When paired with a (truly) stable capital base, “behavior” is cited by many, including myself, as the supreme edge – trumping information (in theory, equally accessible to all) and analysis (smart people abound) – since, when investing over a long time-frame, what matters more than the singular decision to buy a stock is how we behave through […]
scuttleblurb
Author Archives:In a quick blurb from last month, I flippantly wrote: “I don’t think 10x/1x EPS/BV for a moatless auto lender at or near the peak of the auto cycle is all that cheap.” Well, how about a sorta-moaty auto supplier trading at 7x? My sense is that auto stocks – their single digit earnings multiples […]
I looked at some Alternative Asset Managers (BX, KKR, CG, FIG, and OAK) a year ago as the group traded at depressed multiples and invested in OAK because I get Howard Marks’ investment philosophy (which seems to strongly imbue the organization despite Marks’ largely figure head status today) and frankly, I found the other names too […]
I was pitched this stock recently and thought it sounded interesting enough to write about (I like industries where supply and demand curves are shifting in big ways), although I think upside from a recovery in nitrogen fertilizer prices is largely baked into the current valuation. Substantial new capacity from China, lower freight costs (to […]
Investors are once again genuflecting before the altar of Malone. Here’s the bull case: to combat Amazon, traditional retailers are increasingly pursuing omnichannel strategies (selling their products online for delivery or customer pickup + bric & mortar) and adopting drop-shipping solutions as part of their online fulfillment process. Drop-shipping allows products ordered by a retailer’s […]
After having not followed eBay for a long while, I tuned into eBay’s Seller Summit in late 2015 where the company laid out its structured data agenda, intensifying its strategic move away from the messy, spectrum-of-value bazaar of an earlier .com era – when, in the absence of 2-day shipping and consumer experience, broad selection […]