Download the AMM Q1 2018 Client Letter There is a saying attributed to Mark Twain that goes “History doesn’t repeat itself, but it often rhymes.” Just as there is a business and economic cycle represented by expansion and contraction, there… Read More
Download this issue as a PDF In 2011 the Japanese city of Miyako was destroyed by the Tsunami created by the Tōhoku earthquake. Sadly, this was not the first time a Tsunami destroyed the city. In 1933 Miyako was destroyed… Read More
Stitch Fix (SFIX) will soon do an IPO. Stitch Fix is a new way to sell clothes. A highly personalized selection of clothes for you to try on in the comfort of your home. Keep what you like and return… Read More
The concern with AbbVie’s blockbuster biologic Humira is the lost of patent exclusivity in the U.S. and Europe over the next two years. The worry is revenue from Humira will drop off a cliff as generic drugs enter the market…. Read More
The craze surrounding cryptocurrencies and initial coin offerings is an echo of the South Sea Bubble that hit England in the early 1700s. South Sea Bubble The South Sea Bubble wasn’t just a bubble related to trade involving the South Seas,… Read More
On Friday, July 7, we sold Kraft Heinz Co. (KHC). Kraft Heinz is a long-term holding in AMM Dividend Strategy portfolios. We first received shares when the original Kraft split into 2 companies, Mondelez (MDLZ) and Kraft Foods (KRFT). Then… Read More
A key component in the economic profit models I ran for Starbucks is the assumption that Starbucks will maintain a growth rate of 9% over the next 5-10 years. A common estimate I’ve seen in other research pieces. The question… Read More
[edit]: My original economic profit model had an error. It was overestimating future invested capital. I kept the original images of each economic profit model but added updated values below them. This also changes my conclusion about Starbucks being overvalued… Read More
How would you rate this quote? “You have to be confident as you face the world each day, but you can’t be too cocky. Anyone who thinks he’s going to win them all is going to wind up a huge… Read More
We have a cognitive quirk. We have a bunch but let’s focus on one. When faced with a hard or complex problem instead of answering it we swap it for an easier question to answer. We believe we have answered… Read More
AMM Third Quarter 2019 Client Letter “History doesn’t repeat itself, but it often rhymes.” – Attributed to Mark Twain This summer marks the 20th