People like to say what is happening in tech today is nothing like the 2000 bubble. Companies are far more profitable and are less speculative, they say. While this is true for the most part, today’s note will point out some striking similarities in behavior today vs. 25 years ago. Continue Reading
Markets Hate Uncertainty
I thought this might be a good time for a brief primer on the likely consequences of the ever evolving US economic policy. One of the first things you learn as an investor is markets hate uncertainty. This is basically a way of stating that people are risk averse so Continue Reading
USAA Has Lost Its Mission
With all the news around California fires, year end earnings, and so on, I didn’t have the chance to write about Juan Andrade leaving Everest Re to take over USAA. I’ve met Juan a number of times over the years and he is a very capable executive. However, USAA needs Continue Reading