Cardinal Update – Nov 2019

Artificial Intelligence – Predictions are the process of filling in missing information. It uses information you have (data) to generate information you don’t have. For example, A.I. is being used in radiology. It is trained with millions of old images and diagnostics. It is then given a new patient scan and gives a prediction as to whether cancer is present or not. Tests are conducted to confirm the prediction and this data is fed back into the A.I. to improve the prediction ability. This is superior to human ability due to the sheer amount of data an A.I. has accessed.

In terms of our portfolio’s exposure to A.I., under the framework of “cheap predictions” the answer is literally every company in the future will have exposure to A.I. in some way or form.

Click here to read more: Cardinal Update – November 2019

 

 

 

Cardinal Quarterly – Oct 2019

Market Outlook – Stock markets across the globe have continued to climb a wall of worry, with most major indices near record highs despite consistent fears that a downturn is imminent. We still believe that investors will be rewarded far more for optimism than pessimism. Given headline grabbing risks such as the China trade war, a number of military hotspots like Iran where tensions are escalating, and now the threat of Presidential impeachment, being optimistic is not easy.

Click here to read more:  Cardinal Quarterly – October 2019

 

DM Monthly Report – Oct 2019

CAPITAL ALLOCATION FOLLOWING SENTIMENT – Last month we highlighted the low level of bullishness indicated in recent investor surveys and noted that such pessimistic readings often presage market strength. Hard data are pointing in the same direction right now, with individuals confirming their negative sentiment through their capital allocation decisions and choice of equity sectors.

Click here to read more:  DM-Monthly-Report-Oct-19

DM Monthly Report – Sept 2019

ARE THE STOCKS IN YOUR PORTFOLIO A CONTRARIAN POSITION?  It’s a curious thing. Even though publicly traded shares are a direct connection to the wildly successful free market system and the easiest way to grab a share of the wealth that has been and will be created by the capitalist economy, individuals are surprisingly ambivalent about owning them. In fact, the calls we get about stocks are often tinged with a trace of dread. If markets are up, people are skeptical about how long it’ll last and if they’re down, they worry that the dip is the beginning of something worse.

Click here to read more:  DM-Monthly-Report-Sep-19