A quick Mag 7 recap before Meta -Tesla is down 36% ytd, 61% off its 2021 high-Netflix is down 21% below its 2021 high-On Friday Nvidia fell 22% below its high but is hanging in after a two-day bounce-Apple is down 15%-Alphabet, Amazon and Microsoft look safe, for now So let’s go with “Fabulous Five” … Read on
How have you done? I asked We were top quartile over many periods, it’s a pity they closed our $300m fund What? Your company closed a top-performing European equity fund now? Here? At this point? Yes, we couldn’t raise assets Well surely you replace the sales team, or all take a salary cut, or sell … Read on
Many London Business School students and listeners of my Stacy Havener interview know I enjoy teaching, and if I were lecturing today, I’d say, “Be increasingly creative and resilient in this competitive world” Let me explain Almost daily I receive LinkedIn messages like this: “Hi, I’ve heard about Ranmore and I know you’re busy but … Read on
The common thinking is the Mark Twain argument, that – “in a gold rush it’s a good time to be in the picks & shovels business” And since Nvidia’s chips and Microsoft’s OpenAI are deemed the AI “picks and shovels”, that’s how investors are getting exposure BUT we think this only holds true, if: a) you’re … Read on
A friend quotes Mark Twain “During the gold rush it’s a good time to be in the pick and shovel business’ Wait, Cisco make all the gear that directs Internet traffic – internet “picks and shovels”! You download Cisco’s 1999 10k titled, “Capture the Momentum” Perfect! You read, “Cisco is the worldwide leader in networking … Read on
Well I’m no great golfer so I only play with those people, ONCE Because even great golfers hit bad shots, it’s guaranteed! David Duval, who won 13 PGA events, once shot 9 over par on ONE HOLE in the 2019 Britsh Open It was the WORST score, on ANY hole, in ANY major, in 28 … Read on
There’s no such thing as a dead cert in investing. Let asymmetry be your friend… ‘How can we be certain that we’re at the beginning of a value to growth rotation?’ a client asked recently. Truth is, we can’t – no one can ever be certain of the future. That’s why successful investing is all about … Read on
Perhaps they were worried about: – The wars raging in the Middle East and Europe,– An imminent recession– The seasonally tough time of year, And knew they could get 5% in a money market fund so thought, Why bother with all this volatility? Well I’ll tell you why they should “bother” Because there aren’t any … Read on
and it doesn’t even do AI… But that’s exactly what happened when Mars paid an “inter-galactic” 170% premium for Hotel Chocolat A “Bounty” for all owners and causing any short sellers to get their “Snickers” in a “Twix” Sorry Most people want a catalyst before acting, so now that we’ve had a catalyst, let’s act … Read on
Think about it how can we expect anything to be sustainable over the long term, when we live in a dynamic and competitive world? Very few companies grow earnings sustainably, even winners like Microsoft experienced years of negative growth (2013 – 2016) So isn’t it obvious, that when companies talk of all this “long-term sustainable … Read on
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