Debt to EBITDA Ratios: The Spiral Higher Continues
The Wicked Winds of High Leverage, Low Rates & Weak Covenants In our Chart for the Curious (CFTC) last week, we showed that levels of risky debt had hit ...
Net Zero Emissions by 2050: The Possible vs. The Plausible
The charts below are from the International Energy Agency’s fantastic “Net Zero by 2050” report. The sheer breadth, depth, and work in the report boggles the mind. Designed to ...
Bitcoin vs Ethereum and the Case for Crypto
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 ...
Crude Investing: Energy Stocks & ESG
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 ...
Junk Stocks Funded by Junk Bonds
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 ...
Value vs. Volume Stocks: Warren Buffet and Robinhood
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 ...
Bull Markets and their Consequences
As an economist, Harvard faculty member, and ...
Some of the Best Hedges Against Inflation?
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 ...
Margin of Safety a Book by Seth Klarman
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 ...
Cheap Stocks with Dividends & Buybacks
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 ...
Consumer Staple Stocks: Investing for the Long Haul
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 ...
Inflation Investing
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 ...
