A Journal of Independent Research, Analysis,
 Opinion and Insight

01 27 2023 WOWS Full Issue
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The Long Good Buy
Jen Wallace Sees Structural Shift Favoring Un-Indexed Quality Value Stocks
The January bounce was in full swing — sending mega-cap tech stocks on head-snapping rallies — when I asked Jennifer Wallace, one of the savviest and most-accomplished long-term quality value investors I know, to lead off WOWS 2023 interviews. Jen, co-founder and CIO at Summit Street Capital Management, blinked not an eye, so we chatted last Monday and through the week as she kept up her usual grueling pace of research, meetings and more research, all the while tending to growing her clients’ capital in State Street’s flagship private investment fund — all with a dreadful cold. 

If that couldn’t make her pause, neither could several weeks of a snap-back rally in last year’s worst-performing group. She’s seen that movie before.

Back To The Meat Grinder
After A Timeout, Complications and Bear Maket Will Ensue
By Jeremy Grantham

The State of the Bubble: Things Get More Complicated
Well that was exciting! There have been far too many boring years in my 55-year career and 2022 was not one of them!

Fade The China Trade
And Brace For Lower Lows In Equities, While You Are At It
By David Rosenberg

The excitement over China’s re-opening has seen our Cyclical Summary Index exhibit an improved trend in recent weeks. However, the longer-term picture is much less positive — there is a well-established pattern of lower highs and lower lows (beginning in March 2021), a clear sign of a downtrend.

Gold Surges
Could Be Market Smells A Rerun of 2011 Debt Ceiling Debacle
By Andrew Addison

Updating the technicals on Spot GOLD now. The last time I featured Gold was in the January 3rd TIV @1847.