Saying that the stock market is showing signs of excess is an understatement. Exhibit 1: This chart via Jim Bianco is the Goldman Non-Profitable Technology Index. Exhibit 2: This family is selling their home to invest in stocks. Exhibit… 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
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
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
You’re playing basketball and you try out a new move. You know immediately if it worked or not. You also immediately know how to tweak it, to improve it, and then test it again. You keep fine tuning your move… Read More
We recently moved Wells Fargo to the category “Source of Funds”. If we need to buy a new position or add to an existing position and cash is not readily available in your account, we may sell part or all of your… Read More
Everyone is walking around with a computer in their pocket. With a few taps of the finger you can buy and sell any stock you want. Now with stay-at-home orders people have more free time. And stock trading is commission… Read More
We generally have two major behavioral biases to overcome when managing the AMM Dividend Growth Strategy: Loss Aversion Loss Aversion is the bias that losses weigh heavier on our thinking than gains. Take the following example from behavioral economist Daniel… Read More
One of the hardest things for us to do as a portfolio manager is to sell a portion of a winning position. A position that has gained in value is a symbol to our brilliance and a testament to our… Read More
We recently sold Alcon (ALC) and Anheuser-Busch InBev (BUD) in all client accounts last week. We used the proceeds from the Anheuser-Busch InBev trade to start a position in Costco (COST).* Some accounts may still own a small position in… Read More
President Joe Biden’s plan to forgive up to $20,000 of federal student loan debt per borrower has been knocked down by the Supreme Court