AMM 4th Quarter 2019 Client Letter Investing is by default a boring exercise. Buying a stock and checking the share price 4 times a day to see how much money you are making (or not) might be fun, but it’s… Read More
Investing Should Be Boring
AMM Dividend Letter 41: How Brewing Beer is Like Investing and Intuit (INTU)
Brewing beer is a simple recipe. Water Malt Yeast Hops First, mill grains to break up the kernels. Then steep the grains in hot water to turn its starches into sugar. The result is a sweet liquid called wort. Then… Read More
20 Years Investing with The Market Cycle
AMM Third Quarter 2019 Client Letter “History doesn’t repeat itself, but it often rhymes.” – Attributed to Mark Twain This summer marks the 20th anniversary of AMM! And, while we are not marking the occasion with much fanfare, it does… Read More
Investing in the Zone of Anxiety
AMM Second Quarter 2019 Client Letter Anyone who has even casually sought investment advice has likely heard the adage “invest for the long-term”. It’s probably the most commonly dispensed piece of investment advice – right up there with “don’t put… Read More
AMM Dividend Letter 39: Proving Yourself Wrong & eBay
Suppose the next time we see you we lay out the following 4 cards in front of you like this. Then we give you the following statement. If a card has a vowel on one side then it has an… Read More
AMM Dividend Letter 38: Loss Aversion, Fear, and Starbucks
We’re going to flip a coin one time. If the coin lands on heads then you win $200. But it the coin lands on tails you lose $100. Are you willing to play this game? If you’re like most people… Read More
Welcome Back Volatility
AMM First Quarter 2019 Client Letter The 4th quarter of 2018 saw one of the largest jumps in volatility in years. The reasons for the volatility are now widely “known”. Political uncertainty, trade uncertainty, fears of a policy error by… Read More
The 3 Types of Dividend Growth Stocks in the AMM Dividend Growth Portfolio
The AMM Dividend Growth Portfolio is made up of three types of dividend-paying companies as we define them. 1. Dividend Stalwarts The first type of dividend growth stock is what we call Dividend Stalwarts. Investors also call them Dividend Aristocrats… Read More
The Two Factors Building Intuit’s Business Moat
Intuit’s QuickBooks Online is its Software As A Service (SAAS) business. It is replacing Intuit’s legacy QuickBooks Desktop software. QuickBooks Online is part of Intuit’s effort to transform its revenue from highly repeatable transactional sales to highly recurring subscriptions. I… Read More
In Defense of Diversification
AMM’s Fourth Quarter Client Letter: Everyone knows that you should not put all of your eggs in one basket; it’s a basic tenet of investing. No investment advisor or finance professional will tell you not to diversify your wealth. Diversification… Read More
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