5 Stocks for Times That Are A-Changin’

December 1, 2022 in Signal from Noise

The line it is drawn,  The curse it is cast,  The slow one now,  Will later be fast,  As the present now,  Will later be past,  The order is rapidly fadin’,  And the first one now,  Will later be last,  For the times they are a-changin’ -Bob Dylan, 1964 Revolution is in the air. Iran, China, Ethiopia, Russia and other …

Semis, Semis Everywhere … Sometimes Too Much, Sometimes Not Enough

November 10, 2022 in Market Intelligence, Signal from Noise

“One day, semiconductor demand and supply will match up – for all of 30 minutes.”– attributed to Andy Grove, former CEO of Intel (1987 – 1998) It’s difficult to think of an aspect of our daily lives that doesn’t involve a semiconductor somewhere. From the device you’re using right now to read this to the refrigerator you’re about to raid …

Holiday Retail Round-Up

October 27, 2022 in Signal from Noise

“Amateurs talk strategy, professionals talk logistics.” -Omar Bradley Mr. Bradley’s quote above may have become so frequently used as to border on aphorism. We recently penned an article that shows how disastrous poor logistical planning can be, even when done by otherwise highly competent folks like Napoleon Bonaparte. However, we thought we’d discuss it in a little more detail and …

Risk Revolution: ETFs

October 13, 2022 in Signal from Noise

“Don’t look for the needle in the haystack. Just buy the haystack!” – John Bogle Disruption isn’t always achieved by shiny things; sometimes simple algebra will do. The Black-Scholes model revolutionized investing and made it so “one bad season doesn’t have to ruin the farm.” The risk management revolution Fisher Black, Myron Scholes and Robert Merton unleashed was one of …

Management Lessons from The Eminent Dead

September 29, 2022 in Signal from Noise

“Make friends with the eminent dead.”- Charlie Munger Investing is incredibly difficult, and the competition is fierce. Most people hope to get rich quickly with little work—of course, they do. Investors sometimes hear about some stock that folks have made money on and buy it blindly, hoping to get in on whatever the gold rush of the day is. Stories …

Game of Chromes: The Next Chapter of Mobility

in Signal from Noise

“When you play the game of thrones [chromes], you win, or you die [go bankrupt]. There is no middle ground.” – Cersei Lannister An intense quote from an intense show, obviously slightly adapted by our team. However, in a commercial sense, it captures the intense competition necessary to succeed in profitably selling automobiles. You can engineer a great vehicle and …

Where Does FinTech Stand After The Sell-Off?

August 18, 2022 in Signal from Noise

For much of human history, lending has been a highly regulated business. The Depression and the associated bank runs led to the creation of FDIC insurance and other guard rails for the banking system that consumers embraced. In some ways, the lending business has always been subject to the same risks, and effective due diligence has always been a key …

Healthcare Showing Promise: Why We’re Bullish

August 4, 2022 in Signal from Noise

Healthcare conversations over the past two years have centered almost exclusively on COVID-19, vaccinations, and therapeutics. Yet the dynamic sector offers much more to dissect as we emerge from the pandemic. This year, investors have flocked to healthcare stocks in search of safe-haven assets that tend to offer consistent revenue streams amid global uncertainty. Healthcare was a cornerstone of Mark …

The Fairest of The FAANG: Special Report on the Tech Generals

in Signal from Noise

On August 9, 2011, Apple became the largest company in the world by market cap when it briefly exceeded Exxon-Mobile for the first time. This marked the beginning of the golden age of the FAANG when their invincibility was assumed, and anything but a positive earnings surprise was out of place. Of course, the names did very well in the …

Three Stocks For Elevated Inflation and Volatility

June 30, 2022 in Signal from Noise

“I like to compare the Fed’s problem to the challenge of adjusting the shower in an old hotel, where there’s a lag of 20 to 30 seconds between the time you turn the faucet and the time the water temperature changes. It’s very hard to avoid scalding yourself or freezing yourself.” – Larry Summers This morning’s Core Personal Consumption Expenditures …