As seen on:
X
LOADING

Here is what our readers say:

"Thanks for your ideas and advice over the last few years" D.M.
"You are one of the most interesting, talented writers I know" A.G.
"I look forward to your emails. They are among the very few that pass my screen." J.C.
"The world needs more of voices like yours" B.W.
"I don't know anyone else that writes like you, shares market points of view like you, and makes things seem personal and approachable!" J.C.
"Thanks for your ideas and advice over the last few years." D.M.

Good Companies Don’t Always Make Good Stocks

I was recently going through a new client’s portfolio and found it full of the likes of Coca-Cola, Kimberly-Clark and Campbell Soup — what I call (pseudo) bond substitutes. Each one is a stable and mature company. Your mother-in-law would be proud if you worked for any one of them. They have had a fabulous […]

The Pharma Stocks We’re Buying Now

Last week I explained why my firm is investing in pharmaceuticals stocks, despite the sector being a favorite punching bag of politicians. I noted that we have recently added to our existing positions in Amgen, Allergan, and Gilead Sciences, and I promised that I would unveil two new positions this week. Drumroll, please: Mylan Pharmaceuticals […]

Apple vs Coke

Great Stock = Great Company + Great Valuation (Apple vs Coke) Valuation – margin of safety (discount to fair value) – solves a lot of global problems.  Let’s take Apple as an example.   Today Apple is mostly an iPhone company: two-thirds of its profits come from that product.  In 2014 it sold 169 million […]

The Dangers of Dividend Obsession

“This is a very bad, incoherent piece.” I received this feedback from a reader concerning my recent article . I don’t expect everyone to agree with me, and I welcome negative feedback because it provides an opportunity to learn. But this stung. If this comment had been about almost any other article I’ve written this […]

The Values of Value Investing

This article has been in the works since last November. It started out as a speech I gave to the Swiss CFA Society. To me it is an important framework for understanding value investing. I think the rise of the consulting industry, armed with cheap computing power and an abundance of stock-specific data, has harmed […]