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GrahAmerica

James D. Scurlock
investment commentary for the self-directed, inspired by Benjamin Graham and his book The Intelligent Investor
Created 06 Jul 2020
  • January 15, 2021
    15 Jan 2021 • 3 min read • 2 0
    SICKO Poshmark, a virtual flea market that has been profitable for exactly nine months, closed up 142% on its first day of trading yesterday(!) Also yesterday: the world’s largest money manager, Black...
  • January 14, 2021
    14 Jan 2021 • 2 min read • 2 0
    HOW BIG IS IT? Reducing the Fed Funds rate to zero has had a very coercive effect on the market. It has required people to invest because they don’t want to sit around with cash. - Howard Marks I’m te...
  • January 13, 2021
    13 Jan 2021 • 3 min read • 3 0
    CHEAP STAKES TRUST BUSTED Since it’s been mentioned here—more than once!—that every signal of a market top is upon us, an accounting seems in order: · Stock indexes are all at record highs—not just no...
  • January 12, 2021
    12 Jan 2021 • < 1 min read • 2 0
    AND THE BAND PLAYS ON Read more
  • January 11, 2021
    11 Jan 2021 • 3 min read • 2 0
    CHOOSE “THIRD WORLD” CRAMER: BUY BABA(!) Earnings season officially begins today ergo this Reuters headline: “Earnings might start to matter again.” Why is this a headline? one wonders. That something...
  • House Money, vol. xvi
    09 Jan 2021 • 6 min read • 2 0
    “HOW STRANGE” Subscribers, This is the first House Money based on data from 2021, so happy new year and good riddance 2020 and all that crap. I started my study of Benjamin Graham exactly two years ag...
  • January 8, 2021
    08 Jan 2021 • < 1 min read • 2 0
    STICKY 4K A 2020 narrative that did not involve bat viruses or Donald Trump was newbie traders being all confused—even with brokerages dumbing down their trading apps to the level of Fisher Price slot...
  • December 7, 2021
    07 Jan 2021 • 3 min read • 2 0
    BANANAS CONDEMNATIONS STOCKS RISE(!) I’m still processing yesterday’s images from Washington, D.C.—aren’t we all?—but the markets are making their way through this chance various and therefore so shal...
  • January 6, 2021
    06 Jan 2021 • < 1 min read • 2 0
    USA’S ROAD TO RECOVERY JAMMED IN CALIFORNIA WHILE FLORIDA CRASHES… NEW YORK “SLUGGISH” Matt Levine, my favorite Bloomberg columnist, is back from paternity leave and already working his favorite subje...
  • January 5, 2021
    05 Jan 2021 • 3 min read • 2 0
    THE $13,000,000,000,000 BLACK SWAN MARKET SPOOKED The Trump Presidency ends in less than three weeks and China is far better off than it was four years ago. America, not so much. From afar, the land o...
  • January 4, 2020
    04 Jan 2021 • 3 min read • 2 0
    PARTY ON, “INVESTORS”! 2020 WAS THE BIGGEST YEAR EVER FOR JUNK Years ago, I was approached by an activist friend who’d been approached by Pershing Square Management, the investment vehicle run by Will...
  • House Money, vol. xv
    02 Jan 2021 • < 1 min read • 1 0
    Subscribers, Thanks for still being here in 2021. I have no idea what will happen in the next 12 months. Please don’t ask. What We Learned Last Year The big ideas that have rolled over into the new ye...
  • New Year's Eve, 2020
    31 Dec 2020 • 2 min read • 2 0
    $167,200,000,000 2020 is almost hindsight(!) So where do the major indexes stand at year’s end? Yesterday, we examined the S&P 500, using its top 50 components as a proxy. Now let’s turn to the Dow an...
  • December 30, 2020
    30 Dec 2020 • 2 min read • 3 0
    SAD MONEY: STOCK PICKERS (AGAIN) COME UP SHORT IN 2020 Yesterday’s S&P 50 reference was not a typo, although there isn’t any such index. Rather, it’s a fabrication made up of the top 50 stocks within ...
  • December 29, 2020
    29 Dec 2020 • 3 min read • 2 0
    MAO’S TRAP: CHINA COMES FOR THE DOLLAR NEW YEAR NEW MISSION: MORE INFO! LESS NEWS! Allow me to explain… Fourteen years ago, I made a documentary, which then became a book. Both were called Maxed Out: ...
  • December 28, 2020
    28 Dec 2020 • 3 min read • 3 0
    NOW IT’S THE COVID BLUFF Here’s a hot take on 2020’s biggest conundrum, courtesy of a Nobel laureate economist who also teaches at Yale: Many have been puzzled that the world’s stock markets haven’t c...
  • Weekend Charts
    27 Dec 2020 • < 1 min read • 2 0
    I’m on vacation until tomorrow, when the newsletter will resume its regular cycle. Hope everyone is having a lovely holiday. Enjoy the charts! James
  • December 23, 2020
    23 Dec 2020 • 2 min read • 2 0
    DEADLIEST YEAR IN US HISTORY(!) Remember last week’s twenty Graham-isms? Let’s revisit eleven of them in the present context and in no particular order, shall we? # 9 – The Most Volatile Stocks Are Al...
  • December 22, 2020
    22 Dec 2020 • 2 min read • 2 0
    PEAK BUBBLE: $525MM SOFTBANK SPAC MAY INVEST IN ITSELF! Ben Graham had one glaring character flaw: he was a chauvinist. But that was probably his mother’s fault. (Kidding!) Graham’s observations of th...
  • December 21, 2020
    21 Dec 2020 • 2 min read • 3 0
    DEAL! NO DEAL! Wall Street has thrived mainly on speculation, and stock-market speculators as a class were almost certain to lose money. Hence it has been logically impossible for brokerage houses to ...
  • House Money, vol. xiv
    19 Dec 2020 • 8 min read • 1 0
    Basically we like to buy stocks which we feel are under-valued, and then we have to have the guts to buy more when they go down. And that's really the history of Ben Graham. That's it. - Walter Schlos...
  • December 18, 2020
    18 Dec 2020 • 3 min read • 2 0
    CHINA TAKES FLIGHT Yesterday on CNBC, someone who predicted something that happened predicted that something else might happen—but also, it might not; also, someone else Tweeted something kind of cont...
  • December 17, 2020
    17 Dec 2020 • 2 min read • 2 0
    DOORDASH WHO? CHINA IPO +400%(!) KPMG: CHINA ALREADY DOMINATING IPO GAME Nothing much happened yesterday. Everyone was just so busy waiting for a signal, i.e. Jerome Powell opining on the economy and/...
  • December 16, 2020
    16 Dec 2020 • < 1 min read
    ALL TIME HIGH COVID RALLY BIRTHS FIRST TRILLION-DOLLAR FUND(!) Read more
  • December 15, 2020
    15 Dec 2020
    HOW MUCH MORE? MUNGER: “PLAYING WITH FIRE” GOVERNMENT-HACKED SECURITIES? Read more
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