May 25, 2020 Excerpted from a letter to clients sent on May 14, 2020. Anyone can sign up for our quarterly updates here. “When it comes time to buy, you won’t want to.” Doug Kass In mid-March, it was pretty clear to all that COVID-19 was going to be a disaster for many people …
Stock prices, values, and return forecasts (better than 2009, in some cases)
April 3, 2020 In our last letter, we explained why we think the pandemic seems unlikely to significantly alter the stock market’s fair value. To very briefly recap: Stocks represent ownership of a long-term stream of future earnings. The “fair value” of the stock market is the …
A bad economy doesn’t make stocks a bad investment (plus: government/Fed stimulus update)
March 26, 2020 Excerpted from a letter to clients sent on March 26, 2020. Anyone can sign up for our quarterly updates here. We hope you are staying healthy and safe. We have thoughts to share on several topics, but in the interest of not overwhelming you, we’ll break it up into a few …
Market update: our outlook, what we’re doing, and reflections on past panics
March 13, 2020 Excerpted from a letter to clients written the evening of March 12, 2020. Anyone can sign up for our quarterly updates here. We'd first like to express our concern for the health of our clients, families, and friends. The situation has escalated and we know that this is …
All time highs are nothing to fear (plus virus scares, and the importance of knowing where you stand)
February 5, 2020 After a year of sizable gains, the global stock market has dropped about 3.5% since news of the virus outbreak in China came to light.(1) We'll discuss the virus scare momentarily, but first we want to share some thoughts on another worry we had recently been hearing a …