vienna in 1939 but, I think civilized people don’t buy gold, they invest in productive businesses.”(Source: [...]
Mohnish Pabrai is one of the most successful value investors practicing today. Pabrai is what I would call a 'true' value investor. He's not strayed from the underlying investment principles Benjamin Graham set out nearly 100 years ago for finding deeply undervalued businesses. If you’re looking for value stocks, and [...]
Major U.S. stock indices are in the red again on Monday as investors remain unable to make up their minds. Investors poured cash into bonds, equities, government bonds and gold last week but unloaded financial stocks, investment-grade bonds and tech stocks. Q3 hedge fund letters, conference, scoops etc Bank of America [...]
Black Bear Value Fund portfolio update for the fourth quarter and the full year ended December 31, 2018. Dear Partners and Friends, The Fund's year-end letter will be sent later this quarter. In the meantime, please see our 4th quarter and full year 2018 portfolio update. Included are additional portfolio details [...]
Asian markets are reeling today after disappointing trade data out of China overnight. Chinese exports fell 4.4% year over year, while imports were down 7.6%. According to Bloomberg, consensus had been looking for a 2% increase in exports and a 4.5% increase in imports. Tumisu / Pixabay China impacted by trade [...]
There is no doubt that the city will be the defining feature of human geography for the 21st century. Q3 hedge fund letters, conference, scoops etc Globally, there are 1.3 million people moving to cities each week – and by 2040, a staggering 65% of the world’s population will live in [...]
A good friend, Sherman Doll, related the following story. Sherman has been a two-line sport kite flier for years. While not a pro, he has learned a few tricks from observing the flying behavior of these kites. He told me that one of the most difficult skills for beginners [...]
In February 2018, we posted a chart of the day titled Fed’s Tightening Has Not yet Killed This Bull. In October 2018, we published a chart of the day titled Continued Uptrend in Net Margin, but Nearing Peak in Developed Markets highlighting the risk that the net margin in Developed markets, driven [...]
A list of the best investment books recommended by Larry Swedroe. Q3 hedge fund letters, conference, scoops etc Image source: YouTube Video Screenshot Capital Ideas by Peter Bernstein Capital Ideas traces the origins of modern Wall Street, from the pioneering work of early scholars and the development of new theories in risk, valuation, [...]
The number of generic drugs approved in 2018 surpassed those in the previous year. Q3 hedge fund letters, conference, scoops etc DarkoStojanovic / Pixabay In the 2018 fiscal year, the Food and Drug Administration set a record by approving and tentatively approving 971 generic drugs, including a record-breaking month with 110 generic drug [...]
On New Year’s Day 2018, California became the sixth state to end prohibition by legalizing the sale of recreational cannabis. In addition to striking a blow against the disastrous War on Drugs, the full-fledged legalization of marijuana was also expected to trigger an economic boom throughout the Golden State, [...]
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Q3 hedge fund letters, conference, scoops etc rawpixel / Pixabay RIAs have entered a time of favorable growth – and they’re embracing the highs that come with it. According to Echelon Partners, the merger and acquisitions [...]
ValueWalk's Mark Melin interviews Michael Melby of Gate City Capital Management, LLC. Everyone can listen to the full interview embeddded below and the entire conversation has been transcribed by a human and is available for premium members.Q3 hedge fund letters, conference, scoops etc Transcript Michael, I appreciate you taking time with ValuWalk. [...]
Key TakeawaysA significant drop in stock market valuations may portend above-average stock market performance, based on history. Stocks also look attractively valued relative to bonds based on a comparison of earnings yields. Though it is difficult to think long term during volatile market environments, low valuations have been closely tied to future [...]
