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 [...]

What I Wish I Wrote ~ March 31, 2017

A collection of mostly investment related links that I wish I had the talent to create. Fertility Rates Keep Dropping, and it’s Going to Hit the Economy Hard (Visual Capitalist) You Would Have Missed 780% In Gains Using The CAPE Ratio, And That’s A Good Thing (Meb Faber) "You need 2 things – a [...]

News media is in the amygdala business. The amygdala is our fear center. Turn on the news. What are they usually talking about? Death, terrorism, financial markets in turmoil. Anything and everything that stimulates your amygdala and fires up your fear response. Regular news media viewers fall prey to the Mean World Syndrome. They believe [...]

The irony of this post is not lost on us. An active manager excited about another active manager moving more towards factor and algorithmic based investing. On Tuesday, BlackRock laid out an ambitious plan to consolidate a large number of actively managed mutual funds with peers that rely more on algorithms and models to pick [...]

The Dow Jones Industrial index is suffering it's longest losing streak since 2011. That is a dire-sounding headline. The Dow Jones must be suffering large losses. The 8-day losing streak, it ended Monday with a positive trading day, produced a whopping 1.9% loss. That big 2011 losing streak produced a loss of 6.7%. The financial news [...]

Dividend to Avoid: GameStop (GME)

GameStop looks like a bargain. A trailing twelve month PE ratio of 6.39. A current dividend yield of 6.33% with a payout ratio of 38%. As a dividend growth investor, we want to invest in companies with long runways for growth. This allows us to collect a rising income stream for many years. We don't [...]

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