I like how Pershing Square manages its capital base. This is a $13.7 billion fund concentrated in just 7 stocks. The names everybody knows: Amazon, Brookfield, Uber Technologies and Microsoft lead the pack. You’d expect big changes in market valuation here, namely $1.8 billion of its $13.7 billion in market value. Its static ratio is on the high side at 29.3%. Basically, if you want to play with fireworks, the cost can run too high. Portfolio names are all easily recognized,

Note huge premiums over the market for Morgan’s 1972 stock holdings. Their stocks got crushed in the 1973 recession. Then, Morgan threw out such overpriced growthies and bought moderately valued paper. No more Avon at 65 times earnings. How do shareholders of Microsoft feel after their 150 points fade-away? I’ll disregard a 10 dollar stock slipping into single digits, but a $500 growthie shedding over a hundred bucks gets some attention. There are plenty of examples. IBM for

Whirlaway wins the 1941 Kentucky Derby The good ole days of watching Whirlaway galloping down the middle of the track, holding the lead in the Kentucky Derby are long gone but a fond message of sheer athleticism, unopposed, unchallenged for some 60 years. I was curious to see how bullishly postured money managers played the opening quarter. When the market turned south, did they sit tight or run for the hills and shed assets? Before looking at the numbers, my guess is few op

If the first thing you do in the morning is check the quote on crude oil futures, you’re already Trump’s captive. Reasoning in the price of oil futures is now the leading indicator of the stock market, up or down. If futures tick down 5 bucks stocks open lower, maybe 50 to 100 basis points on the S&P 500 Index. Let oil futures tick up or down 5 to 10 dollars a barrel. I abhor energy stocks and their managements who dwell in thickly carpeted offices that remain pretty silent.