The Dow Jones today The Dow Jones was off more than 100 points in premarket hours after Boeing Co. fell short of earnings expectations.
The company slashed its 2018 earnings outlook to a range of $14.30 to $14.50. Wall Street had projected a consensus outlook of $14.56.
Boeing shares are down 3.4% this morning.
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by Tim Melvin
Howard Marks, one of the wealthiest investors in the United States, just released his newest investor letter, and in it, I find a few ideas that are eerily similar to what you and I have been talking about for months: Index investing is a dangerous, expensive Wall Street con.
If you're not familiar with this battle-scarred (and unreasonably wealthy) veteran of the markets, Marks fought his way through both the equity and bond markets for over 40 years.
He also happens to be an extremely incisive writer, with his book, "The Most Important Thing," considered a must-read for anyone looking to achieve success as an independent investor.
In his latest letter, he takes on index investing, an approach that I frequently call a silly waste of time if you're beyond middle age and don't have four or five decades to build your wealth.
Ironically, it was Marks' University of Chicago professors who birthed the idea of index investing in the late 1960s. They saw it as a way to ensure you never underperform the Dow Jones Industrials or S&P 500, as well as never pay ridiculous management fees. (So much for that idea…)
But what most investors don't understand about indexes – and what I want to show you today – is that indexes didn't become popular because the returns are phenomenally good…
… rather, it's because the active managers have phenomenally good salesmen working for them night and day to sell the pipe dream of low-risk, high-return indexing to regular, unsuspecting investors…
In other words, the active managers are phenomenally bad...
by Tim Melvin
Our Tim Melvin is here with the three questions he would ask the Oracle of Omaha if he won the "Have Lunch with Warren Buffett" auction this week.
In fact, they're the kind of questions that might make Buffett sweat at the table...
A great investment opportunity doesn't have to come from a cutting-edge or undiscovered company – some of the best investments right now are global brand names right on the cusp of profit breakouts.
Today, we're looking at three well-known small-cap stocks with breakout potential that Wall Street is overlooking.
This morning, Caterpillar Inc. and United Technologies Corp. pushed the Dow Jones today up 160 points after reporting stronger than expected earnings.
Both reports issued a strong vote of confidence for the global economy, significantly increasing annual production and profit forecasts.
by Tim Melvin
"What will Warren buy?"
That's the question at the forefront of many people's minds today after Berkshire Hathaway revealed a gigantic $116 billion cash hoard in its annual shareholder letter over the weekend.
It's not just an academic exercise, either. $116 billion is serious money, even in 2018, and when that kind of cash goes into play, it'll have very real implications for every investor.
Naturally, every financial writer on Earth rushed to write "Buffett Will Buy XXX, So You Should Too."
It's a tempting idea. It even tempted me for two seconds or so, until this occurred to me…
With a cash pile of over $116 billion, it makes no sense whatsoever for Buffett and No. 2 man Charlie Munger to buy anything for a penny less than $10 billion.
It just would not move the needle much at all. The not-inconsiderable hassle of filing the regulatory documents for such a deal would make it not worthwhile.
I think it will be much more interesting (and profitable) for us to think about Warren might do if Berkshire was not quite as large and he had a little more flexibility.
Looking at his published acquisition criteria, he likes… the same kinds of companies I do.
Businesses that are consistently profitable, simple to understand and manage, with excellent management willing to stay in place.
I sat down and spent some time thinking about what the Oracle of Omaha would – not should – buy if the size made sense.
The Dow Jones Today futures were down slightly in pre-market trading as markets continue to digest recent indications of rising inflation.
The Dow is currently on a five-day winning streak, up nearly 4% since Monday, February 12th.
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