October 20, 2008 by Joe Ponzio

There have been some very good comments on What Drives The Stock Market. Today, we posted Will The Markets Be Higher Ten Years From Now? with our thoughts on what drives the stock markets and why investors – in the aggregate – should lower their expectations going forward. Much of…

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October 19, 2008 by Joe Ponzio

On Thursday, I referenced a second letter that we’ll be sending to clients, intending to send it out on Friday. Rather than rush it out, and because it scratches the surface of economics and business valuation, I decided to put it in front of some friends and family to see…

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October 16, 2008 by Joe Ponzio

In business, timing is everything; so, I can only imagine what people thought when I sent out that letter last weekend, the markets ran up 10%, and F Wall Street went offline. The truth is: The company hosting this site cancelled their hosting service without forewarning. I didn’t know for…

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October 10, 2008 by Joe Ponzio

Folks – it’s ugly out there right now. Not just from a market standpoint, but from a global economic standpoint. We put together a nine-page report for investors that are scared, confused, or not sure how to understand or navigate this mess. It is being sent to our clients today…

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October 8, 2008 by Joe Ponzio

Everybody knows that Warren Buffett gets his investment information largely from annual reports. Today, companies call him; but, fifty years ago, Buffett was not the go-to guy if you wanted to sell your company or raise capital for your failing bank. In an interview with Warren Buffett, Adam Smith, author…

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October 7, 2008 by Joe Ponzio

The US Government passes a $700 billion bailout (or rescue) package, and the markets continue their spiral down. Financial advisors across the country are shouting, “Stay the course!” (Usually from under their desks.) This crisis is unlike anything we’ve seen in recent history (and perhaps not-so-recent history); so, what should…

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October 1, 2008 by Joe Ponzio

On September 13th, I attended the 2008 Pabrai Funds annual meeting held here in Chicago. I met a few F Wall Street visitors and, unfortunately, missed meeting up with a few others. I must say that I am amazed at how many “Early Buffett” partnerships are out there. For the…

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September 22, 2008 by Joe Ponzio

Folks – as you know, I don’t pay lip service to the markets. The Dow dropped and recovered 1,000 points over the past week; and, if you’re looking for that kind of noise, there are plenty of sites out there discussing it. That said, let me paraphrase many investors I…

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September 18, 2008 by Joe Ponzio

Yesterday I added Apple to the F Wall Street portfolio to the tune of 10% of our portfolio. I started watching it as it dropped below $160 on September 5th – the low end of my estimation of Apple’s intrinsic value. Let’s take a look at the purchase.

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September 15, 2008 by Joe Ponzio

So…Merrill sells to Bank of America, most likely to avoid bankruptcy, Lehman files for bankruptcy, Bear Stearns sells to JP Morgan, again most likely to avoid bankruptcy. Major financial institutions – once revered as the “crown jewels” of the financial community – are failing. And all I can think is…Are…

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