I am convinced that each of us is granted moments of grace, where, if we are open to the possibility, we find out what we are meant to do with our lives. For me, one of those moments occurred in the second year of my MBA program at UCLA, when, cash poor, I decided to […]
Every year, for the last three decades, I have spent the first week of the year, looking at numbers. Specifically, as the calendar year ends, I download raw data on individual companies and try to decipher trends and patterns in the data. Over the years, the raw data has become more easily accessible and richer, […]
I must admit that I don't pay as much attention to fixed income markets, as I do to equity markets, other than to use numbers from the markets as inputs when I value companies or look at equity markets. This year, I decided to look at bond market movements, both in the sovereign bond and […]
In bull markets, investors, both professional and amateur, often pay lip service to the notion of risk, but blithely ignore its relevance in both asset allocation and stock selection, convinced that every dip in stock prices is a buying opportunity, and soothed by bromides that stocks always win in the long term. It is therefore […]
The title of this post is not original and draws from Nate Silver's book on why so many predictions in politics, sports and economics fail. It reflects the skepticism with which I view many 'can't fail" predictors of economic growth or stock markets, since they tend to have horrendous track records. Over the last few […]
In September, I took a look, in a series of posts, at two companies that had crested the trillion dollar market cap mark, Apple and Amazon, and concluded that series with a post where I argued that both companies were over valued. I also mentioned that I was selling short on both stocks, Amazon for […]
It seems like ancient history, but it was just 2001, when GE was the most valuable company in the world, commanding a market capitalization in excess of $500 billion. The quintessential conglomerate, with a presence in almost every part of the global economy, it seemed to have been built to withstand economic shocks and was […]
I don't know what it is about October that spooks markets, but it certainly feels like big market corrections happen in the month. As stocks have gone through contortions this month, more down than up, like many of you, I have been looking at my portfolio, wondering whether this is the crash that the market […]
In 1992, when Bill Clinton was running for president of the United States, and was asked whether he had ever smoked marijuana, he responded that he had, but that he did not inhale, reflecting the fear that being viewed as a weed-smoker would lay low his presidential ambitions. How times have changed! Today, smoking marijuana […]
As of the market close on January 7, 2019, the five largest companies by market capitalization are: (1) Amazon – $797 billion (2) Microsoft – $784 billion (3) Alphabet (Google) – $746 billion (4) Apple – $702 billion (5) Berkshire Hathaway – $485 billion
I am quoted in The Washington Post on “Tech Stocks Have Sold Off Sharply — Is It a Blip or Something More?” “Momentum builds going up and it could suddenly build in the other direction,” said David Kass, a finance professor at the University of Maryland. He argued, however, that most of the sell reflects anxiety […]
I was interviewed in this Smith Brain Trust (University of Maryland) article on the 2019 outlook for the economy and stocks. THESE COMPANIES ARE POISED FOR EXCITEMENT IN 2019 Dec 10, 2018 Finance SMITH BRAIN TRUST – Like the big man in the North Pole, Maryland Smith’s David Kass spends the waning weeks of the year making a list […]
I am quoted in the Washington Post (December 2, 2018): “Technology and capitalism take their toll, said David Kass, finance professor at the University of Maryland. “Of the original 12 stocks in the Dow Jones industrial average in 1896, only General Electric survives today — just barely,” Kass said. And in time, “Apple and Microsoft […]
In an SEC 13F filing after the market closed today, Berkshire Hathaway revealed a net increase of $14 billion in its common stock portfolio during the third quarter of 2018. This is the largest quarterly increase in its common stock investments in many years. These increases, primarily in the banking sector, were: (1) Bank of […]
Berkshire Hathaway today released its Form 10-Q for the third quarter of 2018. Five highlights during the third quarter were: (1) Berkshire’s operating earnings increased by 100% as compared to the third quarter of 2017. (2) Berkshire repurchased $928 million of its stock, indicating that both Warren Buffett and Charlie Munger conclude that Berkshire’s current […]
I am quoted in “Why GE’s Penny Dividend Signals a Sad Turn for Widow and Orphan Stocks” that is likely to appear in the Business Section of the Washington Post on Sunday, November 4: “Widow and orphan stocks were designated as such for their safety and income,” said David Kass, a finance professor at the […]
ENVIRONMENTAL solutions firm ecoWise Holdings announced after trading hours on Wednesday that its indirect wholly owned subsidiary ecoWise Technologists and Engineers entered into a non-binding memorandum of understanding (MOU) with Shin Tai Ho & Co to explore opportunities and expand its respective businesses into food processing and food recycling segments.
CATALIST-LISTED Annica Holdings is in negotiations with GPE Power Systems' executive director to defer the timeline for the payment of a third tranche relating to the disposal of Annica's shareholdings in GPE Power Systems.
CAPITALAND'S proposed S$11.3 billion acquisition of Ascendas-Singbridge (ASB) set investors abuzz early this week, and as expected, trades were fast and furious on Tuesday when the counters involved in the deal returned to active trading.