TPR: Applying The Perennial Strategy
Tapestry (TPR) – the maker of Coach and Kate Spade purses for women – reported 4QFY26 earnings this morning. While the numbers looked good to me, the market has sent shares down 17% at the open. This gives us an…
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Buy The Dip In Gold
On March 29, 2024 The Wall Street Journal’s Aaron Back wrote a prescient piece about why gold was rallying despite a lack of inflation (“Gold Is Rallying. It Isn’t About Inflation This Time” [SUBSCRIPTION REQUIRED]; I wrote about Back’s article…
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Revisiting The Health Insurers A Year After The Buffett Bottom
On August 19, 2025 I wrote a blog titled “A Better Way To Play The Buffett Bottom In The Health Insurers”. Buffett had been accumulating a large position that the SEC had given him permission not to disclose. When Berkshire…
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CAG Is One Of The Cheapest Stocks In The Market Ahead of Earnings Wed Morning; How I’m Playing It
Conagra (CAG), the food manufacturer, is one of the cheapest stocks in the market ahead of its 4QFY26 earnings report Wednesday morning. In fact, due its declining market cap, the stock was removed from the S&P 500 two weeks ago…
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2Q26 Client Update
After our terrific year last year, I was hoping for more of the same in 2026. And while we got off to a good start in 1Q26, we didn’t make much progress in 2Q26. That’s because the market is increasingly…
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Patience vs Stubbornness: The Case of the NKE Turnaround
I was listening to the Nike (NKE) conference call about an hour ago, waiting for them to give their next quarter revenue guidance. When the CFO forecast a low to mid single digit decline and said that the revenue inflection…
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The Contradiction at the Heart of the Market
Let’s start with some context. The current bull market is being driven by optimism about Artificial Intelligence (AI). The premise is that AI will radically improve economic productivity resulting in a massive economic boom. It began on the afternoon of…
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Why Software Is The Play For Value Investors; 3 Stocks and 1 ETF To Buy and Hold
If you’re a value investor, you need to take a hard look at software stocks. While I am not an expert on AI or software, the valuations have become so cheap that the risk-reward equation is now strongly in favor…
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The Most Important Thing: Patient Opportunism
There aren’t always great things to do and sometimes we maximize our contribution by being discerning and relatively inactive. Patient opportunism – waiting for bargains – is often your best strategy…. You’ll do better if you wait for investments to…
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Play Your Game
There was a front page article in The Wall Street Journal [SUBSCRIPTION REQUIRED] on Tuesday about the newest star investor, 24 year old Leopold Aschenbrenner whose hedge fund is called Situational Awareness. As far as I can tell, Aschenbrenner has…
