Archive
Dear reader, Most investors are familiar with Benjamin Graham... The "father of value investing" wrote the legendary 1949 tome, The Intelligent Investor, and introduced the concept of "Mr. Market." In Graham's book, Mr. Market is your capricious business partner who owns half of your imaginary company. Some days, Mr. Market will come to you with […]
Dear reader, In my e-letter earlier this month, I talked about how major market events tend to leave investors gun-shy. We saw homebuilding and U.S. auto valuations remain particularly low following the housing crisis and the auto industry bailout. This was a great opportunity for the few investors who braved entering these tattered markets early […]
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Dear reader, Few can argue that World War II was the pivotal event of the 20th century. The deadly conflict thrust the U.S. into superpower status and has shaped foreign policy to this day. However, it's also worth understanding the impact of World War II on the American workforce. After December 7, 1941, the course […]
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Dear reader, I don't like buzzwords. As an investor, they signal for me that it's time to look elsewhere for ideas. It's like the old expression about knowing it's time to sell your gold if even your cab driver is talking about buying it... when everyone is focused on something, it has likely hit its […]
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Dear reader, The filmmaking industry is a fickle, uncertain business. Casablanca, a film expected to flop, went on to become a sleeper hit and a boon for the nascent Warner Brothers. It helped fuel Warner Brothers to become the premier studio it is today. However, Gone with the Wind – the highest-grossing film of all […]
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Dear reader, Let's dissect the old idiom, "Nothing is certain but death and taxes." Many people attribute this quote to Benjamin Franklin in 1789, but it was first recorded in 1716 in the transcript for actor and playwright Christopher Bullock's The Cobbler of Preston. I suppose it's fitting that the quote's origin falls in the […]
Dear reader, Few CEOs have been more influential than Jack Welch of General Electric (GE). Welch joined the company in 1960 and became CEO in 1981... By that time, GE was an aging, 90-year-old conglomerate that was considered by investors only for its dividend. But the market was unprepared for the sweeping changes that would […]
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Dear reader, On September 18, 1958, the "Fresno Drop" completely changed the banking and payments industry... While the exact history of the credit card is a bit hazy, the original cards can be traced back to early single-store "charge cards" in the 1920s and '30s. These allowed trustworthy customers to pay their bills on a […]
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Dear reader, If Mickey Mouse is the face of American culture over the past century, then Coca-Cola (KO) is its lifeblood. Through the signature contour bottle and the "Teach the World to Sing" campaign in 1971, Coke became America's beverage. However, no Coca-Cola marketing initiative has struck the public conscience like its basic premise: the […]
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Dear reader, Let's talk about one of America's most beloved – and infamous – companies. But it might not be for the reasons you think... I'm not talking about its viral one-cent burger promotion. While I'm excited about it as a pescatarian, I'm not discussing this company's partnership with meat-substitute producer Beyond Meat (BYND)... nor […]
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