Drew's Views

Insights from the CIO of Albert Bridge Capital

Stock-Picking

The Times that Try Stock-Pickers’ Souls

On first principles, there is one way to generate excess stock market returns over the long term, and it isn’t to “own winners at any price.”
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A Different Game?

I was out shooting baskets this weekend, thinking about the concept of inversion.
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A New Ice Age?

I’ll spend $3 at the 7-11 for a bag of ice, and drop it in a cooler. I really like ice.
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Grandpa Stocks

There are young companies out there that are exciting, growing quickly, and very clearly have the world in front of them.
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We Don’t Make Pizzas

Here at the Albert Bridge Restaurant, the investment team has the chefs, the IR team has the waiters, and the operations team ensures that the shop runs smoothly so that we can keep on serving up alpha (hopefully) to you, our customers.
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Ben Graham the Growth Investor?

We’re all for debunking myths, and given the performance of growth stocks recently, we’re making a pre-emptive strike in defense of the father of value investing.
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Finance

America’s Decade

When it comes to predicting the economy, we believe that speculating when things will turn is an exercise in futility and a horrible waste of time; one which meanwhile distracts us all from the task at hand.
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Finance

Known Unknowns and Share Prices

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

Are Company Visits Good or Bad?

Our most profitable investment, ever, was probably the combined result of a lotta luck, some skill, and hard work.
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Voting Machines and Weighing Machines

Ben Graham is famously attributed for stating that the market was a voting machine in the short term, but a weighing machine in the long term.
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The DCF is the Randy Watson of Valuation

I’m not very well-rounded. I studied finance in college, and finance in business school.
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When You Can’t Wait For Tomorrow

We’re mulling this morning over what it is that makes stock prices, and stock-picking, work.
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James Harden and Alpha

I played high school basketball in Indiana. I won a few honors, but was broadly mediocre, and certainly not NCAA D1 material.
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Debiasing and Alpha

We manage a concentrated portfolio of investment ideas.
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Risk and Portfolio Theory

As we’ve discussed, efficient market academia suggests that Mr. Market actually only cares about systematic risk.
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Reminiscences of a Stock Operator: The Volkswagen Chronicles, Ten Years Later

In the spring of 2008, things were already wacky at Volkswagen.
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We’d Rather Not Sleep

There is a tilt in our portfolio toward value stories where we think the consensus investor is biased against processing improving fundamentals.
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The Mathematics of Maintaining Bet Size

We aren’t big fans of dipping our toes in the water when entering a position, nor of timidly reducing when exiting.
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The Grandfather of Behavioural Investing

Benjamin Graham is considered by many as a founding father of value investing.
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Data Science and Alpha

As the investment community embraces data science, we should not be blind to the reality that many of our active-management peers are
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We’re all Value Investors

Imagine two scenarios.
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Hunting for Alpha

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

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

A nightly sort of the most active US names is usually dominated by ETFs. Earlier this month, we took a peek at the most heavily traded names on one particular day.
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God Bless the Shorts

Elon Musk made a lot of news last week, refusing to answer “boneheaded” questions from “boring” sell-side analysts.
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Horses and Stocks

Bet With The Best, Chapter 3: Crist on Value
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Peak Quality?

Mr. Market has been increasingly attracted to and enamoured by the concept of “quality” investing. So, let’s explore it.
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Bill Sharpe and Hank Aaron

We basically need to hold something different (either securities or bet sizes) than the “market”.
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The Search for Excellence and the Loser’s Game

We’re on a continual search for the very best ideas for our concentrated portfolio.
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Fooled by Non-Randomness

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

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?
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Rick Barry and Lewis Carroll

The goal of our business, very simply, is to generate excess returns for our investors without taking commensurate risks.
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Secular Winners and Value Investing

There are very few growth investors that stayed in business long enough to become a household name in the investment community, and even less of them that ended up writing books about their lifetime experiences.
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The Voting Machine

It all started for me over 30 years ago.
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