I suspect this will be the first and last time I’ll feel the need to invoke the wisdom of Mick Jagger and Keith Richards as portfolio managers, but there is a lot to this classic rock song from 1968 that speaks to our current investment climate… especially for us value investors.
2020 has been a year of expanding vocabulary. Between pandemics, fires and prairie hurricanes, there’s a lot of new words we learned this year! Here are a few new ones from 2020 with a hint of satire that will hopefully make you laugh today.
The start of the fall season brings excitement for different reasons. The leaves start to change color, cooler temperatures bring relief after the sweltering summer heat, and college football games play all day on Saturday (if you’re an ISU fan this year… condolences to my fellow Hawks fans). There’s lots of reasons to celebrate the arrival of fall.
Last quarter I wrote of the distorting effect fear has upon price in financial markets during panics and suggested that the long-term investor was better off focusing upon portfolio cash flow until calmer spirits returned.
Not all "hype" is good hype. Some of it is... but certainly not all of it.
Jon likes hamburgers, but I prefer chicken sandwiches. Not just any chicken sandwiches, but Chick-fil-A sandwiches, specifically a #2 deluxe with a side of fries, please. There's a reason this company is the #1 fastest-growing fast food chain in the country - they live up to their good hype.