Ahoy! As you read, we are stopping in Charlotte en route to a 2pm arrival in Sint Maarten in the Caribbean. We saw the inflation print at 8.5%, plunging consumer confidence, rising credit risk, the supply-chain morass, and said, “Let’s…
View page
Here’s my grand unified theory on the world. We stopped following the rules. Not that humans don’t color outside the lines routinely. But in the last two years we jettisoned restraint. That gave rise to chaos in the stock market,…
View page
See this photo? Winter Carnival in Steamboat Springs. The Old West. Sort of. People ride shovels on snow down main street behind horses. Now. What the hell is happening in extended-hours trading? Could be a shovel ride. You might’ve forgotten…
View page
There’s no excuse. It’s 2022. Not 1934, when Benjamin Graham wrote Security Analysis. Back then, the timeless notion of buying profitable companies with undervalued growth opportunity took firm shape. But its interpretation would have to be shaped by the Securities…
View pageLet’s have a show of hands. How many of you think investors woke up, several pounds heavier, the day after Thanksgiving, and opened a browser up to news out of South Africa, and said, “Shazam! Omicron!” And dumped their equities?…
View pageA lot has happened on Nov 17. Queen Elizabeth took the throne in 1558. Napoleon beat the Austrians outside Venice (and declared Piazza San Marco the “world’s most beautiful drawing room”) in 1796. On this date in 1855, David Livingstone…
View pageWinter is coming. But autumn is mighty fine this year in the Rockies, as my weekend photo from Yampa Street in Steamboat Springs shows. Winter follows fall and summer. Other things are less predictable, such as economic outcomes and if…
View page
