December 20, 2024 #63 Reflections on Investing : Are Investors Creating Wealth or Transferring It?As Herb Stein “if something cannot go on forever, it will stop”. The current growth of government debt is unsustainable. Read More
November 19, 2024 #62 Reflections on Investing : Government Debt and InvestingAs Herb Stein “if something cannot go on forever, it will stop”. The current growth of government debt is unsustainable. Read More
October 30, 2024 #61 Reflections on Investing : Stocks and Wealth CreationA common refrain is that to get more return you have to bear more risk. But what exactly is risk? Read More
October 16, 2024 #60 Reflections on Investing : Cornell/Damodaran – The Equity Risk PremiumA common refrain is that to get more return you have to bear more risk. But what exactly is risk? Read More
September 24, 2024 #59 Reflections on Investing : From Earnings to Prices – P/E MulitplesA common refrain is that to get more return you have to bear more risk. But what exactly is risk? Read More
September 17, 2024 #58 Reflections on Investing : Earnings, the Engine of the Stock MarketA common refrain is that to get more return you have to bear more risk. But what exactly is risk? Read More
June 3, 2024 #57 Reflections on Investing : Risk and Return RevisitedA common refrain is that to get more return you have to bear more risk. But what exactly is risk? Read More
March 6, 2024 #56 Reflections on Investing : The Medallion Fund vs Market EfficiencyThe decade ending in 2023 was a great one for common stocks. Is the next decade likely to be as Read More
February 20, 2024 #55 Reflections on Investing : Stock Prices – For Every Buyer There is a SellerThe decade ending in 2023 was a great one for common stocks. Is the next decade likely to be as Read More
January 11, 2024 #54 Reflections on Investing : Damodaran’s ERP and Future Stock ReturnsThe decade ending in 2023 was a great one for common stocks. Is the next decade likely to be as Read More
October 31, 2023 #53 Reflections on Investing : Real Interest RatesWould you believe, that long-term US Treasury securities, historically considered one of the safest investments, have now dropped more than Read More
October 10, 2023 #52 Reflections on Investing : The Crash of the Bond MarketWould you believe, that long-term US Treasury securities, historically considered one of the safest investments, have now dropped more than Read More
August 29, 2023 #51 Reflections on Investing : The Apple Stock Bond ParadoxIn August of 2020 Apple issued a 40 year, 2.55% bond, two years later that bond is down nearly 40%. Read More
August 14, 2023 #50 Reflections on Investing : Buy The Dips?Is a large daily drop in the market a buying opportunity? We used 60 years of daily data to see Read More
July 12, 2023 #49 Reflections on Investing : Value Investing and MomentumOne of the most difficult problems for fundamental value investors is reconcliling value and momemtum. Welcome back to Reflections on Investing Read More
May 24, 2023 #48 Reflections on Investing : US Tech Stocks – The Big Get BiggerPresently just five US tech companies account for nearly 25% of the S&P 500 market cap. We discuss resurgence of Read More
April 27, 2023 #47 Reflections on Investing : Back to the Future – The Automotive IndustryHow can an option trade make 4000% in one day? Tesla stock has been highly volatile and one of the Read More
March 7, 2023 #46 Reflections on Investing : Don’t Forget The DebtWhen interest rates were near zero it was easy for companies to borrow and for investors to overlook debt. But Read More
February 21, 2023 #45 Reflections on Investing : The Pricing Game with 0DTE Tesla OptionsHow can an option trade make 4000% in one day? Tesla stock has been highly volatile and one of the Read More
February 8, 2023 #44 Reflections on Investing : Return of the High Fliers?While 2020/2021 were great years for our High Fliers, in 2022 the party ended and many of those companies like Read More
November 22, 2022 #43 Reflections on Investing : “Valuing The Automotive Industry”, One Year LaterWe revisit "Valuing The Automotive Industry" our in depth report from last year."Valuing The Automotive Industry" (Nov. 2021)Hello and welcome Read More
November 7, 2022 #42 Reflections on Investing : The Howard Marks Checklist RevistedIn October of 2021 we reviewed the Howard Marks Checklist from Mr. Marks' book "Mastering the Market Cycle." Since then Read More
October 24, 2022 #41 Reflections on Investing : When Bad News is Good News for the Stock MarketFinance theory in recent years has stressed the importance of changes in the discount rate for explaining movements in stock Read More
October 10, 2022 #40 Reflections on Investing : Where Do We Go From Here? Valuing the S&P 500Finance theory in recent years has stressed the importance of changes in the discount rate for explaining movements in stock Read More
September 19, 2022 #39 Reflections on Investing : Discount Rates and Realized ReturnsFinance theory in recent years has stressed the importance of changes in the discount rate for explaining movements in stock Read More
August 29, 2022 #38 Reflections on Investing : Forecasting ReturnsFinance theory in recent years has stressed the importance of changes in the discount rate for explaining movements in stock Read More
August 15, 2022 #37 Reflections on Investing : The Discount Rate and the Future of the Stock MarketFinance theory in recent years has stressed the importance of changes in the discount rate for explaining movements in stock Read More
August 8, 2022 #36 Reflections on Investing : The “Real” Interest RateFrom the pandemic lows of March 2020 to the end of 2021, stocks had an incredible run. Earnings were up Read More
August 1, 2022 #35 Reflections on Investing : Inflation and Relative PricesFrom the pandemic lows of March 2020 to the end of 2021, stocks had an incredible run. Earnings were up Read More
July 24, 2022 #34 Reflections on Investing : The Shiller CAPE RatioFrom the pandemic lows of March 2020 to the end of 2021, stocks had an incredible run. Earnings were up Read More
July 18, 2022 #33 Reflections on Investing : Interpreting the Market P/E RatioFrom the pandemic lows of March 2020 to the end of 2021, stocks had an incredible run. Earnings were up Read More
June 13, 2022 #32 Reflections on Investing : ESG and Investment ReturnsElon Musk recently proposed a buyout of Twitter at 54.20 per share. Twitter stock traded over 50 following the news Read More
May 19, 2022 #31 Reflections on Investing : Will Elon Musk Buy Twitter? What Does the Market Think?Elon Musk recently proposed a buyout of Twitter at 54.20 per share. Twitter stock traded over 50 following the news Read More
May 9, 2022 #30 Reflections on Investing : The Best of Times, The Worst of TimesRecent times have been dreadful for investors especially for holders of growth and tech stocks (See "The Crash of the Read More
May 2, 2022 #29 Reflections on Investing : Expectations and ValuationsGrowth in earnings doesn't necessarily equate to growth in a stock's price. A company's growth must meet or exceed the Read More
April 4, 2022 #28 Reflections on Investing : Fixed Income?For many investors options are associated with high leverage and high risk. However, options can be used to manage risk Read More
March 21, 2022 #27 Reflections on Investing : The Crash of the High FliersFor many investors options are associated with high leverage and high risk. However, options can be used to manage risk Read More
March 15, 2022 #26 Reflections on Investing : Two Flavors of VolatilityFor many investors options are associated with high leverage and high risk. However, options can be used to manage risk Read More
March 2, 2022 #25 Reflections on Investing : Options, Risk and ReturnFor many investors options are associated with high leverage and high risk. However, options can be used to manage risk Read More
February 22, 2022 #24 Reflections on Investing : Price To Earnings RatioProf. Bradford Cornell discusses how the book value, forecast value and speculative value contribute to the market price of a Read More