The MercadoLibre Paradox
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Over the past five years, MercadoLibre has grown both revenue and profit dramatically — yet its stock price has gone nowhere. Could this be an opportunity?
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Connor Browne and Rob MacDonald
The MercadoLibre Paradox
What Investing Can Teach Us About March Madness
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We've officially entered my absolute favorite time of the sports calendar year. As millions of others around the country have done this past week, I sat down to fill out my bracket for the annual Van...
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Are Treasuries Still Safe?
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Since April, I've had a lot of conversations about whether Treasuries are still a viable safe haven investment. After “Liberation Day,” 10-year Treasuries sold off by ~50 basis points, creating a...
The Deep Seek AI Shockwave
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This week, a surprising announcement from China’s Deep Seek sparked a lot of market chatter (and, ya know, vaporized nearly $600B in market value from Nvidia). Deep Seek claims it developed an...
Goldman’s Bearish Prediction
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For years, Warren Buffett’s advice has been pretty clear — for most investors, the S&P 500 is the safest bet. “Just buy the index,” he’s famously said. And for the past decade, he’s been pretty right...
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How active is your fund manager, really?
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In the 1980s, very few equity fund managers adhered to an indexing strategy. Fund managers were actively picking stocks to generate alpha for their clients. But over the course of the 1990s and...
Hidden Value Stocks Feature
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Excerpt from Hidden Value Stock Newsletter: Connor Browne and Rob MacDonald are two of the co-founders of City Different Investments. Both serve as portfolio managers, and Browne runs the firm....
What Easter egg hunts can teach us about investing
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When my three daughters were little, they loved Easter egg hunts. As I’m sure many of you also do, we’d put candy in plastic Easter eggs and hide them around the house. My high-energy oldest daughter...
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Henry Ford, Labor Strikes, and Investing
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The Big Three U.S. auto workers went on strike in September. Labor and management couldn’t come to an agreement about how to split the proceeds from producing automobiles. This is such a pivotal...
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The Power of Long Term Investing
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Long-term investment horizons are often talked about, but not always practiced. For most clients, investment goals are measured in years (or maybe even decades). But many investment professionals...
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Idiosyncratic Alpha — Not a Factor Bet
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With a large reversal in factor returns over the last two years, we’re hearing this question a lot: Can active management deliver outperformance that isn’t dependent on systematic factors?