Dare to Be a Little Different
As for where we’re finding opportunity, I would argue non-U.S. markets today are generally mispriced. The focus has been on the U.S.,...
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NYee
- Jun 20
- 2 min
Why We Are Not Returning to the GFC-to-Covid Period of Low Rates & Low Volatility
Seems like everyone in the economic and investing worlds is obsessed with the question of when the Federal Reserve is going to begin...
60
NYee
- May 20
- 2 min
My Business is Cheap and No One Cares - Part 2
Once upon a time, stock prices responded (sooner or later) to the fundamental performance of the companies those stocks represent. Cash...
70
NYee
- May 7
- 2 min
The Capital Allocation Playbook
When you step into our world you will hear the term "capital allocation" a lot. But what does capital allocation mean, exactly? As...
70
NYee
- Apr 23
- 2 min
Do You Want Efficient or Do You Want Better
Most of the financial advice / wealth management industry is intently focused on how to get more efficient. The path to being more...
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NYee
- Apr 9
- 2 min
The Time When Conventional Wisdom Forgot About Diversification
One of our issues with passive investing today (i.e., using a formula-driven index to determine what to own and how much to own) is the...
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NYee
- Mar 18
- 2 min
Business is the Path to Wealth Creation
A client recently asked us what we thought about indexing (as in buying an index fund or ETF as part of a securities portfolio). Our...
160
NYee
- Mar 5
- 2 min
Knowing the Future Doesn't Always Help You
On a December 2023 investor call, Murray Stahl (of investment manager Horizon Kinetics), shared the following information: The Van Eck...
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NYee
- Feb 21
- 2 min
A Big Picture Chart You Cannot Ignore
Charts are germane to finance/economics/investing. Put them together in a certain way and you can tell any story you want. Here’s one...
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NYee
- Feb 2
- 2 min
Inflation seems Underappreciated
One of the finance nerd cool things about financial markets is they tell you how investors are collectively handicapping the future. What...
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NYee
- Jan 17
- 2 min
Recommitting to Being Your Personal CFO
As you're setting goals for your business and people for 2024 it will be tempting to "kitchen sink" the exercise, i.e., throw everything...
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NYee
- Dec 27, 2023
- 3 min
Cheap versus Expensive
Go to Morningstar's website and you'll notice the "U.S. Barometer" in the top-middle of the page. The barometer shows nine boxes, with...
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NYee
- Dec 11, 2023
- 2 min
And That Is Why Gold Is Interesting to Us
And not just gold - other hard assets too. Assets that are difficult to substitute and supply constrained relative to fiat currency. Here...
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NYee
- Nov 28, 2023
- 2 min
Your Business Expense Projections are Wrong
It's that time of year when we all start to think about next year. As you run budgets and projections for your business, rather than...
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NYee
- Nov 1, 2023
- 3 min
The Rearview Mirror and the Windshield
It's natural to look to the past as a source of information to make decisions today about what we hope for tomorrow. Humans are pretty...
140
NYee
- Oct 9, 2023
- 3 min
My Business is Cheap and No One Cares
Financial markets have changed a lot over the last several decades. It used to be that you could buy a stock at say 10-12x earnings, and...
120
NYee
- Sep 26, 2023
- 2 min
The Models That Drove Stocks Up Now Aren't So Sure
The model used by the Federal Reserve to value the stock market (the Fed Model) takes the consensus expected earnings for a group of...
110
NYee
- Sep 1, 2023
- 3 min
The Frog in the Boiling Water
Many of our clients are upset or at least disappointed about the situation with the U.S. government debt and deficits. For context,...
60
RBeckwith
- Aug 24, 2023
- 2 min
Where There's Complexity, There's Opportunity
Often the most difficult problems in life are also the most rewarding to solve. There’s no easy answer because if there was, the problem...
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