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2020 Stock Market Crash | A Letter, March 26, 2020
During the 2020 stock market crash, we let clients know what we thought, asking to keep calm and distant from the market dynamics. The highest priority is not to get caught by the rise in perceived ambiguity due to the significant movement of the market price. It was...
Why Value Investing Lost Mojo and Some Say It Sucks
Why value investing is performing poorly in the last decade? Why value investing lost mojo and some say it sucks. Did something change structurally? The short answer is yes. Then what has changed the course of so-called value investing that used to be...
What Is Driving The Stock Market
We share our perspectives and present five long term historical charts including return on invested capital using Russell 3000, which is made of 3000 large US companies, as determined by market capitalization. This portfolio of securities represents approximately 98%...
Investment Style and Composition of Total Return
Investment style started to get attention in the mid-90s, and it was used to classify managers' bias by the groups of type of strategic focus. The typical styles include "value vs. growth", "domestic vs. international", and "large-cap vs. small-mid cap". Since then,...
Apple Valuation | Valuing an Excess Cash Company
When dealing with a company valuation with excess cash, what steps to take first? First, you need to make a split. Apple valuation is a very good sample and it can be done in a simple manner. I split Apple into Cash Apple and Operating Apple as follows. Assuming...
Navigating the Generative AI Revolution in the IT Landscape
Katy: "Have you seen the impact of generative AI technologies lately? OpenAI's ChatGPT is now ranked 20th globally. It's incredible." Alan: "Absolutely. But the real challenge lies in scaling these technologies cost-effectively. The entire IT infrastructure...
Snowflake
Analyst 1: Snowflake's business model strategically aligns with the massive shift towards cloud computing, emphasizing the necessity for cloud-native data warehousing technologies. This approach...
Nvidia Technology Advantage
Analyst A: Starting our discussion on the competitive landscape in AI inference technology, it's clear that sparse network IP is a critical differentiator. NVIDIA has been a pioneer with their developments. How do you view the significance of sparse networks in this...