Day: July 15, 2023

2Q23 U.S. Value Strategy Newsletter: Stock Market Symmetry

In Warren Buffett’s 1999 Allen and Co. talk in Sun Valley, Idaho, he argued that the stock market has historically had what he called a “Biblical kind of symmetry!” As we come to the end of the stock market’s second quarter of 2023, we will ask the following question: Is the U.S. stock market bumping up against natural and historical limits? […]

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2Q23 International Value Strategy Newsletter: No Stock Market for Old Men

One of the strangest things we have seen among investors is the willingness of older retirees in today’s stock market. On July 6, 2023, Anne Tergesen wrote an article in The Wall Street Journal on this exact subject titled “Older Americans Invest Like 30-Year-Olds”. She opens the article by writing, “Older Americans keep rolling the dice in the stock market, ignoring the conventional wisdom to protect their nest eggs by shifting more of their investments to bonds.” Retired investors were practicing this because, until more recently, they were receiving poor income from the bond market. They also feared what inflation could do to bonds. […]

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