2022 has not been a pleasant experience for investors. In recent memory, bonds have provided a safe haven during equity market selloffs but 2022 has reminded us that bonds can be volatile as well: 2022 stands as a harsh reminder that … [Read more...] about 2022: The Revenge of Value Investing
Shares of stock represent very small ownership stakes in businesses. How do we arrive at a fair value of what any business is worth? You take all future estimated cash flows from the business, and discount them back a certain rate to a present value. … [Read more...] about It’s All About Discount Rates
The longer an investor's portfolio is beneath an all-time high, the more doubts start to creep into their mind. The common words of wisdom begin to grow old such as "stay the course", "buy low", or "it always recovers". Patience is tested. One may … [Read more...] about Investor Reassurance
We are now 164 days into a market decline with the S&P 500 Index experiencing a drop of 24.5% thus far. This is the longest decline we have seen since May 2015 - February 2016, which lasted 267 days but only resulted in a 15.2% decline. This … [Read more...] about Is This Worse Than 2008?
Below is a short blog post I wrote in June of 2018 regarding interest rate math. It's always entertaining to look back and read what the current thoughts were at that time. I remember 2018 quite well, and everyone and their mother seemed to think … [Read more...] about Interest Rate Math Reposted
We all know equities can go backwards at times, and in a violent fashion. While it has happened many times in the past, and will happen many times in the future, when it happens it is only natural for a bit of fear to creep into your mind. Negative … [Read more...] about Your Market Downturn Survival Guide