In my last post, I looked at the risk premiums in US markets, and you may have found that focus to be a little parochial, since as an investor, you could invest in Europe, Asia, Africa or Latin America, if you believed that you would receive a better risk-return trade off. For some investors, in […]
When investing, risk is a given and if you choose to avoid it, at any cost, you will and in the last decade, you have borne a staggering cost in terms of returns unearned. At the other extreme, seeking out risk for the sake of taking risk is more suited to casinos than to financial […]
I was hoping to move on from Tesla to my data update posts, but my last post on Tesla drew some attention, in good and bad ways, partly because of its timing. Right after I sold my shares for $640, last week (January 30), the stock took off, climbing to more than $900/share in the […]
When investing, I am often my own biggest adversary, handicapped by the preconceptions and priors that I bring into analysis and decision making, and no company epitomizes the dangers of bias more than Tesla. It is a company where there is no middle ground, with the optimists believing that there is no limit to its […]
My data updates usually look at the data for the most recent year and what I learn from them, but 2020 also marks the end of a decade. In this post, I look back at markets over the period, a testing period for many active investors, and particularly so for value investors, who found that […]
Starting in the early 1990s, I have spent the first week or two of every new year playing my version of Moneyball, downloading raw market and accounting data on publicly traded companies and using that data to compute operating, pricing and risk metrics for them. This year, I got a later start than usual on […]
For the high-profile IPOs that have reached the market in 2019, with apologies to Charles Dickens for stealing and mangling his words, it has been the best and the worst of years. On the one hand, you have seen companies like Uber and Slack, each less than a decade old, trading at market capitalizations in […]
If you have been reading my blog for long enough, you should have seen this post coming. Every semester that I teach, and it has only been in the spring in the last few years, I issue an invitation to anyone interested to attend my classes online. While I cannot offer you credit for taking […]
In my post from a couple of days ago, I valued Aramco at about $1.65 trillion, but I qualified that valuation by noting that this was the value before adjusting for regime change concerns. That comment seems to have been lost in the reading, and it is perhaps because (a) I made it at the […]
Ten highlights of Warren Buffett’s Letter to Shareholders: (1) Berkshire’s Class A shares closed Friday at $343,499, up 1.1% for the year. In contrast, the S&P 500 is up 3.3% this year. Berkshire’s stock rose 11% in 2019 compared with a 31.5% total return in the S&P 500, including dividends—Berkshire’s biggest underperformance since 2009. Berkshire’s […]
In advance of Warren Buffett’s letter to shareholders to be released tomorrow morning, Barron’s this evening published my Letter to the Editor relating to their cover story on Berkshire published last week: To the Editor: Although I agree with Andrew Bary’s positive outlook for Berkshire Hathaway, I disagree with the suggestion of a corporate breakup. Buffett […]
In Its SEC Form 13F filing released after the market closed on February 14, Berkshire Hathaway reported major changes to its portfolio during the fourth quarter of 2019. The largest changes were: New Stakes Kroger (KR) + $550 million Biogen (BIIB) + $200 million Increased Stakes Occidental Petroleum (OXY) + $500 million RH […]
The 10 largest common stock investments in Berkshire Hathaway’s portfolio had a one year weighted return of 44% through February 7, 2020. This was almost double the 23% return from the S&P 500 over this time period. The top 10 stocks represent approximately 80% of the total value of Berkshire’s common stock investments. 8 out […]
The one year rate of return on Berkshire’s top 10 stock holdings as of February 7, 2020: (1) Apple ($80 billion) + 87% (2) Bank of America ($33 billion) +23% (3) Coca-Cola ($24 billion) +20% (4) American Express ($20 billion) +26% (5) Wells Fargo ($18 billion) – 1% (6) Kraft Heinz ($10 billion) – 37% […]
The one year rate of return on Berkshire’s top 10 stock holdings as of January 31, 2020: (1) Apple ($77 billion) + 86% (2) Bank of America ($31 billion) +15% (3) Coca-Cola ($23 billion) +21% (4) American Express ($20 billion) +26% (5) Wells Fargo ($18 billion) – 4% (6) Kraft Heinz ($10 billion) – 39% […]
Tim Kenesey President & Chief Executive Officer Timothy J. Kenesey has spent a significant part of his career helping businesses define their strategy, improve their market position and grow profitably. Since early 2001, Tim has been the President & CEO of MedPro Group Corporation. During the summer of 2005, in connection with GE’s publicly announced […]
From CNBC “Warren Buffett Watch”: Buffett tops 5-year list of most generous billionaires Warren Buffett gave away $14.7 billion worth of Berkshire Hathaway stock over five years, putting him in the number one slot of Forbes’ list of the “Top 25 Billionaire Givers (2014-2018).” (Buffett also topped the magazine’s list of the top givers in 2018.) His […]
OVER 100 businesses in Singapore have applied for loans from a fund set up by Singaporean property tycoon John Lim's family office, JL Family Office, ARA Asset Management and Straits Trading Company, seeking a total of more than S$6 million.
JLC Advisors managing partner Jeffrey Ong Su Aun was charged on Monday with another 12 counts, all in relation to Catalist-listed precision engineering firm Allied Technologies' S$33 million missing funds.
RAFFLES Medical Group on Monday posted a 15.2 per cent drop in net profit to S$60.3 million for the full year ended Dec 31, 2019, down from S$71.1 million a year ago, due to startup costs for Raffles Hospital Chongqing which it opened in January 2019.
ON Feb 7, when the Singapore Exchange (SGX) revealed the 112 companies that have to do quarterly reporting, the names on the list came as no surprise: 94 are firms with audit concerns, six are dealing with regulatory concerns, and 12 face both regulatory and audit concerns.
BULLS and bears are grappling over a question that may decide the fate of the stockmarket expansion: Can medical authorities around the world contain an epidemic before it causes a lasting economic slowdown?