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2023 VISUALIZED
We have finally found the perfect set of charts to sum up the equity market this year. Outside of a very small number of large technology companies (Microsoft, Nvidia, etc.), the market remains very much in bear territory, and valuations don’t seem particularly stretched. With all the talk of an “expensive” stock market, it is worthwhile to parse the details by size and sector. We would make the argument that some portions of the market are, in fact, downright cheap.
Oaktree's Howard Marks on Bloomberg Wealth with David Rubenstein
Two investing greats speak to the changing paradigm in this new rate environment. Some great lessons in history and current market dynamics.
“we never know where we are going, but we sure should know where we are”
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In an environment where the wealthy are often scorned, Charles Feeney is an exemplar. He made $8 billion, and then gave it away. Often without his name attached to the gift.
I cannot think of a more personally rewarding and appropriate use of wealth than to give while one is living, to personally devote oneself to meaningful efforts to improve the human condition
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Don’t let the title fool you. This is a thoughtful piece on the pitfalls of wealth, not a clickbait get-rich-quick article. Well worth a read!
There are a million ways to get rich, most of which involve exploiting specific niches and one-off opportunities, to say nothing of luck. Universal rules about how to get rich are hard to come by.
But losing money, or losing happiness when you have money, or becoming a slave to your money – those stories tend to have common denominators. They are so common you can call them laws.
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There is a great lesson in second order impacts in the recent rise of GLP-1 drugs. We caution on extrapolating too much, but there have been numerous comments on conference calls of fast food restaurants about the impact of the drugs on sales. Turns out people eating less is a bad thing if you are in the business of selling food!
There is now much discussion about the broader impact on sales of alcohol, tobacco, drugs, and healthcare. Again, results will vary widely, but the if the studies hold water, the implications of a healthier and less impulse-driven population will be massive.
The drugs appear to have a protective effect on the heart, liver and kidneys in addition to helping people lose weight, which in itself reduces the risk of many ailments. There’s also reason to believe GLP-1s could help combat substance abuse or even Alzheimer’s disease.
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10th Annual Capitalize for Kids Investors Conference
We are proud to say that our annual charitable investors conference raised over $2.5 million in its 10th year. That brings the cumulative total to over $17 million raised to improve capacity in the youth mental health sector. This year’s keynotes included David Rubenstein, Carla Harris, and Paul Singer amongst many other investment greats. We couldn’t be more proud of the team in pulling together another great event!
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