postcards: finishing my drink with Tim Melvin, Ben Graham, and Joseph Piotroski
The Russell 2000 continues to recover this morning, but today, we want to discuss one of the best "Thanksgiving dinner" investment conversations on the planet...
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Wednesday, June 7, 2023
Dear Old Friend,
First off, happy birthday to my father today…
I’m sitting in a rundown hotel in Jamaica, New York City – waiting to catch my flight to Baltimore. What a stark difference from 24 hours ago. The air quality in Switzerland is immaculate, fresh, and inviting. In New York, smoke from Canadian wildfires blankets the East Coast. Instead of a red carpet, New York City rolled out an orange sky for me.
Markets are getting a boost from strength in the small-cap space. The Russell is popping higher, and there appears to be some relief at the momentum about the Treasury Department’s likely issuance of about $500 billion in new debt this month.
The general view is that we won’t see a drain from the equity markets - but we could see further stress on the banking system. There has been ample call buying recently around the Russell, but sizeable bets against the S&P 500.
Last week’s Commitment of Traders Report shows t…
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