Ninety-six years ago today at one minute past noon, a bomb exploded on Wall Street which killed 38 people and wounded 143. Windows were shattered up to a half-mile away. For the first time ever, trading was halted on the…
Wabtec Falls 12.24%
The closing bell has rung. Shares of Wabtec closed at $98.19. That’s a loss for today of 12.42%. Overall, our Buy List lost 0.54% today while the S&P 500 gained 0.03%. Wabtec was responsible for 62 basis points of today’s…
Retail Sales and Industrial Production
We got two more economic reports today. First, the Fed said that industrial production rose by 0.4% in August. That matched consensus. Here’s IP since the beginning of 2012. Notice the sharp downturn from late 2015 into early 2016. A…
JP Morgan Warns on WAB/GE Deal
Shares of Wabtec (WAB) are down about 9% today. JP Morgan has warned that cash flow from the deal could trail estimates.
Don’t Take Asset Allocation Advice From Billionaires
Josh Brown shared some notes from a talk he sat in on this week with JP Morgan CEO Jamie Dimon. Here’s Josh with a tidbit on how Mr. Dimon thinks about his own asset allocation: Jamie despises bonds. “I wouldn’t own…
CWS Market Review – September 14, 2018
“A lot of people with high IQs are terrible investors because they’ve got terrible temperaments. You need to keep raw, irrational emotion under control.” – Charlie Munger On Thursday, our Buy List broke the double-digit barrier. We’re now up 10.41%…
Is Software Eating Value Investing?
Marc Andreessen wrote one of the more prescient pieces of this century in the Summer of 2011 called Why Software is Eating the World. He laid out his reasoning behind the idea that technology is fundamentally changing the way we do…
The Full List of All 115 MLPs: How To Prosper With Master Limited Partnerships
Published on September 13th, 2018 By Ben Reynolds, Aristofanis Papadatos, & Nick McCullum Master limited partnerships – or MLPs, for short – are some of the most misunderstood investment vehicles in the public markets. And that’s a shame, because the…
Morning News: September 13, 2018
Turkey Raises Rates, Sending the Hard-Hit Lira Up Sharply Fed’s Brainard Says An Inverted Yield Curve Won’t Get in Way of Rate Hikes Bernanke Admits Fed Made Mistakes Combating Crisis 10 Years Ago Ten Years After Lehman Bankruptcy, New Books…
From the NYT, September 14, 2008
Here’s a lede you don’t see often. In one of the most dramatic days in Wall Street’s history, Merrill Lynch agreed to sell itself on Sunday to Bank of America for roughly $50 billion to avert a deepening financial crisis,…