March 2, 2021

Bank of Utica 2020 Annual Report

Bank of Utica (ticker symbols BKUT and BKUTK) is a perpetually cheap (relative to book value) bank that we have covered for a long time.

If you are not a Newsletter reader, you can check out a sample that mentioned BKUT a couple of years ago. We also posted about the 2019 annual results, and investors' reactions, back in February 2020.

You can view the financials directly on CompleteBankData.

Small banks are very interesting - here are some recent Oddball posts on banks:

And here is Utica's most recent annual report:

 Bank of Utica 2020 Annual Report by Nate Tobik on Scribd

Never Go Full Weimar

A number of investors and pundits assumed higher inflation was a foregone conclusion following the 2008 financial crisis. After all of the bailouts, stimulus and interest rate cuts anyone who has ever read an economic textbook could plainly see rising prices as the next logical step. Not content with simply predicting inflation, many of the investors who either predicted the 2008 crisis or were scarred by it, took it one ...

Everybody knows you never go full Weimar

Subscribe! Join Downtown Josh Brown and Michael Batnick for another round of What Are Your Thoughts? On this week’s episode, Josh and Michael discuss the biggest topics in investing and finance, including: ►Burry Goes Weimar – One of the most respected investors in the game started doing these inflation shriek tweetstorms, never a good sign. ►Do Rising Rates Matter? – Wall Street has found its new P...

The post Everybody knows you never go full Weimar appeared first on The Reformed Broker.

Pioneer

Why did we name each of our strategic asset allocation portfolios after different NASA space missions? One major reason is that names carry certain connotations that can get in the way of someone receiving the financial advice that they have to actually hear and heed. Our Pioneer portfolio is a perfect example of this – it’s definitely aggressive in terms of its target weighting and potential volatility, but i...

The post Pioneer appeared first on The Reformed Broker.

Rising Dividends = Rising Returns

The research linking rising dividends with superior long-term returns continues. A report from Ned Davis Research, described in the Wall Street Journal article "Look for Firms That Raise Dividends". Below are some highlights of the article: Since 1972, S&P 500 stocks that consistently increased their dividends returned 10.4% total return (dividends + share price appreciation) while those that

To continue reading, please click on the article title above...

The Psychology Behind the Boom in Collectibles

This is a picture of a divorced couple in a Las Vegas courtroom in 1999 dividing up their Beanie Babies collection: At the time, this pile of stuffed animals was worth a few thousand dollars and the former couple couldn’t come to an agreement as to how to split them up so a judge presided over it. The Beanie Babies bubble is one of my all-time favorites because it has all the hallmarks of a mania. Mass delusion. Sp...

Substack Vertigo

Calm down. Everything going on in the world right now is just one big trade – an implicit bet that current cashflows will not matter to investors and the risk-free rate has vanished to zero forever. So long as there is no yield on cash or treasury bills and bonds, everyone will be willing to invest on spec – there’s a consensus, almost religious, belief that a new buyer is destined to come along later a...

The post Substack Vertigo appeared first on The Reformed Broker.

New Hedge Fund Newsletter Just Released Today

The new Q4 issue of our hedge fund newsletter was just released today.  Subscribers please login at www.hedgefundwisdom.com to download it.


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- Reveals the latest portfolios of 25 top hedge fund managers: David Tepper, Seth Klarman, Stan Druckenmiller, Bill Ackman, Dan Loeb, Chase Coleman & more (full list here)

- Commentary on each fund's moves: Quotes from recent appearances and hedge fund letters, performance numbers when available, occasional short positions, and more

- New consensus buy / sell lists: Most popular stocks in Q4

- Investment thesis summaries of 2 stocks that hedge funds have been buying


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