After years of scrimping and saving a husband told his wife the good news: “Honey, we’ve finally got enough money to buy what we started saving for in 1979.” “You mean a brand-new BMW?” she asked eagerly. “No,” said the husband, “a 1979 BMW.” And then you have this aphorism: “Modern Slaves Are Not In Continue Reading >
October 2019 Commentary and Investment Returns
American capitalism: “You have 2 cows. You sell 3 of them to your publicly listed company, using letters of credit opened by your bank, then execute a debt/equity swap with an associated general offer so that you get all 4 cows back, with a tax exemption for 5 cows. The milk rights of the 6 Continue Reading >
September 2019 and YTD Commentary and Investment Returns
A woman hears from her doctor that she only has 6 months to live. The doctor advises her to marry an economist. The woman asks, “Will this make me live longer?” The doctor answers, “No. But it will seem longer”.- unknown Where are we, at the end of September 2019 and YTD? Sorry for the Continue Reading >
August 2019 Commentary and Investment Returns
An economist walks into a pizzeria to order a pizza. The waiter asks: “Should I cut it into 4 pieces or 6 pieces?” The economist replies: “I’m feeling hungry right now. You’d better cut it into 6 pieces.” – unknown Where are we, at the end of August 2019? The above is an old joke Continue Reading >
July 2019 Commentary and Investment Returns
“The market may be bad, but I slept like a baby last night. I woke up every hour and cried.” – unknown Where are we, at the end of July 2019? The markets did fine in July and actually the S&P 500 was up approximately 18.9% for the year as of 7/31. Such a fast Continue Reading >
June 2019 and YTD Commentary and Investment Returns
“The stock market is filled with individuals who know the price of everything, but the value of nothing.” – Phillip Fisher Where are we, at the end of June 2019? Last month I talked about May’s decline being a normal pullback in the ongoing bull market, as the averages lost over 6%. In June, that Continue Reading >
May 2019 Account Performance and Commentary
“[Our] Senior Analyst […] looked at pullbacks of 10% or more dating back to 1940…[and could find no instances] of pullbacks of over 10% occurring within 9 months of each other……” – Lowry’s Institutional Market Trend Analysis, May 31, 2019 Where are we, at the end of May 2019? Aside from the above quote (predicting Continue Reading >
April 2019 Account Performance and Commentary
“Don’t kid yourself about what this sell-off is really about. It is about a recession.” – Jim Cramer, January 2016, CNBC2016 S&P 500 total return: +12.25% Where are we, at the end of April 2019? The above quote illustrates, of course, that you can’t be TOO impressed by anyone’s prediction, even a well-known television personality Continue Reading >
March 2019 and Q1 2019 Commentary and Investment Returns
Whenever I see a stock market explode, six to 12 months later you are in a full blown recovery…. Stanley Druckenmiller Where are we, at the end of March and end of Q1 2019? The first quarter of 2019 has been one of the highest returning quarters in stock market history. The various indexes rose Continue Reading >
February 2019 Commentary and Investment Returns
Question to Warren Buffet: Your investment thesis is so simple, why doesn’t everyone just copy you? Buffet answer: “Because nobody wants to get rich slow” – anecdotal… Where are we, at the end of February 2019? As of the end of February the stock market is within about 5% of its high in September. Think Continue Reading >
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