On the last day of March in 2018, President Trump raised the issue that the United States Post Office was losing $1.50 on every package it delivered for Amazon. Two days later, he stated “our fully tax paying retailers are closing stores all over the country…not a level playing field.” The insinuation was that, one way or another, Amazon’s shipping costs were about to rise, cutting into profits. On the first day of trading following these comments, Amazon’s stock lost $30 Billion in value, ... [Continue Reading]
Articles and resources related to Portfolio Management.
As we all observed and experienced, the close of 2018 brought an unsettling time in the equity markets. Markets historically don’t respond favorably to uncertainty, be it financial, political or social, and recent volatility appears to be tied to a host of uncertainties. Many individual investors react to uncertainty based on emotion, even though we’ve seen throughout the history of the market how important it is that investors don’t allow emotion to influence decisions. Throughout recent market ... [Continue Reading]
One of the foundational underpinnings of our investment approach at CCM is the simple premise that “costs matter.” Over the last 30 years, the internal and execution costs of how we manage portfolios has dropped significantly. This has resulted in savings of hundreds of thousands of dollars for our clients. We are diligent in our analysis of costs relative to the value received by our clients. When investing in mutual funds, the costs of ownership matter. Importantly, these costs need to be ... [Continue Reading]
There’s a classic line in the 1987 movie “Wall Street,” where Michael Douglas’ character Gordon Gekko states, “lunch is for wimps.” The implication is that in the business of money management, there’s no time to waste, certainly not for something as trivial as lunch. With only so many hours in the workday and a never-ending stream of new information to digest, the idea is that analysts and portfolio managers must spend every waking minute trying to gain an edge. This narrative is powerful, and ... [Continue Reading]
Although it may not be immediately apparent depending on where you’re reading this, much of the world is currently engrossed in the World Cup. The 2018 FIFA World Cup (including 64 total matches) is being hosted in cities throughout Russia, with the championship match to be played on July 15th. The largest tournament of the world’s most popular sport often takes over the lives of its fans – typically ranking as the most watched global event every four years. As a frame of reference, while the ... [Continue Reading]