Jan 31, 2014 | Uncategorized
Stock picking and portfolio allocation are very different, if related, skills. The former involves identifying unrecognized value and the potential for price change. The latter involves identifying potential risks and rewards, and weighing a portfolio accordingly....
Jan 28, 2014 | Uncategorized
At the time of writing, Apple (AAPL) has fallen by 8% on a revenue and earnings beat. The headline numbers are good enough: EPS of $14.50 was about 3% above expectations and 6% year-over-year revenue growth to $57.69 billion was another healthy beat. While the numbers...
Jan 24, 2014 | Uncategorized
As I look at my terminal I see almost all red. At the time of writing the S&P 500 just hit 1801 and the Dow Jones Industrial Average has dipped below 16,000. Meanwhile, volatility is up almost 30% in the past week alone. The question is whether this is a...
Jan 17, 2014 | Uncategorized
This week has presented some important earnings results that reflect not only aggregate demand for consumer discretionary goods (VCR, XLY), but also the shift in consumer behavior away from stores and towards e-commerce. This transition will yield clear winners (AMZN,...
Jan 16, 2014 | Uncategorized
This image captures something truly special: To the untrained eye it looks mostly like a black box, but this is what options traders dream of. On January 10th, 230 strike call options expiring January 17th for Intercept Pharmaceuticals (ICPT) went from a bit below...
