Crypto is boring

Happy Friday! Let’s touch on inflation real quick. A colleague sent me the chart below with three lines: Consumer Price Index (CPI), which is a broad measure of inflation (orange line) Core CPI, which strips out food and energy (blue line) Median CPI (white line), which removes the effects of outliers in the basket of…More

How much longer with FOMO obey?

There’s a story out there that Stalin once ripped off the feathers of a chicken and then threw it some food. The chicken was in a lot of pain but still followed Stalin around. The apparent lesson he was teaching his troops was that a dictator can do anything he wants to “the people,” so…More

Bugatti has made the world a better place

As discussed for over a year now, you can’t increase the money supply by 25%, send people checks in the mail, tell them to stay at home for months, and not expect inflation. Take the last three months and we are running at an annualized inflation rate of 7.2%. That’s really high, but I don’t…More

Is The Fed relocating to the Jersey Shore?

This could be the best earnings season I’ve ever seen. Check out this chart from FactSet as of April 30th (60% of S&P 500 companies reported by then): According to Refinitiv, the current “beat rate” (how many companies are reporting results above Wall Street’s consensus) is running at 87%. That’s the highest since Refinitiv started tracking these numbers…More

Palpable irony

Here’s an interesting (albeit sad) chart depicting the impact to small businesses over the last year: And here are some interesting charts on the impact of COVID on kids: Yet here is the current state of schools: Bill Miller was also in the news this week. He’s the former manager of the Legg Mason Value Trust that got annihilated…More

Dogecoin – The hometown hero

Earnings continue to pour in, but that’s boring so let’s turn to some funny stories that could only happen in 2021. First, dogecoin is now worth more than Ford and Kraft. That’s right. The cryptocurrency that was created as a joke to make fun of cryptocurrencies now has a market cap north of $50 billion. By…More

Drowning in analyst tears

Few topics to discuss this week… Retail sales for March rose a mind boggling 9.8%, which blew away consensus forecasts at 6.1%. And if you’re thinking this is due to the government sending checks in the mail, pat yourself on the back. But what’s encouraging is that it appears that these checks are being used…More

Call me old fashioned

Happy Friday! A few weeks ago, it seemed as if tech was falling apart. I wrote a note defending the sector and why I was sticking with it. I don’t want to say that it was the right call just yet, because I’ve learned that successful investors must live in a constant state of paranoia,…More

The lonely street of dreams

Happy Thursday! I was driving my 4-year-old to school this week, and now that she’s past the age of those annoying toddler songs, I’ve been indoctrinating her to real music by slowly dripping the classics on her via Sirius’s Hair Nation and other trusted sources. Just as we were about to pull into her school,…More

Allow myself to introduce myself

Happy Friday! Yes, I’ve been talking about inflation since April of last year, and yes, we’ve seen quite a bit since then. But there’s more coming. At least I think so. But inflation isn’t a bad thing. Much like rising interest rates, it’s a sign that the economy is growing (I’ll take inflation any day…More