Recent Posts



Prelude to a Pandemic

The first wave is just beginning, not ending. For New York, the virus was a catastrophic eradication of life that was previously unimaginable. The economic calamity only worsened the forlorn feeling of the populace. The reality is that confirmed cases are less than five percent of the population in New York. Nationally, the number is less than one percent. Ninety-nine percent of the population remains susceptible to the disease, and a vaccine at scale is at least six months away. The good news is that the fatality rates appear lower than initially measured. The bad news is that the US reproduction rate’s current growth would return to the May 1st level by July 4th. The implication: the lar

Requiem for Value Investing

Value investors are asking themselves, will the promise of value investing return to prominence? The answer is multi-faceted. Indeed, value investors experienced under-performance versus the broader market and growth stocks for the last thirteen years. A secular change transpired that gave life to the dominance of growth stocks, which may persist. Capital consumption and intensity are declining. Intellectual property investment is approaching equipment investment in amount. The result is unprecedented corporate profits. In a service dominated world where global trade, value resides in the income statement and not on the balance sheet. Caveat emptor for traditional value investors. Photo: Ri

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