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LATEST INSIGHTS
Thoughts, insights and opinions from our team of investment experts
What a Weird World
On rare occasions the market takes on a speculative bent as animal spirits run amok. For us value investors, during these periods, it’s always hard to believe that the others, whose behaviour is so odd to us, are competing in the same field. Why would anyone ignore fundamentals, buy purely on price, chase what’s already gone way up, use highly-speculative instruments, assume extreme leverage, or worst of all, purchase something that’s hugely popular—gone viral—a ‘meme’ stock?
Amateur Year
Forget amateur hour–the post-pandemic boon that has now lasted just more than twelve months has been defined by amateurs. Buoyed by their gains, some of these amateurs have become self-styled market prophets. Others revel in their losses in places like Reddit’s infamous WallStreetBets subreddit.
Zooming to Booming
The economy, now booming thanks to massive government stimulus and zero interest rates, should accelerate further in the near term as pent-up demand is unleashed. There are notable concerns which could cause the markets to ebb—especially since stocks in general are priced for perfection.
ViacomSeeBS
The rise and fall of ViacomCBS has been more fascinating to watch than most of their TV shows. ViacomCBS’ wild ride ended like many past examples of extreme speculation. Starting with a real story—the successful rollout of its various streaming platforms, accelerated by the COVID-19 global lockdown—with greed and reckless speculation taking over to catapult its price well beyond fair value. The final act, of course, was the implosion.
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