Drew Chats with Downtown Josh Brown

March 14, 2024

On the impact of indices and passive investment - and flows generally - on security pricing, plus a little bit on the opportunity in value, and specifically what we are seeing in Europe.

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Spotify

‍https://open.spotify.com/episode/563bLe2FkcOh0ILQhtVlob?si=3fa2629a28134609…

Apple

‍‍‍https://podcasts.apple.com/us/podcast/the-compound-show-with-downtown-josh-brown/id1456467014?i=1000648981478…

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'Til Death Do Us Part

One of the most interesting observations here is that the fundamental future predicted by the masses not only turned out to be precisely correct, but in some cases exceeded expectations. Yet the share prices of those participating in (or driving) the transformation were driven to wildly exaggerated share prices and market capitalizations.

AI and the Value of Information

The net excess return of all active investing in the aggregate is zero. This is true whether you use Claude, Gemini, or a slide rule.

Here We Go

I will try as always to be objective here, but maybe some bias will be revealed in the process. I hope not, and I am sure you will let me know if I do. Given how politically charged things can be these days, I am bound to upset someone. That is not my intention. Not one bit. I am trying to help. I’m trying to help our investors. I’m trying to help my friends. I’m trying to help myself.

Markets

Stock Picking

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On Stock-Picking in Volatile Environments

Whether stocks are heading dramatically north, or disastrously south, how do you know if it is overreaction and psychology, or actual economic fundamentals driving the share price? In other words, how do you know which is which?