The RMB fell through 7 to a Dollar. That caused a sell off in most risk assets (outside of bonds, gold & Bitcoin). Shortly after noon this is what the market looked like. Outside of bonds, relative outperformance largely meant falling only a percent instead of falling 2% or 3%. South Korea is heavily export …
Author Archives: scores
Imma Getmy EduMaCation
A Rather Uneducated Opinion on Education Software Before the market started falling apart late last year on the Fed’s narrative of rate & balance sheet normalization online education company 2U (ticker TWOU) was trading above $90 a share. As the market broke, so did the stock. It lost nearly 2/3 of its market cap leading …
MOAR PETS
Yesterday stocks like FNKO & PETS were both up huge (around 7%). I sold off the PETS I had in my IRA & a bit of the PETS I had in my regular trading account yesterday. Today PETS ramped again & I sold down another 2/3 of what I had left in my regular trading …
Risk Events
Investing is managing risk as a cost of entry: “If you’re not willing to react with equanimity to a market price decline of 50% two or three times a century, you’re not fit to be a common shareholder and you deserve the mediocre result you’re going to get.” Charlie Munger When a narrative of major …
Fun With Funko
Late last year when the market imploded Funko slid hard. They went from an all time high of $31.12 a share down to $11.22 a share. Over the past couple months they started to recover again with the broader stock market, and have touched $25. When the market was up big on the narrative that …
Trillion Dollar Tweets, Again
For over a year now, every time the market says “oh trade war, things are going to fall apart” has been a buying opportunity, whereas every time there’s a Trump tweet with some blindingly optimistic prose like “Xi is a great friend, he is fantastic beautiful man, trade deal all but signed” it is a …
The Cloud
A couple weeks ago Google acquired data analytics company Looker for $2.6 billion. Google acquired YouTube back in 2006 for $1.65 billion. Core internet services seem bargain bin relative to the valuations of anything with a bit of cloud pixie dust poured upon it. Salesforce paid about 40x projected forward revenues when they acquired Tableau …
Taking a Bath
I sold off about half my CVS stake early this morning after seeing their Aetna merger might get reversed by Judge Leon. US District Richard Leon — who warned lawyers at a little-noticed hearing last week that they may want to cancel their summer vacation plans — looks like he is setting the stage to …
Trillion Dollar Tweets, Continued
There is no point going through all the dirty aspects of politics to gain a position of power unless you intend to use it. Some have believed Trump to be a slave to the stock market, but in rapid succession he… raise tariffs on Chinese imports announce escalating tariffs on Mexican imports until illegal immigration …
Abrupt Shift from Growth to Value?
Google is drawing regulatory scrutiny from the United States Department of Justice, which has sent their stock sliding about 7% so far today. At this point, Google has literally almost nobody on their side in the political game. Everyone has a reason to hate them. Republicans think they squelch free speech that does not align …