Einstein enters Princeton for his first day of work. The Dean leads him to the faculty lounge and begins introducing him to professors. “Here are your first colleagues; they have IQs of over 180”. Einstein says “Wonderful. We can discuss quantum physics”. Another colleague reaches out to shake his hand and remarks “I also lecture Continue Reading >
December 2019 and Year 2019 Commentary and Investment Returns
An investment banker asks a fisherman, “What do you do when you’re not fishing”, to which he replies, “I sleep late, play with my children, take siestas with my wife, stroll into the village each evening, where I sip wine and play guitar with my friends. I have a full life.” The investment banker explains Continue Reading >
November 2019 Commentary and Investment Returns
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 >
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