Month

December 2024
In the last newsletter article, we showed the pricey valuation of Apple. Instead of just picking on Tech, I thought it might be helpful to look at a few old-fashioned retailers, as the bubble is pretty widespread. Walmart trades at 38x earnings. Costco trades at 56x earnings. To put some context into this, if Costco...
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Stock market bubbles can be intoxicating as the psychological battle between the fear of missing out, versus the logic that stocks are clearly overvalued transpires. Apple (AAPL) is arguably the best-known stock in the United States, so it makes a great example to discuss just how wild current valuations are. Now Apple’s market capitalization is...
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“In the short-term, the market is a voting machine. In the long-term, it is a weighing machine.” Benjamin Graham Warren Buffett’s mentor, Benjamin Graham’s quote is particularly applicable in describing today’s market environment. Euphoric optimism has propelled most asset classes to extreme valuations. As a case in point, the inflation adjusted CAPE Price to Earnings...
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