Drew's Views

The impact of flows on security pricing, and investment opportunities.

Navigating Behavioral Biases, U.S. vs. European Stocks, & Tesla‍

The impact of pods, passive investment, and retail investors on security pricing.

Define your process, and follow it, but don't completely ignore the regime we are in.

I don’t think that Aurelius, Frost or Zweig would disagree that the road less traveled might have a little more alpha in it.

It's very possible, if not likely, that the move in growth stocks from 2017 through 2020 probably wasn’t caused or justified by a move in interest rates, but that people believed, and acted like, it was.

A discussion between Drew Dickson of Albert Bridge Capital, Morgan Housel of The Collaborative Fund; moderated by Jamie Catherwood of O'Shaughnessy Asset Management

Drew joins Dr. Daniel Crosby on the Standard Deviations podcast.

Drew and Toby chat about narrative-driven investing, Ben Graham's voting machine, behavioral explanations for stock mispricing, and managing a concentrated portfolio of investment ideas.

I’d like to think that prices can get out of whack for some period of time, and in that window, the nimble, unbiased, fundamental stock picker can take advantage of overreactions and underreactions. If they don't, then the M&M propositions truly hold, and I don’t have a meaningful job. However, if this paper is right, and it is only flows that matter, then while the M&M theorems are overturned, I don't have a meaningful job either. If it is all about flows, then I shouldn't play the game.

He implies that a biased sample of self-selected winners suggest that it is a mistake to ever sell any shares in any companies that you think are “winners” either historically or prospectively. That sure would be nice, wouldn't it?

I know, these are weird and trying times. It all makes you wonder what the point of stock-picking is. What is the purpose of kicking the tires, looking under the hood, and doing our jobs?

In 1861, at the outset of the Civil War in the United States, Union Pacific issued 20 shares in its IPO.

The S&P 500 is up 6.5% this year. That’s a total return number, and given what is going on out there, it’s pretty impressive.

A few months back I had a big battle with one of my oldest, most intelligent friends.

COVID-19 and related counteractive policies have had an extremely negative impact on domestic and global economies. Whether or not you believe that the policies weren’t strong enough, or if they were overzealous, we are where we are.

Last week, Barry Ritholtz had a fun interview with Eugene Fama.

In February of 2002, Donald Rumsfeld famously introduced known knowns, known unknowns, and unknown unknowns into the lexicon.

We manage a concentrated portfolio of investment ideas.

Benjamin Graham is considered by many as a founding father of value investing.

But Can a Stock-Picker Really Generate Alpha, and is it Luck or Skill When it Happens?

At our firm, one of our main goals is, very simply, to generate excess returns from equity investing without taking commensurate risks.

Students of decision-making and bias will all have seen the work by Cornell psychologist Tom Gilovich,

After discovering the next great investment idea, why is it so easy to start with a half-sized position, watch it a bit, and then go full-sized later?