Money and Finance
- The Absolute Return Letter, February 2014: Challenging The Consensus
Link to: The Absolute Return Letter, February 2014: Challenging the Consensus Investors are overwhelmingly bearish on bonds going into 2014. In this month’s Absolute Return Letter we challenge that view and look at various reasons why the bond...
- Zeke Ashton’s Value Investing Congress Presentation
Found via Broyhill Asset Management (the Broyhill post also includes some great comments and Klarman letter excerpts). Link to: Dumb and Dumber – By Zeke Ashton ...
- Broyhill Asset Management's Thesis On Hospira, Inc.
As equity markets make seemingly daily new highs, it would be easy to accept the current prices of stocks as “truth” but the correct price is impossible to ascertain, given the massive distortion encouraged by relentless and continuous central banks...
- An Easy Mistake Made By Dividend Investors
Dividend investing can seem deceptively easy. If you want to generate, say, a 5% yield from your dividend portfolio, you only need to buy a group of stocks that provide a weighted average yield of 5%. Then just sit back and watch the money roll in. Or...
- How Much To Invest In Your Dividend Paying Stocks
How much you choose to invest in the stocks in your dividend portfolio may be just as important -- if not more important -- as which stocks you choose to include in your portfolio. There are two primary strategies for asset allocation -- passive (equal...
Money and Finance
Broyhill Annual Letter
Link to: Broyhill Annual Letter: I'm a Little Crackpot
Last year was a lot of fun for stock investors and our equity portfolios enjoyed the ride, performing exceptionally well on an absolute basis and even better on a risk-adjusted basis. The Broyhill High Quality Portfolio posted a 27.1% gain for the year while maintaining a cash reserve that averaged roughly one third of the portfolio throughout the rally.
Please click on the image below for our annual letter, I'm A Little Crackpot. In addition to an overview of the current market landscape, we discuss the potential catalysts for greater volatility in risk assets and weigh in on the consensus flight from safety. We also discuss our return expectations for stocks and bonds, while providing some perspective on positioning fixed income portfolios today.
The balance of the letter reviews the current opportunity set and a few of our highest conviction investment themes, which include: new positions poised to benefit from reduced commodity costs and an emerging middle class; bottlenecks in energy infrastructure which are nourishing profitability at strategically located refiners; and structurally advantaged businesses with demographic tailwinds, suffering from temporary cyclical pressures.
- The Absolute Return Letter, February 2014: Challenging The Consensus
Link to: The Absolute Return Letter, February 2014: Challenging the Consensus Investors are overwhelmingly bearish on bonds going into 2014. In this month’s Absolute Return Letter we challenge that view and look at various reasons why the bond...
- Zeke Ashton’s Value Investing Congress Presentation
Found via Broyhill Asset Management (the Broyhill post also includes some great comments and Klarman letter excerpts). Link to: Dumb and Dumber – By Zeke Ashton ...
- Broyhill Asset Management's Thesis On Hospira, Inc.
As equity markets make seemingly daily new highs, it would be easy to accept the current prices of stocks as “truth” but the correct price is impossible to ascertain, given the massive distortion encouraged by relentless and continuous central banks...
- An Easy Mistake Made By Dividend Investors
Dividend investing can seem deceptively easy. If you want to generate, say, a 5% yield from your dividend portfolio, you only need to buy a group of stocks that provide a weighted average yield of 5%. Then just sit back and watch the money roll in. Or...
- How Much To Invest In Your Dividend Paying Stocks
How much you choose to invest in the stocks in your dividend portfolio may be just as important -- if not more important -- as which stocks you choose to include in your portfolio. There are two primary strategies for asset allocation -- passive (equal...