Glenn breaks down our position in American Tower (AMT). Its dividend history and safety The 2 major secular growth trends driving its future returns and dividend growth The switching costs and operational leverage of the tower business The risks And… Read More
The Covid19 induced recession of 2020 led to the strongest fiscal and monetary policy response in history. The stimulus was global in nature, and has likely set the world up for a significant boost to growth in the years to… Read More
Early last week we sold Pfizer across all accounts invested in our dividend growth strategy.* We initially invested in Pfizer because it was undervalued, had an above average dividend yield, was growing its dividend, and it looked like the company… Read More
Looking back over the last year reminds us why our 5th and final core investment principle is: “you cannot predict the future”. Hindsight analysis suggests the Federal Reserve induced liquidity, low interest rates, and massive fiscal stimulus were the reason… Read More
The Texas and Pacific Railroad earned a charter in 1871 to connect West Texas to California. Jay Gould, the infamous Robber Baron, took control of the company in 1876 and completed the rail line. The successful completion unlocked the 3.5… Read More
“Do you believe in Miracles?” Al Michaels famously asked this question following the USA men’s hockey victory over the USSR in the 1980 Winter Olympics. As one of the greatest sports upsets of all time it quickly became known as… Read More
Lead portfolio manager Glenn Busch breaks down our position in American Tower (AMT) The catalysts for future price appreciation and dividend Growth American Tower’s big option play The biggest risk to our investment Finally our estimate of fair value Listen… Read More
Listen AMM Dividend Letters #39 – Proving Yourself Wrong & eBay #40 – The Emoji Guide to Investing & Charles Schwab #24 – How Long Can You Hold Onto Disney Links Horizon Kinetics Q3 2020 Letter The Art of Execution… Read More
American Tower owns cell phone towers. The wireless carriers, AT&T and Verizon, used to own their own cell phone towers. But it was an inefficient use of their capital. An AT&T tower would tend to only have AT&T equipment on… Read More
The average holding period — how long an individual investor owns a stock — has been in decline for decades. According to Reuters, the average holding period reached its lowest point this past summer. There are different ways of slicing… Read More
Investing, by definition, is a long-term endeavor. But investing for the long-term means staying focused through periods of short-term volatility, and frequently negative news