So far in 2019, according to Challenger, Gray & Christmas, 1,480 chief executives of US companies of scale (10 employees / in business 2 years) have exited their posts.  These numbers are the highest year-to-date through November since the company has been keeping track since 2002.  Things seem to have accelerated over the last few […]

While the markets may be at all-time highs, individual investors are abandoning equity funds faster than at any time over the last two decades.  According to the Wall Street Journal which utilizes data from Refinitiv Lipper, investors have pulled $221 billion from US stock mutual funds and added $85 billion to US exchange traded funds […]

According to Bloomberg’s Matthew Boesler, the U.S. economy reached an important milestone in October that ought to put it on a more sustainable footing going forward: wage growth eclipsed mortgage rates for the first time since 1972.  In data published earlier this month, the Labor Department announced that average hourly earnings comprising more than 80% […]

One of the “Pillars” of our investment process is Buying Behavior.  In essence, we want to see positive cash flows into a stock from individuals / institutions with ostensibly the best knowledge of the company and its prospects.  With the exception of buying during “quiet periods” when earnings are about to be announced, “insiders” (Including […]

According to an article in the Wall Street Journal, “nervous investors have socked $3.4 trillion away in cash.”  At the same time, hundreds of billions of dollars have come out of equities in favor of the aforementioned money market funds and bonds.  Wow – we haven’t seen this kind of conservatism since the financial crisis. […]