Selected Articles


Mortgage rates kick off 2021 with a record low

The average interest rate on a 30-year fixed-rate mortgage dropped to 2.65%, according to Freddie Mac. That’s the lowest level in the nearly 50 years that the mortgage giant has been publishing the survey. The 15-year fixed-rate mortgage dropped to 2.16%.

Source: CNN

Pelosi and McConnell resume talks as Congress rushes for a stimulus deal

House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell spoke Thursday for the first time since at least the 2020 election as Congress scrambles to strike a coronavirus stimulus deal and prevent a government shutdown.

Source: CNBC

Consumer Confidence Falls in U.S. Swing States Before Election

Consumer confidence dropped sharply in October in three U.S. states considered crucial for Republican President Donald Trump’s re-election as fears about the economy’s outlook mounted, according to a survey on Tuesday.

Source: Reuters

US Jobless Claims Rise to 898,000 with Layoffs Still High

The number of Americans seeking unemployment benefits rose last week by the most in two months, to 898,000, a historically high number and evidence that layoffs remain a hindrance to the economy’s recovery from the pandemic recession. Report from the Labor Department coincides with other recent data that have signaled a slowdown in hiring.

Source: AP

Consumer Confidence Posts Solid Gain to 101.8 in September

U.S. consumer confidence rebounded more quickly in September than most economists had expected though they remain far from levels that were the norm before the pandemic struck.

The Conference Board reported Tuesday that its consumer confidence index rose sharply to a reading of 101.8, up from 86.3 in

Source: AP

Jobless Claims Lower than Expected, but Employment Growth Still Sluggish

First-time claims for unemployment insurance beat Wall Street estimates last week as the U.S. economy enters a critical new stage.

Filings totaled 860,000 for the week ended Sept. 12. Economists surveyed by Dow Jones had expected 875,000, against the previous week’s upwardly revised 893,000.

Source: CNBC

2020 Election: A Brief Guide for Equity Investors

We are rebounding out of a deep, forced recession. That makes some cyclical stocks look very attractive, in our view, and we own several of them. Trucking companies benefit from e-commerce. Virtual real estate sites benefit from a housing recovery. Payments companies that are focused on retail benefit as retail rebounds.

Source: Lord Abbett

What Does Weaker Dollar Mean for Your Portfolio

The U.S. dollar has fallen by about 7% against a broad basket of currencies since its mid-March peak. After a nearly decade-long bull market that saw it appreciate by more than 40%, we believe the dollar could be headed for a longer-term decline.

Source: Charles Schwab

US Existing Homes Sales Jump 20% in June

Americans stepped up their home purchases in June by a robust 20.7% after the pandemic had caused sales to crater in the prior three months. But the housing market could struggle to rebound further.

Source: AP

US Economy May be Stalling as Virus Worsens

The U.S. economy is stumbling as the viral outbreak intensifies, threatening to slow hiring and deepening the uncertainty for employees, consumers and companies across the country.

Source: AP

What Does An EV / EBITDA Multiple Mean?

The EV/EBITDA multiple is among the most popular techniques to value businesses. Applied properly, EV/EBITDA can be a very helpful tool. But a naive use of EV/EBITDA leads to valuation mistakes.

Source: BlueMountain Investment Research

Does Credit Affect Stock Trading?

The role of credit in financial bubbles is theoretically ambiguous. On the one hand, it may help rational arbitrageurs to trade against a bubble; on the other hand, it may enable naive speculators to buy overvalued assets.

Source: Stanford University

Investing in the Unknown and Unknowable

Professor Richard Zeckhauser, of Harvard University, discusses investments with unique characteristics. Namely, that they deal in the unknown and unknowable.

Source: Harvard University

Measuring the Moat

Michael Mauboussin and team introduce a systematic framework for measuring the magnitude and sustainability of value creation, or moat, of a business.

Source: Credit Suisse

Value is Dead, Long Live Value

After over a decade of underperformance, investors wondered if value investing was dead…in the 1930s.

Source: O'Shaughnessy Asset Management

The Origins of Silicon Valley

How did this small valley in central California come to be one of the world’s greatest centers of innovation?

Source: Cambridge University

Understanding SaaS

Learn about the Software as a Service business model and how to approach a valuation

Source: Andreesen Horowitz

Elections and Markets ​

See what the relationship between presidential elections and markets has been through time.

Source: Winton Research

Paradigm Shifts

Investor Ray Dalio discusses the history of shifting financial markets, how paradigms develop and recur, and how to use the past to attempt to understand the future.