Advertising Dominance

I reviewed a number of "small tech" companies over the past week (Big Tech: FB, AMZN, GOOG, AAPL all reported earnings last week). I wrote some notes that touched on a couple of these small tech firms, but I as I read earnings report after earnings report from...

History Rhyming or Is This Time Different?

The COVID-19 panic continues to wreak havoc on both the stock market and the economy, and the news continues to seemingly worsen with each passing day. In the midst of a crisis, it's imperative to maintain clarity of thought and a calm demeanor. This is difficult for...

Value Amidst the Blood in the Streets

Here is a passage from a note I wrote to Saber investors last week: "Be greedy when others are fearful" is the quote that is probably most often cited but yet rarely practiced in the stock market.  I rarely send out interim quarterly notes like this, and this is the...