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Commentary

Has the High-Water Mark for Margins Arrived? It Sure Looks That Way

Corporate profit margins finished 1999 at just a shade under 6% of U.S. GDP.

Commentary

Do US Large Cap Equity Index Funds Put Your Clients at Risk?

"Those who cannot remember the past are condemned to repeat it," wrote philosopher George Santayana in 1905.

Commentary

Tesla is a Hidden Risk to S&P 500 Index Fund Investors

We believe index funds have immensely contributed to investors by permitting them to capture beta inexpensively.

Commentary

The Death of Active Management Has Been Greatly Exaggerated

For the year ending December 31, 2021, passive mutual funds and ETFs reported estimated net inflows totaling $958.43 billion, compared to estimated net inflows totaling $249.91 billion for actively managed funds.

Commentary

GARP Stocks: Common Sense in an Age of False Narratives

This post explains why we believe GARP Investing may be another powerful way to protect and grow capital amid a speculative frenzy that appears to be on its way out.

Commentary

Maintaining a Margin of Safety in Your Investment Process

In June of 2021, KCR’s Equity Research Team wrote a brief but pointed review of the legendary treatise on value investing, A Margin of Safety by Seth A. Klarman.

Commentary

ARKF Dividend vs. XLF Dividend: To Pay or Be Paid

We don’t think this is complicated. Do you want to pay to own expensive stocks or get paid to own cheap ones?

Commentary

Are Clean Tech Stocks a Short?

Will Consensus on Electric Vehicles, Solar and Wind Crush Investors? How similar is cleantech today to 1999?

Commentary

Speculation & Margin of Safety Value Investing

The first chart shows that the market cap of firms trading at over 20x sales has hit $4.5 trillion. This is another example of the reckless speculation underway today. Please read on to see how these speculative 20x price-to-sales firms did post the dot.com bubble and how they look today.