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Quick Takes

April 14, 2020

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Bitcoin vs Ethereum and the Case for Crypto

2021-09-01T18:39:31+00:00September 1, 2021|Quick Takes|

A Thoughtful Bull on the Future of Crypto The Best Crypto to Invest In…. The research team’s view on the top cryptocurrencies is a simple one. We stick to investing in the stock market. We have no view on Bitcoin and Ethereum, much less other digital assets. Our researchers lack ...

Crude Investing: Energy Stocks & ESG

2021-08-25T19:20:00+00:00August 25, 2021|Quick Takes|

The KCR research team has worked in the investing business for an embarrassingly long time.  As in prior manias, the consensus view has become dogma today.  With legions of followers on social media, the effect is only more powerful in this cycle than in the past.  Those sucking investors ...

Junk Stocks Funded by Junk Bonds

2021-08-18T17:50:27+00:00August 18, 2021|Quick Takes|

An Honest Take on Difficult Circumstances When bond yields first went negative, I called a long-time confidante.  I whispered into the phone, “Someone is paying someone to borrow their money?  That makes no sense.”  Over the next few days, weeks, and months, many articles would be published trying to ...

Value vs. Volume Stocks: Warren Buffet and Robinhood

2021-08-09T12:46:58+00:00July 21, 2021|Quick Takes|

At times, the world can feel sort of bipolar to some of KCR’s research team.  Financial markets have become a place rife with anger.  Issues around fairness, soaring options trading volume, cryptocurrency trading and regulatory oversight seem to be meeting at the intersection of vitriol and mendacity. We are ...

Bull Markets and their Consequences

2021-08-11T11:18:24+00:00July 14, 2021|Quick Takes|

A Short History of Financial Euphoria by John Kenneth Galbraith Introduction to an Investing Classic: John Kenneth Galbraith is an intellectual celebrity.  As an economist, Harvard faculty member, and public servant in government, Galbraith’s legacy is held in the prolific number of books he published.  For those unfamiliar with ...

Some of the Best Hedges Against Inflation?

2021-08-11T11:18:31+00:00July 7, 2021|Quick Takes|

We believe that Staples stocks’ ability to raise prices is a feature that may be highly valuable in the current environment.  We don’t make macro forecasts but have written extensively about inflation, equity duration and how the market has priced in almost no chance of inflation.   If the Fed’s ...

Margin of Safety by Seth A. Klarman

2021-08-10T06:25:16+00:00June 30, 2021|Quick Takes|

A Legendary Book with Timeless & Timely Lessons Introduction to an Investing Classic: “The truth is, I am pained by the disastrous investment results experienced by great numbers of unsophisticated or undisciplined investors. If I can persuade just a few of them to avoid dangerous investment strategies and adopt ...

Cheap Stocks with Dividends & Buybacks

2021-08-11T11:18:32+00:00June 16, 2021|Quick Takes|

On Friday, our Charts for the Curious highlighted that companies trading below 10x earnings had become remarkably rare.  As promised, this piece is designed to add force to just how scarce these cheap firms are while highlighting the group that pay you to own them. The first two charts of ...

Consumer Staple Stocks: Investing for the Long Haul

2021-08-11T11:19:33+00:00June 9, 2021|Quick Takes|

Food & Beverages in an Age of Tech Euphoria This Quick Take is simple.  We think the market is in the process of transferring wealth from the impatient to the patient[1].  Amidst a haze of get-rich-quick stories we are pounding the table for caution and patience. We admit that ...

Inflation Investing

2021-07-22T04:35:25+00:00May 19, 2021|Quick Takes|

Geopolitics, Domestic Affairs and Investing in a Time of Uncertainty Introduction: A Break from Tradition This letter has an established tradition of bringing a highly specific and pointed approach to our commentaries. Always trying to be honest, these communications stick as closely as possible to the facts.  While unusual ...

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