**originally written March, 2019**

I recently read the classic investing book Expectations Investing by Michael Mauboussin and Alfred Rappaport. It was a quick read and I thought it was refreshing due to its simplicity without sacrificing depth of the concepts discussed. Mauboussin and Rappaport (M&R) open the book discrediting the idea that the market values companies myopically around short- term EPS and alternatively claim that stock prices are actually a reflection of the market’s consensus view of the sum of long-term FCF per share discounted at a consensus WACC (M&R claim long-term as an average of 10–15 years). …

**Originally written July 2019**

I recently attended the 2019 Big Path Capital’s Impact Capitalism Summit in Nantucket, MA. Below are my general takeaways from the conference as well as my thoughts on the state of the impact investing movement.

Big Path Capital is a brokerage firm raising capital for investment funds and individual companies focused on generating impact in society. While hosting numerous conferences around the US throughout the year, their conference in Nantucket each July is considered their flagship event. The island event attracts the who’s who in the impact investing space- from fund managers, to companies, to advisors of both family and institutional capital. …

**Originally written on August 12th, 2016**

Investor consensus is that the US Dollar will continue to strengthen. The position is defensible because the FOMC has consistently communicated that the US is on a path for interest rate increases due to economic strength, measured as full employment and modest inflation. Meanwhile, other central banks around the globe have a stance of monetary easing, or lower interest rates. This is because high levels of debt have hampered growth, and threatened widespread deflation in those regions.

This divergent central bank policy has been driving exchange rates since 2014. A currency pair that significantly reflects this directional bias is the USD/EUR. A consensus fair value estimate for the EUR after policy adjustments is roughly 1 to 1 with the USD. The spot rate came close to this value at the pair’s bottom in 2014 of $1.05/EUR, …

**Originally written on September 9th, 2016**

One of the Federal Reserve’s directives is to maintain stability in prices, which is measured by CPI. The current FED target for inflation is 2% per year.

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Despite the wild deflation swing during the Global Financial Crisis, the objective of 2% has largely been achieved. However, the basic long-term trend has been notably lowered due to the drop in CPI that occurred in late 2014. The long term trend now indicates that CPI is headed closer to zero.

This has been a global phenomenon. …


Joshua Collinsworth

Equity investor. Portfolio Manager at Nomadic Value Partners (https://nvip.co)… If you have the endurance, time can be a sanctuary.

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