While 2020/2021 were great years for our High Fliers, in 2022 the party ended and many of those companies like Peloton, Wayfair and Carvana came crashing down.  In the first month of 2023 however we are seeing signs that the worst may be over for the High Fliers.  For many of these companies January of 2023 was better than any month in 20' or 21'.  Is the worst over for the High Fliers?  Will 2023 be the start of there return to 2021 highs?

As 2022 came to en end, investors were no longer willing to pay sky-high prices for the most speculative assets. Valuations came to the fore once again.

We revisit "Valuing The Automotive Industry", our in depth report from last year.

In October of 2021 we reviewed the Howard Marks Checklist from Mr. Marks' book "Mastering the Market Cycle."  Since then conditions in the market have changed dramatically so we felt it was time to revisit that Mr. Marks' checklist.

The market's worst day of 2022 was September 13th when the Bureau of Labor's Consumer Price Index came in higher then expected.  A month later the next CPI release was a similar surprise however the market's reaction to that news was much different.  Former Goldman Sachs CEO Lloyd Blankfein remarked:  "This is one of those trading days where if you really had the news in advance, you REALLY would have lost a lot of money."

We explain the approach to valuing the S&P 500 developed by NYU Professor Aswath Damodaran, a co-author with our senior advisor Professor Bradford Cornell, and explain its relevance to current market conditions.

There is an inverse relationship between current investment performance and expected future performance. Understanding why is a key to maximizing long-run risk adjusted returns.

Building off our previous episode, we dig into the relationship between current price ratios, future expected earnings growth, and future stock market returns. It turns out there are important practical implications for investment management.

Finance theory in recent years has stressed the importance of changes in the discount rate for explaining movements in stock prices. In this video, we describe how this works using data provided by Prof. Aswath Damodaran.

As Larry Summers has stressed the real interest is an important indicator of the impact of Federal Reserve policy. In this episode we take a look at real interest rates through history.