One of our concerns with Procter & Gamble, we still own it, is disruption by the shave clubs, Harry's and Dollar Shave Club. PG's latest quarterly earnings report did not belie our concerns. Organic sales were down 6%. The U.S. is the most profitable part of PG's grooming business and it lead the decline. From [...]

What I Wish I Wrote ~ April 20, 2017

An interview with Ed Thorp. Successful card counter, hedge fund manager, and author. (The Investors Podcast) Books by or with Ed Thorp in them: A Man for All Markets (Amazon) Fortune's Formula (Amazon) The Kelly Capital Growth Investment Criterion: Theory and Practice (Amazon) Beat the Dealer (Amazon) Beat the Market (Amazon) Kase capital is not [...]

I guess the iPhone isn't just for the gray hairs anymore. PiperJaffray conducted a purchasing survey on the smartphone teenagers, 14-18 years old, are most likely to purchase. The iPhone came out on top by a large margin. The iPhone is at a peak of popularity among teens between the ages of 14 and 18, [...]

What I Wish I Wrote ~ April 7, 2017

A collection of mostly finance related links that I wish I had the talent to create. Uber's arrival has "helped reduce alcohol-related traffic accidents by 25-35%". (The Economist) Pepsi's ads used to be edgy but their latest ad with Kendall Jenner is a laughing stock. This second by second breakdown of the ad is hilarious. [...]

Jeremy Grantham's brief interview with The Wall Street Journal via The Big Picture. Jeremy sees some characteristics of a bubble but the current market is not a bubble. He thinks the market is "decently different" this time. Is Grantham throwing in the towel?

Margin debt hit a new high back February. The twitterverse was lit with hottakes about market tops and crashes. Tweets about margin debt new high !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);;js.src=p+"://";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); We went through this exact same exercise a year ago. A new high in margin debt doesn't mean the stock market has peaked or a crash is around [...]

4 Sources of AWS’ Business Moat

Amazon Web Services is the leader in cloud computing. Providing cloud computing infrastructure would at first seem to be a commodity-like business but Amazon has built a moat around AWS. Below are the four factors we see creating the business moat around AWS. The first reason for AWS' business moat is its first-mover advantage. Amazon [...]

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