Have you ever been researching a stock and noticed that it has no P/E ratio? This is usually because the company is unprofitable and thus has no earnings to use as the denominator within the ratio. Current examples of well-known companies with no earnings include Snap (maker of Snapchat), Uber,...Read More
Insurance is generally sold “direct” by insurance companies’ paid employees or sold via agents/brokers also known as third party distributors. The economics of an agent/broker are very attractive. They charge a commission/fee for their services (typically a percentage of the premiums) and do not...Read More
After graduating with a degree in mathematics and pursuing a job as a teacher, Steve Labbe could have never predicted he would spend the next 16 years working for a sell-side research firm and eventually become a portfolio manager at Prospector Partners.
Like many people, his non-traditional...Read More
If you were working in the investment industry during the late 1990s, what were some of the most excessive, unreasonable market events you remember? Here are some that may jog your memory:
- Mark Cuban’s Broadcast.com (known as AudioNet prior to the name change), which primarily streamed...
On a daily basis, investors are exposed to a lot of numbers and a lot of information. But it should be known that portfolio evaluation goes beyond just the stats.
Behind every portfolio is a person with a story. How did they get to where they are today? What was the path they took to join the...Read More
Of the many charts illustrating the enormous run-up of growth stocks in 2020, the chart below may take the cake.
Tesla (TSLA) began the year with a market capitalization under $100 billion, and by November 25th had a value of over $500 billion – a five-fold increase. As of the writing of this...Read More
In part one of our blog series Why the Rally in Bank Stocks Can Continue, we discussed the improving clarity on loan losses and reserve levels, and we began examining the potential for cost saves. This week, we continue where we left off.
Another way we expect banks to capitalize on...Read More
We recently published a blog entitled Banks in 2008 Versus 2020: This Time Part of the Solution, in which we contrasted the role banks played in the Global Financial Crisis versus the COVID-19 pandemic. We view banks as part of the COVID solution, evidenced by facilitation of the PPP program....Read More
Current Market Environment
The benchmark S&P 500 continued its charge higher during the third quarter of 2020, despite significant increases in COVID-19 cases and certain states such as Florida, Texas, Arizona and California seeing major outbreaks. The market remained focused on the reopening of...Read More
During the Financial Crisis, banks were nearly responsible for the collapse of the financial system given excess leverage, toxic balance sheets, mismanagement, and questionable business practices. In the years that followed, banks were justifiably blamed for the financial turmoil and faced...Read More
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