Here are some portfolio changes from last week. New Investment: Walgreens Boots Alliance (WBA) We purchased stock in Walgreens last week. Concerns that Amazon is expanding into drug distribution with their purchase of Pillpack earlier this summer knocked the stock down to a pretty attractive valuation. I think this is a massive overreaction similar to…
Global investment markets are becoming very macro driven and it’s pretty important to understand the big picture dynamics at play right now. The US dollar is the key to everything and there has been a growing shortage of dollars throughout the global economy over the past few years which we’re now seeing create the usual…
This post might seem a little off-course from the usual investments/markets I write about but I promise it’s relevant. Obviously the world is becoming more technology oriented and while most people still don’t really understand the details of cryptocurrencies, I believe we’re in the very, very early stages of a movement where the world is…
If you’re a long-term growth investor, you should be focusing on Asia. Everyone in the US loves to focus on the US stock market (home country bias) but valuations in the US are pointing to disappointing returns over the next decade. That’s not to say that there aren’t any attractive investment opportunities in the US…
I generally look at Growth investments in one of two ways: either steady compounders or huge reward-to-risk, asymmetric growth opportunities. The steady compounders are the companies that can consistently post growth year after year in a secular manner – secular meaning a long-term story not affected by short-term cycles. Whereas the high growth opportunities tend…
Macro changes occur at a glacial speed but these are typically the most important metrics to track. This is separating the signal (macro shifts, leading data points, etc.) from the noise (CNBC). Warning Signals from the Yield Curve One of the most basic yet crucial metrics is the yield curve, which has certainly received a…
You may have noticed that I often refer to investing in the stock of companies as “partnering” with the company instead of “buying the stock.” It might seem like a small difference but, to me, it’s conceptually a very big difference. Investing is much longer in nature. When I purchase shares of stock in a…
Asset markets move in cycles, flipping between periods of growth and decline (or consolidation). You can see these cycles in pretty much every asset class and on multiple levels due to the fractal nature of markets. This means there is a short-term cycle within an intermediate-term cycle within a long-term cycle, and so on. You…