Joshua M Brown

Consumer vs CapEx

This morning’s Q4 GDP report was a headline miss (2.6% versus an expected reading of 3.2%), mostly explained by the inability of strong consumer spending to overcome investment malaise. Bank of America Merrill Lynch’s economists break it down thusly: Consumer comeback, slower investment Consumer spending surged 4.3% qoq saar, which was the largest increase since 1Q…

Who wants to pay to find out?

Hedge funds earned more money from management fees (the 2) than they earned from performance fees (the 20) in 2014. A lot more. 2.5 times more, in fact. Why was the 2 so much more meaningful than the 20? Well, it’s hard for the industry to earn performance fees when there isn’t any performance. The…

My Fortune columns so far…

I’m having a blast in my new role as Fortune columnist so far, just as I suspected I would when I first got the gig (see: About my new column at Fortune magazine from last October). The stuff I’m doing there is about a very specific topic – the nexus between what happens on Wall…

The First Casualty of a Bear Market

Nick Murray says “The ability to distinguish between volatility and loss is the first casualty of a bear market.” I turned to one of my favorite passages of his masterpiece Simple Wealth, Inevitable Wealth this morning as turmoil from overseas and the commodity markets made its way through the headlines. Nick relays a great anecdote…

An Investing Frankenstein

Patrick O’Shaughnessy attempts to combine all the key attributes in order to create a “Perfect Investor” in a new post at his site, Millennial Invest. I’ll go the other way around and build the absolute worst investor, taking the worst qualities that we can possess to create an absolute Frankenstein monster… 1. Obsesses over each day’s activity…

Off to San Diego

Posting will be light through the end of this week as I’m off to San Diego to attend the TD Ameritrade National LINC Advisor Conference for the first time. I’ll be speaking on two panels and hoping to learn from the dozens of other speakers throughout the two-day event. I’m told there will be over…

Looks like we got ourselves a ballgame

On October 15th, I officially declared the Relentless Bid era over (see There She Goes, My Beautiful World). It wasn’t a bold call, markets had been acting differently since at least last August. Selloffs were occurring with more frequency and less stocks were rising as we made subsequent new highs. The days of “just buy…