Is This Where You Want to be Investing Today?
Apple, Amazon, Microsoft, Facebook & Google: Did you know that these FIVE companies are over 20% of the SP500 Index? Did you realize that the stock prices of these firms have risen much faster than sales growth? As their ...
High-Quality Midcap Value: The Case for Common Sense
Introduction: This paper makes the case that today is as compelling a time to buy the highest quality Midcap firms trading at below-market prices as it was at the peak ...
Index Funds the Most Crowded Trade?
In our last paper “The Collision of Arithmetic & Over-Optimism", Kailash presented a compelling chart demonstrating that investor obsession with the 25 largest growth firms had driven them to record valuations. The chart below shows that the odds of ...
The Collision of Arithmetic & Over-Optimism – Why Today’s Larger Cap Growth is More Precarious than the Nifty Fifty
Introduction: This paper seeks to discredit the “quality & growth at any price” thesis underpinning many of the market’s leading growth firms. Kailash intends to review and provide evidence ...
IPO Stocks are the New Staples – History & Current Data Suggest that is as Silly as it Sounds
Introduction: Price Action Does Not Always Reflect Value Financial Pornography: 1999 & Today Conclusions & Exhibits Introduction: Price Action Does Not Always Reflect Value A recent Barron’s article cited ...
Is It Any Wonder Berkshire is Shopping in Japan?
In our September 4th paper, IPO Stocks are the New Staples – History and Current Data Suggest that is as Silly as it Sounds, we submit historical evidence that Tesla’s $400bn market cap, despite having just 1.4% US market ...
Growth Stock Mania and the Risk of Timing Markets
The Hazards of being In the Grip of a Growth Mania The Resurrection of Value Post a Period of Manic Growth Conclusion & Exhibit The Hazards of being In ...
This Time is Different – The Death of Valuation
Introduction: An Old Story The Rich (expensive growth) Get Richer…and Poorer Conclusions & Exhibit Introduction: An Old Story A recent article from Bloomberg counted a leading quant from one ...
How to Build a Growth Stock 1999 & Today
Introduction: A Quick & Imperfect Review of Akamai Kailash’s view on Carvana: How to Make Money by Losing Money Conclusions & Exhibit Introduction: A Quick & Imperfect Review of ...
A Preference for Getting PAID: Durable Dividends & the Market’s Dichotomy
Introduction: The Dividend Disparity Crash Cushions Fundamentals Conclusions & Exhibit Introduction: The Dividend Disparity These are heady days for the beneficiaries of central bank infusions, government stimulus, and the ...
60/40 Portfolio: Buying a Ticket on the Titanic
Asset Allocation: Expensive Equities & Risky Bonds An Imperfect Solution in a Land of Low to Negative Yields Conclusion: The Benefits of Balance Asset Allocation: Expensive Equities & Risky ...
Value Investing and Manias Part II – Navigating a World with Financially Defective Narratives
Introduction: Financially Defective Narratives The Value Giant: Not Dead, Just Sleeping Why Spreads Will Reverse: The Resurrection of Value Investing Introduction: Financially Defective Narratives In our last piece, Value ...
