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Discovering Discovery

in FP: Latest/Stock Analysis

Discovery is a media company that owns some of the most popular TV channels – Discovery, TLC, Animal Planet, Oprah Winfrey Network (OWN), ID (crime channel), Eurosport among others. Discovery stock has been scratching multiyear lows because of millennials. If you are reading this and you are between 19 and 35 years old – it’s…

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Searching for Yield? Better to Look for Humility and Patience

in FP: Latest/The Process

The following is an excerpt from Investment Management Associates’ second-quarter letter to investors. The Great Recession may be over, but seven years later we can still see the deep scars and unhealed wounds it left on the global economy. In an attempt to prevent an unpleasant revisit to the Stone Age, global governments have bailed…

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Jos. A. Bank and the Folly of Quantitative Easing

in FP: Latest/Macro

A few years back I wrote an article comparing buy-one-suit-get-three-free sales by Jos. A. Bank to the Federal Reserve’s quantitative easing program. Then Jos. A. Bank’s management did something absolutely brilliant: In March 2014 it sold the company for $1.8 billion to Men’s Wearhouse, its closest competitor (and twice its outfit’s size). Earlier this month…

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How Investors Should Deal With The Overwhelming Problem Of Understanding The World Economy

in FP: Latest/FP: The Process/The Process

The article is very long. It is long for two reasons: first, it is was originally a two-part article that I folded into one; and second, I am dealing with the very complex topic of investing in today’s global economy. I wrote this article a year ago, and some themes like “be careful of MLPs” are…

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