Category: Research
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Small-caps Set To Sizzle… [DIRTY DOZEN]
To be successful, you need leisure. You need time hanging heavily on your hands. ~ George Soros In this week’s Dirty Dozen [CHART PACK], we look at the worst bond returns in over 200-years, cover more reasons to be bullish on small-caps long-term, discuss the key thing to watch for risk-on to continue, check in…
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Value Investing Q3 Letter Recaps: CL, KMX, BOLSAA
Our Value Investing Letter Recaps keep things simple. Each email focuses on three value investing hedge fund letters, three ideas, all digestible in three minutes. Within each idea we answer four main questions: What does the business do? Why is it a good bet? Why does the opportunity exist? What is the prize if you’re right? Quick…
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100% Recession Odds… UPDATE [DIRTY DOZEN]
People form opinions at their own pace and in their own way; the notion that new information could be instantly processed was one of those ivory-tower assumptions that had little to do with reality. This gradual absorption of information by investors explained why markets moved in trends, as new developments were gradually digested. But market…
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Value Investing Letter Recaps: Q3 2022
“When we find our treasure, we forget where we put our picks and shovels.” – Bert McCoy Our Value Investing Letter Recaps keep things simple. Each email focuses on three value investing hedge fund letters, three ideas, all digestible in three minutes. Within each idea we answer four main questions: What does the business do? Why is…
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A BIG Trend Is Brewing… [DIRTY DOZEN]
Personal intuition does not mean that you can translate last night’s exotic dream into some brilliant choice in the market. Professional money managers often seem to make up their minds in a split second, but what pushes them over the line of decision is usually an incremental bit of information, which, added to all the…
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Value Investing Letter Recaps: Q3 2022
“When we find our treasure, we forget where we put our picks and shovels.” – Bert McCoy Our Value Investing Letter Recaps keep things simple.Each email focuses on three value investing hedge fund letters, three ideas, all digestible in three minutes.Within each idea we answer four main questions: What does the business do? Why is…
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A Rare Buy Signal In Tech Stocks… [DIRTY DOZEN]
Understanding and dealing correctly with the trade-off between risk and return is a fundamental, but poorly understood, challenge faced by all gamblers and investors.~ Edward Thorp In this week’s Dirty Dozen [CHART PACK], we talk average bear markets, playing politics with national security, a rare breadth thrust in tech stocks, extreme short positioning in bonds,…
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Value Investing Letter Recaps: FERG, CDMO, EVBG
“When we find our treasure, we forget where we put our picks and shovels.” – Bert McCoy Our Value Investing Letter Recaps keep things simple.Each email focuses on three value investing hedge fund letters, three ideas, all digestible in three minutes.Within each idea we answer four main questions: What does the business do? Why is…
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Financial Conditions Are About To Get More Restrictive… [DIRTY DOZEN]
Implementation and flexibility. You need to implement a trade in a way that limits your losses when you are wrong, and you also need to be able to recognize when a trade is wrong. George Soros has the least regret of anyone I have ever met. Even though he will sometimes play up to his…
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Value Investing Letters: Q2 2022
“When we find our treasure, we forget where we put our picks and shovels.” – Bert McCoy This week we’re kicking off (or revitalizing?) a quarterly series I’m calling “Value Investing Letter Recaps”The piece congregates all my favorite investment ideas from my favorite value investor quarterly letters. I do the “heavy” work of distilling hundreds…