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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...

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...

Some Loose Leaf Notes on Earnings

"Earnings season" is very rarely any different for me than most other times of the year. One of the great things about owning quality companies is that they tend to be more predictable, and require far less maintenance. Not a lot changes from quarter to quarter. That...

Facebook’s Adaptability to Change

I wanted to share some quick thoughts on Facebook. Someone leaked the audio of a meeting at the company where Mark Zuckerberg took questions from various employees on a variety of matters. The Verge published the transcript of the Q&A, and the entire article is...

The Fear About Low Rates

It's common sense that if you are lending money to someone for a decade, you are naturally going to want a higher interest rate than if you lend to someone who promises to pay you back in a few months. However, on certain occasions a strange phenomenon occurs: lenders...

Wells Fargo’s Big Buyback

Last week, the Federal Reserve published the results of their annual Comprehensive Capital Analysis and Review (CCAR). The CCAR and its cousin, the Dodd-Frank Act stress tests, are a big portion of the regulatory framework that the Fed uses to supervise the big banks...

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