Hello everyone. This is Matt from KCR. Today we will do what is effectively a tardy half-year update. The speed and tone will be quick and sharp as the year has been challenging for evidence-based investors like us.
The summary is that the sharp speculative rally we have seen YTD almost perfectly rhymes with the 2001 experience. Today, like in 2001, investors are betting on overpriced quality and speculative garbage due to a predictable combination of behavioral errors.
There is good news, however: this unfortunate misallocation of capital also creates profound opportunities for long-term investors who view shares as a fractional ownership stake in an underlying company.
The presentation and transcript below will highlight those opportunities.
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July 26, 2023 |
| Authors: Matthew Malgari, Nathan Przybylo, Dr. Sanjeev Bhojraj and John Durkin
July 26, 2023
Authors: Matthew Malgari, Nathan Przybylo, Dr. Sanjeev Bhojraj and John Durkin