Anatomy of a Down Year (Q1 Edition)
By admin_45 in Blog

Anatomy of a Down Year (Q1 Edition)

US equities are not off to the best start to the year, but not terrible either, with the S&P 500 ending Q1 down 1.2%. While we’re still bullish for 2018, this got us thinking about what a negative Q1 print may say about the rest of this year....

What Does Tesla Do Now?
By admin_45 in Blog

What Does Tesla Do Now?

Shares of Tesla are down 30% on the year, and its high yield bonds now pay over 7.5% versus less than 6.0% late last year. There is no one reason for these declines, but rather a litany of problems. The production ramp of the Model 3 has been slow....

For Sale: One Unicorn, Barely Used
By admin_45 in Blog

For Sale: One Unicorn, Barely Used

With Dropbox’s successful trading debut likely spurring more technology companies to come public, we reviewed the performance of other IPOs of US tech unicorns over the past year. So far, Dropbox is up 42.4% from its IPO price of $21. Based on...

Apples and Oranges, Bitcoin and Stocks
By admin_45 in Blog

Apples and Oranges, Bitcoin and Stocks

I have never really understood why “Apples and oranges…” is supposed to mean, “Those two things are totally different!” Both are fruits. Both grow trees. Both are roughly round. Both make juice. You get the idea. Apples and oranges are...

Value Investors – This One’s For You
By admin_45 in Blog

Value Investors – This One’s For You

The only good thing about stock market corrections and/or bear markets is that they eventually create notable opportunities for outsized future returns.Consider: Amazon was trading for $52 at the end of 2008. Friday’s close was $1,495. Microsoft...

Yes, Tech Sector Volatility Can Get Worse
By admin_45 in Blog

Yes, Tech Sector Volatility Can Get Worse

The word “volatility” has an odd origin; in Latin volare means “to fly”. Over the last 2000 years it has taken a different meaning, of course – more about plummeting than soaring and also closely tied to the price of financial assets. A...