The Irrelevant Investor

SEPTEMBER 30, 2018

Articles You won’t know the price of your asset until you go to sell it By Nick Maggiulli US grocery is the largest consumer category in the world, registering $641B/year in value By Scott Galloway People were literally lighting their money on fire By Ben Carlson Even if the long-term trajectory is better than average returns, the path to get there won’t necessarily be a cakewalk By Phil Huber A reminder to my future self By Bob Seawright We pay for incompetence By Dan Egan What does liberty mea

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Brown Advisory

SEPTEMBER 11, 2018

The Mortgage Market: Ten Years Later. ajackson. Tue, 09/11/2018 - 08:42. In San Francisco’s historic Sunset District, there is a charming 1,289 square-foot 2-bedroom home, brimming with potential. That potential stems not from its character, but from its price tag: At $995,000, it is one of the few homes on the market in San Francisco for less than $1 million, and far below the city’s staggering median home price of $1.62 million.

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The Irrelevant Investor

SEPTEMBER 26, 2018

On this week's Animal Spirits, we discuss: Do stocks diversify bonds? Can bonds be overvalued? Stocks when interest rates rise Thinking about looming disaster Klarman in 1999 Amazon microwave It's like the internet in 1997 World poverty Betterment survey Dividend stocks are not bonds Beat the market, get more money Twilight of the terminal Listen below Charts discussed Tweets mentioned [link] Recommendations I Heard You Paint Houses The Soul of America Fortune’s Children: The Fall of the House o

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The Irrelevant Investor

SEPTEMBER 23, 2018

Articles While houses were being foreclosed and jobs were being lost by millions of Americans, my version of the recession was my parents losing their home and my university running out of pastries By Nick Maggiulli Just about anything is possible if we torture the data enough By Corey Hoffstein The era of senior Wall Street professionals being placed on pedestals and individuals staying quiet when they see things that are wrong is waning.

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Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

Accounting

The Irrelevant Investor

SEPTEMBER 23, 2018

Josh and I spoke about A World Lit Only by Fire , which is a book that Jim Chanos recommended on Barry's podcast. This book is a deep dive into how people lived during medieval times. [link] We're going to make these videos a regular occurrence, and hope that you'll read along with us. Next time we'll cover Lake Success. Below are parts of the book that we referenced in the video.

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The Irrelevant Investor

SEPTEMBER 16, 2018

Articles You don’t have to agree with Barry’s opinions, but you cannot deny the authenticity with which he shares them. By Josh Brown Repeatedly, and assuredly, investors move from mania to mania, sacrificing long-term gains for short-term speculations By Jamie Catherwood Teaching others is the best way to learn By Tony Isola People are more like lawyers building a case for their gut feelings than judges reasoning toward truth By Scott Galloway There has always been a gap between theory and prac

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The Irrelevant Investor

SEPTEMBER 16, 2018

There's a new kid on the block. Innovator's IBD® Breakout Opportunities ETF, ticker BOUT. The goal of this fund is to identify stocks before they break out. Basically, they're delivering on a style of technical analysis via machine, which I find intriguing. When I was trading stocks, I would often buy on the breakout and then sell on the retest. Over and over I would let my emotions get the best of me.

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The Irrelevant Investor

SEPTEMBER 13, 2018

"Russell rarely played the stock market and had little investing experience when he put around $120,000 into bitcoin in November 2017." This comes from a CNN money article, Bitcoin crash: This man lost his savings when cryptocurrencies plunged. From January 2017 through the peak in early 2018, Ethereum gained 16,915%. Any time you have something go vertical, you just know that some people are going to get swept up in the mania.

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The Irrelevant Investor

SEPTEMBER 11, 2018

The easy thing for an investment manager to do during a tough period is to over promise. The hard thing is to tell the truth. Cliff Asness does the latter in his recent piece, which is a must read for investors of all stripes. Is this a huge tactical distress / opportunity? Everyone wants me to say that it is. It would indeed be comforting to tell people “you have to stick with this or add more as it’s going to rocket upwards very soon!

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Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.

Accounting

The Irrelevant Investor

SEPTEMBER 11, 2018

On this week's Animal Spirits, we discuss: How the financial crisis still affects investors What was actually in the death of equities article Where different generations invest there money The 1970s still leave scars Tough times for liquid alts Life insurance is not for saving 150% of Facebook users delete their accounts Will half of colleges be gone?

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The Irrelevant Investor

SEPTEMBER 10, 2018

When Amazon filed for its IPO in 1997, it was valued at almost $300 million ($470 million in today's dollars). Today , there are 95 private companies in the United States valued at more than $1 billion. Private companies are eschewing public markets for longer, and growing larger than they have ever before. In a related but tangential matter, the number of publicly traded companies in the United States has been cut in half over the last twenty years.

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The Irrelevant Investor

SEPTEMBER 9, 2018

Articles Our beliefs can calcify and harden in the presence of contradictory information By Josh Brown You are 2.0 software running in 200,000 year old hardware By Scott Bell He is trained to offer a rebuttal to every objection. By Blair duQuesnay No client received the returns By Preston McSwain I’m not going to leave it there By Cliff Asness Investors have an exceptionally poor track record realizing they have been swept up by the market By Jamie Catherwood Almost all financial regulation is a

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The Irrelevant Investor

SEPTEMBER 6, 2018

Michael Steinhardt once said, "Nothing gives a better feeling to a manager than making money for his or her investors when almost everyone else is losing." I will never know what that will feel like, but I would imagine that similarly, nothing gives a worse feeling to a manager than losing money when almost everyone else is winning. Let's examine this a little closer.

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Accounting

The Irrelevant Investor

SEPTEMBER 5, 2018

On this week's Animal Spirits, we discuss Am I paying too little for stuff? The Athletic has $28 million in VC funding. College tours by private jet. Seriously. Coke is buying a coffee company for $5 billion. This cannabis company seems fully valued Buffalo wing flavored Oreos Yes, markets are hot. FIRE Ben's take on the movement. The sector shakeup Misleading investors This kid with no training beat a lot of people with experience Merrill is recruiting young advisors Aretha Franklin had no wi

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The Irrelevant Investor

SEPTEMBER 4, 2018

It has been 2,555 days since gold peaked in September 2011. The S&P 500 meanwhile is within half a percent of its all-time high. Gold investors have good reason to be frustrated, as the precious metal currently sits 40% below those highs. Gold did fantastically well coming out of the GFC, but like most other assets, it got hit hard in the teeth of the crisis.

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The Irrelevant Investor

SEPTEMBER 2, 2018

Articles We can only track the progress of equity markets in hindsight By David Schawel Of the nearly 2,000 active equity funds that began the 10-year period, only 300 proceeded to beat a comparable ETF after fees and taxes. That’s a 16% beat rate for the cheapest class of active stock funds. By Jeffrey Ptak The raw materials they use in order to “produce” their product is also known as your retirement savings By Josh Brown A little more than 1% of the population traded stocks in 1929 By Ben Car

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The Irrelevant Investor

SEPTEMBER 2, 2018

A few years ago an acquaintance was telling me about a stock he bought. It went up quite a bit shortly after he bought it, but then he watched all his gains disappear and was now holding a loser. So he asked me, "How do you know when to sell a stock?" My answer, "you don't," was deeply disappointing. I'm pretty sure that all of my conversations with people outside of finance has ended with the other person wondering if I even know anything at all about investing.

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Brown Advisory

SEPTEMBER 30, 2018

Global Leaders Investment Letter - Q3 2018 ajackson Sun, 09/30/2018 - 09:50 Global Leaders Strategy Investment Letter - Q3 2018 In this letter, the team discuss the dangers of shorthand valuation techniques and the oversimplification of passive investing, particularly during periods of market volatility. Download the Letter Past performance is not a guarantee of future performance and you may not get back the amount invested.

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Brown Advisory

SEPTEMBER 30, 2018

Global Leaders Investment Letter - Q3 2018. ajackson. Sun, 09/30/2018 - 09:50. Global Leaders Strategy Investment Letter - Q3 2018. In this letter, the team discuss the dangers of shorthand valuation techniques and the oversimplification of passive investing, particularly during periods of market volatility. . . Download the Letter. . . Past performance is not a guarantee of future performance and you may not get back the amount invested.

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Investing Investments Clients Valuation 40

The Irrelevant Investor

SEPTEMBER 24, 2018

On the day of its IPO in May 1999, EToys' nearly quadrupled in price. Toys 'R' Us did 300 times more revenue than the new kid on the block, yet after its first day as a publicly traded company, the brick and mortar store had a market cap that was 35% below it. EToys' $7 billion valuation was based purely on hope, a number which was far removed from business fundamentals.

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