Today we are experiencing a perfect storm of inflation. A perfect storm is formed by seemingly small factors. Each one on its own may not be particularly significant, but once combined they result in an event that significantly exceeds the sum of all parts. I provide an update on my previous two inflation articles, and the risks I see on the horizon in the next few quarters.
Today we are experiencing a perfect storm of inflation. A perfect storm is formed by seemingly small factors. Each one on its own may not be particularly significant, but once combined they result in an event that significantly exceeds the sum of all parts. I provide an update on my previous two inflation articles, and the risks I see on the horizon in the next few quarters.
My thinking on gold, the US Dollar, our national debt and our reserve currency status has not really changed much since August 2020, except that at IMA we have been increasing our exposure to foreign companies whose business is not tied to the US. We still have a small hedge in gold – I am as unexcited about it as I was when I wrote this article.
I re-share and update my analysis of Uber, and why it remains an attractive investment. I provide a mental model of how to analyze companies that may appear expensive but have yet to reach escape velocity in their cost structure and have a large market addressable market that they’ll likely dominate.
In this article, I update my views about the US and China, and include my original article going over the risks posed by tensions between the two nations. I also discuss and share an update on IMA’s investment in defense stocks, in light of the current geopolitical climate.
The Financial Times recently published an article about my travails in recruiting. After sharing the article, I expand on what I learned about recruiting, teams, and culture since becoming CEO of IMA.
“At least a billion people on earth at this moment who would consider their prayers answered if they could trade places with you.” – Sam Harris
Culture matters. I share how I evolved from an analyst purely focused on numbers to an investor and CEO focused on people. Using two stories from IMA’s own past, I recount how running the business made me a better investor.
For the longest time, my son Jonah would beat his younger sister Hannah at just about everything. That all changed when we watched The Queen’s Gambit earlier this year.
In investing, there are many “games to play”. There are a lot of ways to try to make money in the market, and not all of them are good, rational, or productive over the long term.