Tech boom or bubble?

The strength of technology stocks in 2020 is indisputable. The five largest companies - Google, Amazon, Apple, Facebook, Microsoft - are all in technology. Their dominance is increasing. Their market values make up more of the S&P 500 than their counterparts did at the dotcom bubble peak 20 years ago. Yet such strength often precedes … Continue reading Tech boom or bubble?

Bet your own money, not OPM, to learn and win

I was excited to attend my first class on investing principles in graduate school. I was finally with like-minded individuals who share my pursuit of investing excellence. My first conversation with a classmate dulled my spirits. We discussed everything about a stock that we both liked. Our knowledge on its business model, finances, history, management, … Continue reading Bet your own money, not OPM, to learn and win

To AT&T and Comcast: take your head out of the sand

Fans of Roku and Amazon Fire might have been surprised when AT&T-owned HBO Max - the almighty channel featuring Game of Thrones and Southpark - would not be directly available to them (there is a workaround, albeit cumbersome). They might be shocked again upon realizing that Comcast-owned Peacock would likely be unavailable too. Roku and … Continue reading To AT&T and Comcast: take your head out of the sand

Excellent progress made by this advantaged acquirer of healthcare IT

The story of MTBC Inc (NASDAQ: MTBC) keeps getting better. It is proving its potential to compound capital in the long-term as an advantaged acquirer. MTBC has made plenty of progress since my previous article. It is executing its M&A playbook well. MTBC acquired Meridian Medical Management (a former GE Healthcare IT company) less than … Continue reading Excellent progress made by this advantaged acquirer of healthcare IT

David will win against the Goliaths in TV streaming

Roku Inc (NASDAQ: ROKU) is the market-share leader in connected TV (CTV) with a 47% share, impressively beating second-place Amazon (85x Roku’s mkt cap) that has 40% share. Roku grew topline by 3.5x and its share price by 7.5x in the past 4 years, despite going head-to-head against mega-cap media peers (Amazon, AT&T, Comcast etc). … Continue reading David will win against the Goliaths in TV streaming

Expect hearty returns from this healthcare IT firm with a strong M&A platform

MTBC Inc (NASDAQ: MTBC) is a healthcare IT company that provides SaaS-based critical back-office services to physician groups and hospitals. The company has emerged as an advantaged acquirer of providers of backend healthcare technology. It acquired 5 companies from 2006-14, and accelerated the pace of acquisitions to 15 from 2014-20 after going public in 2014. … Continue reading Expect hearty returns from this healthcare IT firm with a strong M&A platform

How to generate extreme returns (Part 2) – The market exists to serve, not to guide.

In ground rules, I stated that “Your manager seeks to avoid permanent losses, but not quotational losses. A security can trade at any price, hence price volatility can never be avoided.” That a security can trade at any price should be both seductive and intimidating. The stock bought at $10 yesterday can trade at multiples … Continue reading How to generate extreme returns (Part 2) – The market exists to serve, not to guide.

How to generate extreme returns (Part 1) – an introduction

First published on 2/29/20. Revised on 4/11/20. My goal as an active investor is to out-perform standard stock indices by a large margin over an extended period. A standard stock index is a formidable opponent, as the vast majority of active investors would attest. Most generate returns insufficient to beat a passive investment in a … Continue reading How to generate extreme returns (Part 1) – an introduction