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LATEST INSIGHTS
Thoughts, insights and opinions from our team of investment experts.
TAM Flimflam
Many stocks, with little earnings or even revenue today, have had significant runs on TAM enthusiasm alone. Management teams will enthusiastically describe how a product will capture hundreds of millions of customers 5 to 10 years out. Be mindful of the myriad micro and macro risks that will likely materialize between now and then.
Consider the Principal Residence Exemption for Your Secondary Residence
In some parts of the country they’re referred to as cottages. Others call them cabins or chalets. No matter the label, owners of recreational properties have been feeling especially fortunate recently to have another place for a change of scenery. Families should contemplate the eventual tax implications of selling a cottage or passing it on to the next generation.
Widen the Universe—Narrow the Focus
Our message: go abroad, but narrow the focus to high-quality companies. The resulting portfolio will look quite different than any major index, a challenge for many professional managers that are hesitant to stray too far from their benchmarks. More enterprising investors will be rewarded with a portfolio of companies with superior profitability, high returns on invested capital and consistent earnings.
“DEFENCE DEFENCE”
While we haven’t been chanting at the office, we have taken a defensive stance toward the markets. While the overall markets and many of our peers now appear to be all about offence, we are concerned that the recent overzealousness has stretched valuations too far. The markets are above our estimate of Fair Market Value (FMV) at a time when the economy may struggle to fully revive.
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