Commentaries

Sep
1

Playing Our Game

Written by: and

Benjamin Graham, the famous value investor, Columbia University professor, author of The Intelligent Investor and mentor to Warren Buffett, wrote “Investing isn’t about beating others at their game.  It’s about controlling yourself at your own game.” Within the Standard and Poor’s 500 large cap stock index in 2017, the stocks with the highest price-to-earnings ratios, […]

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Aug
25

Amazon’s Unfair Advantage

Written by: and

Investors are gaga over Amazon.com.  As of late July, Wall Street analysts had thirty-eight buy ratings, five hold ratings and just one sell rating on the stock.  The average twelve-month price target of these analysts was $1,472.  With its current price of $967, that’s a 52% increase. And, yes, the accolades and excitement are well-deserved. […]

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Aug
7

Bubble, Broaden, Break

Written by: and

As equity markets continue their ascent, we consider what will happen next – more of the same; out-of-favor stocks begin participating; or a stall in gains. Stocks are expensive with the trailing price-to-earnings (P/E) ratio of the Standard and Poor’s 500 stock index at almost 24 times realized earnings and over 18 times estimated earnings […]

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Aug
3

Interesting

Written by: and

They have an interesting relationship with their son . . .It was interesting how the administration released their tax plan . . . The stock market has been really interesting this year . . . Interestingly, all of these sentences lack meaning. “Interesting” has become an overused word in the American vernacular – a filler word, a way of saying something while […]

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May
1

The Case of the Expensive Market

Written by: and

It’s a real mystery.  The market is expensive, yet stocks have nevertheless been trending ever higher. Bloomberg News reports that in a recent closed-door investment confab, the legendary hedge fund manager Paul Tudor Jones observed that the total market capitalization of U.S. stocks is currently about 125% of U.S. GDP.  In other words, the aggregate […]

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Recent Posts

September 01, 2017
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