The Intelligent Newsletter 2.0: Recent Episodes

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My latest experiment, aka IN’s Ben Graham/The Intelligent Investor Bootcamp aka “Everything You Know About Value Investing Is Wrong” has just two more Saturdays left. The class is an experiment designed to give students a thorough indoctrination in Graham’s approach via short lectures and longer discussions. It takes place via Zoom, in four interactive modules. The schedule is:

Noon-1 p.m. EST - Where Do Prices Come From?

2 p.m. - 3 p.m. EST - Speculation vs. Investing

4 p.m. - 5 p.m. EST - D-I-Y Portfolio Creation

6 p.m. - 7 p.m. EST - Valuation

Classes are limited to five people each. Video can be turned on or off. You may complete the whole course in one day or over two weeks. Feel free to bring someone.

Enroll for the whole course via Paypal here or enroll in a single class here. An e-mail will follow with class options.

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To enroll in Boot Camp via Paypal click here.

To subscribe/share click the buttons below.

Happy Friday! James

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Bonus! I’m publishing the lecture part of each of the four Intelligent Investor Boot Camp modules. Here’s the first, which is actually the second. More to follow. Enjoy… James

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newsy

· German factory activity grew at the fastest pace in recorded history in March. (IHS Markit)

· U.S. private payrolls in March expanded at the fastest pace since September. Companies added 517,000 workers for the month versus 176,000 in February. (ADP)

· The Paycheck Protection Program (PPP), which has provided over $300 billion in forgivable loans to cover wages, utilities and rent, has been extended through the end of June. (U.S. Small Business Administration)

· Covid-19 was the third-leading cause of death in the U.S. last year. (CDC)

· Scientists have found that the T-cells of previously infected and/or vaccinated patients are effective against new COVID-19 variants. (Johns Hopkins)

· 55% of people in the UK now have antibodies against coronavirus, either through infection or vaccination. (Office for National Statistics/ONS)

· Combining the flagship streaming services of the top four media-tech providers adds up to $92 per month in the U.S. versus $93.50 for a typical cable-TV subscription. (S&P Global Market Intelligence)

· Delivery orders at U.S. restaurants were 154% higher in January 2021 than they were a year earlier; delivery comprised 12% of sales, versus just 5% in 2020. (The NPD Group/CREST)

· A chicken-fingers-and-fries combo was the top food item ordered for delivery in 2020. (DoorDash)

· Delta Airlines (DAL) will no longer block the middle seat beginning May 1st. (the company)

· Dog-walking app Rover saw its bookings fall by nearly half last year, to $48 million. (Rover)

“bubbliciousness” aka markets

As of early this morning, the DJIA trades at a 43% premium to its quantitative value (QV); the S&P 500 at a 40% premium; the NASDAQ Composite at a 28% premium; and the Russell 2000* +100%(!) Our estimated bear-to-bull-market trading ranges are:

DJIA: 15303 (low) to 34261 (high)

S&P 500: 1892 (low) to 4236 (high)

NASDAQ Comp: 7020 (low) to 15717 (high)

Russell 2000: 750 (low) to 1680 (high)

Office Hours/AMA #2 is from noon-1 p.m. EST today, via Zoom. Feel free to drop in via video, voice or text with any questions or comments! Click here or use the following:

Meeting ID: 849 4297 9605 Passcode: 194339

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Mai is back! The podcast is back! And we’re starting at the beginning, a very good place to start!

To receive future podcasts, Sunday’s House Money (featuring the CB and Wallflowers Indexes) and weekly valuation classes via Zoom, click below:

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Per many requests, The Intelligent Investor course begins Sunday as a subscriber-only podcast. We’ll go through every chapter—even the boring ones!—then go forth with a deeper understanding of both Graham and intelligent investing. If you’re considering the course, I’d encourage you to first listen to this “orientation,” which is both a brief take on Graham’s life and how he defined intelligence. All in, the course will last approximately four months(!)

This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit theintelligentnewsletter.substack.com/subscribe