Newsletters

Irrational Pessimism

The list goes on…Worldcom, Enron and ImClone. The investment public is rightfully aghast at American corporate governance. In this newsletter, we will try to explain how we got to this place in America and why we cannot join in the current pessimism. First, let’s examine some wide swings in the capitalist pendulum over the last four decades. In the 1960’s …

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Ringing in the New Year by Wringing Out Excess

A third wave of common sense is washing over Wall Street. “Earnings based rationality” re-emerged a few years ago with the bursting of the Internet stock bubble. The second wave drubbed overvalued technology and telecommunication issues. Companies we expressed serious doubts about in past newsletters, like Global Crossing and Amazon, are either bankrupt or off some 80% from their highs. …

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Lewis & Clark Would Make Great Investment Advisors

People have always asked others for advice. In the early 1800’s when Lewis and Clark were traversing America, they surely asked local Native Americans questions such as, “How deep is that river we are about to cross?” Envision the Native American as a Wall Street analyst, and Lewis and Clark as investors. One would expect a straightforward reply from the …

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Cash, Stock and 1965 Lincoln Continentals

The investment public has been treated to quite a lesson over the last fifteen months. By most estimates, U.S. stocks are down some $3.0 trillion since March of 2000. Many previously highflying companies have witnessed billion dollar drops in their market value. With all these billions and trillions bandied about, it is time to draw an important distinction between “cash” …

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News Flash…Technology Hits $8.00 a Barrel

Experienced investors are familiar with the impact that oil prices have on the world economy. As a key industrial ingredient, it is known that low energy prices are good for economic growth prospects and vice versa. Over the last decade, investors have witnessed the advent of a new, and perhaps more important, ingredient to growth … technology. In this newsletter, …

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