Consumer Staples Sector: A Speculative Refuge
Protecting & Growing Wealth in the Age of Uncertainty - From 2017 - 2020, speculative trading on predatory apps like Robinhood became a true stock market mania. The catastrophic misallocation of capital was, briefly, a very profitable endeavor. We did not flinch.
Protecting Capital Amidst War, Drought, Famine & Rising Food Prices
Consumer Staples Stocks, Food, Famine & POLITICS - In this paper, we are going to be talking about food prices and profits. Let’s get our political views on the table so you understand our beliefs and biases. True story.
What Is Accounting Quality and Why It Matters
A Quick Walk Through the Recent Age of Miracle, Wonder & Other Lies - It has been a wild couple of years for financial statements. And by “wild,” we mean the quality of financial accounting information hit lows we could not have imagined. Let’s start with the basics.
George Noble, Finance, Fools & The Meaning of Multiples
A Rant About a Rant From one Boston Hedge Fund Manager to Another - An Introduction to George Noble
SBC Finance: An Update on the Absurd
The Real Cost of Stock Based Compensation Expense -- Stock Based Compensation (“SBC”) doesn’t matter for investors (and employees/employers) until it is ALL that matters.
Anatomy of a Bear Market: Violent Volatility
A Quick Review of Equity Market Declines Post Bubble Peaks - Brutal end to Q1 for investors who buy cheap stocks, quality stocks, or some mix of the two. Quick review.
Private Equity Returns: Are Private Markets “Safe”?
Multiple Expansion and Two Markets to “Three Markets” – The High Risks to Small Investors In his legendary book A Margin of Safety, Seth Klarman explains what few investors ...
Growth Investing Gone Wrong: Avoiding the Double Bogeys
In Fast Growth Stocks, we explained the risks to “growth investors” seeking quick profits in some of the market’s most speculative firms. That rant laid the groundwork for our paper explaining the obvious opportunity to invest in growth companies at reasonable prices. A once in 20-year opportunity, in our view.
Is EOG’s Stock Price Heading Higher?
Is EOG A Good Stock to Buy? The chart below shows the performance of natural gas and crude oil exploration and production firm EOG Resources over the last 3 years. Since the stock’s trough in October of 2020, it has risen over 250%, triggering behavioral errors that often give investors the feeling that they “missed” a stock after it rises that much.
Bear Market Strategies: A Quick History of Value & Growth
What the Past Can Teach Us: Record Valuations, Rock Bottom Interest Rates & Bull Market Peaks. Surviving a Bear Market. Legendary writer and investor Dennis Gartman is fond of saying that the person who loses the least money in bear markets wins.
Undervalued Energy Stocks: The Case for Adding Exposure
Revisiting KCR’s Long-Running Thesis on the Opportunity in Oil Angst
Warren Buffett on Love: How to Measure Success
To long-time friends of KCR we are “breaking cadence” this Friday. Instead of a chart about stocks we found this three-minute video moving and thought it might resonate with others. KCR and our research team wish everyone a wonderful weekend.