Benjamin Graham and Charley Ellis once had a conversation about the dangers of speculation that was described by Robert Hasgstrom in his book The Last Liberal Art: “The problem with our industry, Graham insisted, is not speculation per se; speculation has always been part of the market and always will be. Our failure as professionals,…
Over +2,230 pilots have reportedly enrolled in Delta’s Voluntary Early Out Program (VEOP)[1]. Delta’s VEOP at a quick glance seems to be very similar to the offerings at American, JetBlue and Southwest. The VEOP monthly pay is 58 hours compared to 50 at AA, 67 TFP at SWA, and 50 hours at JetBlue. Even with…
“Not since the 1960s and 70s has the United States experienced social upheaval like it is experiencing today. We have protests (both peaceful and otherwise), and a massively divided political landscape. On top of that, we have a virus that is spreading across the country, creating fear and an acceptance of economic shutdowns.
We have written a lot about COVID-19 and its impact on the markets and the economy. We wanted to take a break from that and focus on an issue that will come to the forefront in the next few months, the Presidential Election. Many of the most recent polls show Joe Biden has a lead…
On January 1, 2020, the S&P 500 started the year at 3,227.57. As of March 23rd, 2020, the S&P 500 was down 35.40%. It was the fastest bear market in history. Subsequently, the S&P 500 is up more than 43% closing on June 8th at 3,232.39 a gain of 0.15% for the year. Through our…
Stock Markets around the world have continued their historic rally from the March 23rd lows. As of this writing, the S&P 500 is up about 40% from the bottom. We want to thank our clients for their trust and confidence during this difficult time. We have tried to communicate the need for a disciplined approach…
