Season Investments



Can the Stock Market Repeat?

This will be the first quarter of negative growth in the past eleven, and while the majority of companies beat bottom line earnings estimates, the 41% that beat top line sales estimates is the lowest since the first quarter of 2009.

Valuation Matters

Stock market performance over any time period can be broken down in terms of the change in the underlying earnings-per-share and the change in the P/E multiple. The best scenario is when earnings are growing and P/E multiples are expanding.If earnings are declining and P/E multiples are contracting then the market is facing dual headwinds.

Tipping Point for Interest Rates

The current path of government debt and central bank balance sheet expansion is clearly unsustainable.Everyone knows this and yet interest rates are at historically low levels. Will there ever be a tipping point which changes the direction of interest rates, and if so what will be the catalyst and when will it happen?

Margin of Safety with Closed-End Funds

"A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility in a complex, unpredictable and rapidly changing world." – Seth Klarman