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The Perils of Sector Bias

by: Lawrence Hamtil  on Monday, October 29, 2018

The tendency of investors to weight their portfolios heavily toward domestic stocks is known as "home country bias", and the dangers of doing so are rightly repeated often by financial professionals.  However, in my opinion, one portfolio bias that is less discussed is "sector bias", by which I mean the heavy tilts in a portfolio to one or two hot sectors.  This danger seems especially relevant given today's popularity of passive investing based on capitalization-weighted indexing.   Read More

Global Discounts By Region & Sector

by: Lawrence Hamtil  on Monday, October 22, 2018

Given the recent turmoil in global equity markets I thought it would be interesting to check in on global equity valuations to determine if any bargains currently exist.  Data from Dr. Ed Yardeni show that the U.S., in aggregate, is currently trading at a premium to global stocks of all kinds, though when broken down by sector, valuations vary a bit: Read More

The Remarkable Resilience of the Refining Industry

by: Lawrence Hamtil  on Thursday, September 27, 2018

Last summer, I wrote an article about lasting moats, describing certain industries that I think are characterized by durable moats that insulate the incumbents against not just competition, but also against major technological disruption.  Along with the tobacco, railroad, and airport industries I would like to add oil and gas refining. Read More