The events of the past twelve months focused a lot of attention on amazing and life-altering developments made possible by the global biotech industry. Although the major names we heard were Pfizer, AstraZeneca, Johnson & Johnson and Moderna, only the last was where the original research and patents that produced the CoVid-19 vaccines were developed. … Read more
The market has been in a value phase the past 6 months which has been well documented by others. The regime change was heartily welcomed by almost all managers of value funds, both active and passive. This is because the previous 13 years have been relentlessly difficult for value managers in terms of relative performance … Read more
By Herb Blank If you are an investor with less than $1 billion to invest and a holding horizon of more than 3 months, do NOT buy SPY to access exposure to the S&P 500. This is true even though SPY has the most assets under management and the highest average trading volume by far. The simple … Read more