Suppose the next time we see you we lay out the following 4 cards in front of you like this. Then we give you the following statement. If a card has a vowel on one side then it has an… Read More
AMM Dividend Letter 39: Proving Yourself Wrong & eBay
AMM Dividend Growth Podcast Episode 1 – Starbucks Dividend Growth
Download the full Starbucks dividend letter below AMM Dividend Letter #38: Loss Aversion, Fear, and Starbucks Subscribe to the AMM Email List to get everything we send to our clients. AMM Email Newsletter You can find Pershing Square’s Starbucks presentation… Read More
Why We Sold Gilead Sciences (GILD)
We started buying Gilead Sciences over 1 year ago. Over a week ago we sold it. Our original thesis on Gilead was 5-fold: 1) a stabilization of its HCV business (which had been declining), 2) its leading HIV treatments, 3)… Read More
AMM Dividend Letter 38: Loss Aversion, Fear, and Starbucks
We’re going to flip a coin one time. If the coin lands on heads then you win $200. But it the coin lands on tails you lose $100. Are you willing to play this game? If you’re like most people… Read More
Why We Sold Qualcomm
We closed out the remaining positions in Qualcomm for all accounts in the AMM Dividend Growth Strategy*. One of the main reasons we sell a position is when a fundamental change occurs to the underlying business model. Qualcomm’s very profitable… Read More
Welcome Back Volatility
AMM First Quarter 2019 Client Letter The 4th quarter of 2018 saw one of the largest jumps in volatility in years. The reasons for the volatility are now widely “known”. Political uncertainty, trade uncertainty, fears of a policy error by… Read More
The 3 Types of Dividend Growth Stocks in the AMM Dividend Growth Portfolio
The AMM Dividend Growth Portfolio is made up of three types of dividend-paying companies as we define them. 1. Dividend Stalwarts The first type of dividend growth stock is what we call Dividend Stalwarts. Investors also call them Dividend Aristocrats… Read More
The Real Risk to Your Portfolio
As we write this letter the US Stock market is down ~ 9% year-to-date and off ~16% from its all-time highs in September. Times like these tend to remind investors of the inherent risk in investing. However, the volatility evidenced… Read More
The Two Factors Building Intuit’s Business Moat
Intuit’s QuickBooks Online is its Software As A Service (SAAS) business. It is replacing Intuit’s legacy QuickBooks Desktop software. QuickBooks Online is part of Intuit’s effort to transform its revenue from highly repeatable transactional sales to highly recurring subscriptions. I… Read More
How to Win By Losing Less
It is hard to stay invested in a diversified portfolio when the S&P 500 is hitting new highs and your portfolio is not matching its returns. But you don’t have to keep up with the S&P 500. In this video,… Read More
