Offshore
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Alvin
Xiaomi 15 Ultra vs vivo X200 Pro
4.3x Zoom, Auto mode. 📸
Leica Authentic on the Xiaomi, ZEISS Natural mode on the vivo. https://t.co/bF0sA77vtw
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Xiaomi 15 Ultra vs vivo X200 Pro
4.3x Zoom, Auto mode. 📸
Leica Authentic on the Xiaomi, ZEISS Natural mode on the vivo. https://t.co/bF0sA77vtw
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Offshore
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The Investing for Beginners Podcast
Want to identify companies with moats?
Ask these 3 questions to start:
1. Does the company have pricing power?
2. What makes the company different?
3. What is the source of the moat? https://t.co/FUlz7misWI
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Want to identify companies with moats?
Ask these 3 questions to start:
1. Does the company have pricing power?
2. What makes the company different?
3. What is the source of the moat? https://t.co/FUlz7misWI
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The Kobeissi Letter
Key Events This Week:
1. February Retail Sales data - Monday
2. February Housing Starts data - Tuesday
3. Fed Interest Rate Decision/Statement - Wednesday
4. Initial Jobless Claims data - Thursday
5. Philly Fed Manufacturing data - Thursday
6. February Existing Home Sales data - Thursday
Are you ready for Fed week?
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Key Events This Week:
1. February Retail Sales data - Monday
2. February Housing Starts data - Tuesday
3. Fed Interest Rate Decision/Statement - Wednesday
4. Initial Jobless Claims data - Thursday
5. Philly Fed Manufacturing data - Thursday
6. February Existing Home Sales data - Thursday
Are you ready for Fed week?
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The Kobeissi Letter
Wealthy individuals are rushing into US stocks:
Affluent and high-net-worth investors’ inflows to US equities hit 2% as a share of BofA’s assets under management (AUM) last week, the third-highest on record.
This follows the fourth-largest outflow seen in the prior week, at ~1% of AUM.
Such a surge in purchases has not been seen for 2.5 years when the group's inflows hit 6% of AUM in September 2022, near the bottom of the bear market.
Recent inflows were also just shy of those posted in January 2021.
High-net-worth individuals are adding stocks to their portfolios as the S&P 500 has recorded its fastest 3-week decline since 2020.
Wealthy investors are deploying cash.
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Wealthy individuals are rushing into US stocks:
Affluent and high-net-worth investors’ inflows to US equities hit 2% as a share of BofA’s assets under management (AUM) last week, the third-highest on record.
This follows the fourth-largest outflow seen in the prior week, at ~1% of AUM.
Such a surge in purchases has not been seen for 2.5 years when the group's inflows hit 6% of AUM in September 2022, near the bottom of the bear market.
Recent inflows were also just shy of those posted in January 2021.
High-net-worth individuals are adding stocks to their portfolios as the S&P 500 has recorded its fastest 3-week decline since 2020.
Wealthy investors are deploying cash.
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Offshore
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Stock Analysis Compilation
Harris International Small Cap Strategy on Campari $CPR IM
Thesis: Campari is a well-positioned global spirits producer with a strong portfolio that stands to benefit from cocktail culture growth and offers attractive investment opportunities at a 7-year low valuation.
(Extract from their Q4 letter)
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Harris International Small Cap Strategy on Campari $CPR IM
Thesis: Campari is a well-positioned global spirits producer with a strong portfolio that stands to benefit from cocktail culture growth and offers attractive investment opportunities at a 7-year low valuation.
(Extract from their Q4 letter)
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Finding Compounders
Buffett on Banking
Source : https://t.co/5EcZudOI11 https://t.co/ydOIUt4u9d
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Buffett on Banking
Source : https://t.co/5EcZudOI11 https://t.co/ydOIUt4u9d
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The Kobeissi Letter
What is happening here?
A record 64.5% of new FHA borrowers had debt-to-income ratio above 43.0% in 2024.
The share has risen by 10 percentage points over the last 5 years.
To put this into perspective, in 2007, this percentage was nearly half of what it is now, at ~35%.
In other words, the FHA loan portfolio is significantly more risky than it was before the 2008 Financial Crisis.
Meanwhile, ~7.05% of FHA mortgages issued in 2024 went seriously delinquent, above the 2008 peak of 7.02%.
Are we in a subprime housing bubble?
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What is happening here?
A record 64.5% of new FHA borrowers had debt-to-income ratio above 43.0% in 2024.
The share has risen by 10 percentage points over the last 5 years.
To put this into perspective, in 2007, this percentage was nearly half of what it is now, at ~35%.
In other words, the FHA loan portfolio is significantly more risky than it was before the 2008 Financial Crisis.
Meanwhile, ~7.05% of FHA mortgages issued in 2024 went seriously delinquent, above the 2008 peak of 7.02%.
Are we in a subprime housing bubble?
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Finding Compounders
An extract from one of the best investing books I've ever read.
How did Costco and Brown Forman achieve the same shareholder returns while growing earnings at different rates? https://t.co/QhZJcMlBga
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An extract from one of the best investing books I've ever read.
How did Costco and Brown Forman achieve the same shareholder returns while growing earnings at different rates? https://t.co/QhZJcMlBga
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Offshore
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The Kobeissi Letter
BREAKING: The Conference Board Leading Economic Index (LEI) declined 3.0% year-over-year in 2024, posting its third straight annual decline.
This matches the 3-year streak that occurred in the 2008 Financial Crisis.
Month-over-month, the index has experienced declines in 32 out of the last 34 months.
Over the last 6 months, the biggest drags on the index were consumer expectations for business conditions and the ISM New Orders Index.
The LEI is now down 15.5% from its peak, nearly as much as in the 1970s and 1980s recessions.
Is the US economy slowing?
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BREAKING: The Conference Board Leading Economic Index (LEI) declined 3.0% year-over-year in 2024, posting its third straight annual decline.
This matches the 3-year streak that occurred in the 2008 Financial Crisis.
Month-over-month, the index has experienced declines in 32 out of the last 34 months.
Over the last 6 months, the biggest drags on the index were consumer expectations for business conditions and the ISM New Orders Index.
The LEI is now down 15.5% from its peak, nearly as much as in the 1970s and 1980s recessions.
Is the US economy slowing?
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