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Listen on: iTunes | Google Podcasts | Online I was finally able to do something I have tried to do but could not for ten years! We have built a dividend portfolio that’s “all-terrain” and that yields … well, you’ll have to read to the end to find out. I am both psyched and nervous. Psyched because I think this […]
This is an excerpt from letter I wrote to IMA‘s clients. Our thinking about coronavirus has evolved significantly over the last few weeks. Our initial optimism that it would send us into a mild recession was proven wrong by our government’s inept response – the extra time that we were given was wasted. South Korea […]
I recently spoke with Andrew Horowitz at “The Disciplined Investor” podcast. He graciously allowed me to share my part of the interview with you here. We discussed this recession and why it’s not like any other previous one we’ve experienced. We also talked about why it’s the best thing that could’ve happened to our clients’ […]
With stock prices sinking fast, a client emailed me saying, “Your move, boss.” So here is our move: Especially in this coronavirus crash, we continue to seek out what we always look for globally — high-quality businesses that we can buy at a significant discount to fair value. We are prepared for the possibility that […]
Below is a letter we recently sent to clients about how we are responding to the recent market selloff. You can listen on: iTunes | Google Podcasts | Online “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.” – Benjamin Graham, The Intelligent Investor “The investor’s primary interest lies in acquiring and […]
Listen on: iTunes | Google Podcasts | Online As I was writing this, I got an email from a client saying, “Your move, boss.” So here is our move. I can only characterize our “move” as just another day at IMA. We are going to continue to seek out what we always look for globally – high-quality businesses that we […]
Listen on: iTunes | Google Podcasts | Online This article will tackle the big, really new news. Saudi Arabia announced that it will increase oil production from 9.7 million barrels a day to 10 million and then to 12 million if needed. This news alone sent the oil price down 20% – and the whole stock market with it. We […]
Excerpted from the IMA fourth quarter 2019 letter to clients. The stock market marched higher for the year even though US companies as a whole did not become more valuable, just more expensive, as earnings failed to grow from 2018 to 2019. Earnings are estimated to be up about 5% for 2020 (though these estimates […]
My business is to constantly look for new stocks by running stock screens, endlessly reading (blogs, research, magazines, newspapers), looking at the holdings of respected investors, talking to a large network of investment professionals, attending conferences, scouring through ideas published on value investor networks, and finally, scouring a large (and growing) watch list of companies […]
I simply don’t trust the fundamentals of the global economy right now. The system is built on quicksand. Debt is growing globally and governments are running huge deficits while interest rates are still incredibly low. Looking at almost any metric, stock markets have been more expensive once in the last 100 years — just before the dot-com […]
