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The Market Right Now Doesn’t Care How Fantastic Your Stocks Are

The Roman philosopher Seneca wasn’t talking about the stock market when he wrote that “Time discovers truth,” but he could have been. In the long run a stock price will reflect a company’s (true) intrinsic value. In the short run the pricing is basically random. Here are two real-life examples. Let’s say you had the […]

Why Investors Hate Apple — and Are Dead Wrong

 In this article I don’t discuss Apple’s valuation, balance sheet, or financials.  I covered these topics in great detail in these articles a few months ago (Part 1: Psychology and Part 2: Value of Ecosystem).  Nothing has really changed since, except that Apple announced an enormous share buyback.  This article focuses on Apple’s products, innovation, […]

Why Windows 8 Made Me Sell MSFT

I sang love serenades to Microsoft in the December issue, but a few weeks ago we sold our shares of Microsoft. Because we believe the stock is undervalued, that decision was not easy. What changed? A very important part of my thesis was the success of Windows 8, an operating system that Microsoft made for both PCs and […]

Microsoft Is Not as Boring as it Appears

 I am bored and exhausted. I am on my third cup of coffee, but my lack of excitement has not changed, as I am about to explain why the sleepiest, most boring stock in the universe—Microsoft Corp.—offers a very compelling r eward with very reasonable risk. Microsoft was the bright light in the tech firmament […]