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A Real-Life HBO Show

A Real-Life HBO Show

Dear reader, It’s been tough living in a post-Game of Thrones world. Nothing makes a long day pass by faster than knowing you’ll be stepping into the world of Westeros after. However, one of cable network HBO’s newest shows, Succession, recently caught my attention… For the uninitiated, Succession is the story of a billionaire media […]
Zen and the Art of Investing in Car Maintenance

Zen and the Art of Investing in Car Maintenance

Dear reader, Many theological studies focus around the idea of cosmic dualism. This, of course, is the concept that the universe is governed by opposing forces. There are many manifestations of dualism… Good and evil… the Taoist and Zen concept of Yin and Yang – which comes to represent a number of opposing forces (light […]
The Most Common Investment in the U.S. Is a Bad One

The Most Common Investment in the U.S. Is a Bad One

Dear reader, There is a type of investment that’s riskier than the S&P 500, and has performed worse on average than the stock market. It also regularly requires investors to use debt to buy it – amplifying its risk. Yet most Americans have more money locked up in this asset than they do in stocks. […]
The Upside for This Futures Company Is Over

The Upside for This Futures Company Is Over

Dear reader, In the early 18th century, the ruler of Japan was in trouble… all due to the price of rice. In feudal Japan, rice was the most important source of food for farmers. Due to its value, it was paid to local nobles known as “daimyo” as a tax. As these lords then paid […]
A 'Sneak Peek' Into a Vital Economic Indicator

A 'Sneak Peek' Into a Vital Economic Indicator

Dear reader, In the world of investing, two of the most important – and scarce – resources are information and time. Information, of course, allows you to make informed investment decisions. Having more data than the next guy gives you an informational advantage. It’s hard to get an informational advantage, though… especially as an individual […]
Incentives Dictate Behavior

Incentives Dictate Behavior

Dear reader, As cliché as it may sound, change is important for long-term corporate performance… Japanese video-game giant Nintendo (NTDOY) began its life as a playing-card company in 1889. After a successful 75-year run, the company began experimenting with new business lines. The card business was declining, so the company took what it learned from […]
How Cookies Became the Target for Corporate Greed

How Cookies Became the Target for Corporate Greed

Dear reader, In 1988, conglomerate RJR Nabisco was languishing at a low stock price of $40 per share after the recent merger of cigarette maker R.J. Reynolds Tobacco and cracker company Nabisco Brands. After growing management perks and buying back stock, CEO F. Ross Johnson was looking for a new play to buoy his company’s […]
'Mr. Market' Tells Us Where Stocks Are Heading

'Mr. Market' Tells Us Where Stocks Are Heading

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 […]
The Mill on the Hill

The Mill on the Hill

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 […]
A Business Still Benefiting From Rosie the Riveter

A Business Still Benefiting From Rosie the Riveter

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 […]