Ategra Blog

Problems of Success – Populism and Stock Buybacks

We have watched with wry amusement politicians battle over corporate common stock repurchasing, or “buybacks”, the process where a company repurchases its own stock on the open market.  Elevating a mundane, but important, business tool into a social fault line is the nature of our times.  Buybacks are the other...

READ MORE

Long in Tooth

Nine years of economic expansion makes investors anxious.  Expansions generally don’t last this long without a setback.  Some market analysts...

READ MORE

Inflation Nation

Price level surveys play a central role in monetary policy and government budgets.  Our modern CPI, or Consumer Price Index,...

READ MORE

Small Bank Stock Prices Efficient?

Most investors have been taught stock prices are meticulously calibrated by the market. A stock’s price is said to reflect...

READ MORE

Small Bank, Big Problems

The obituary of the small bank has been written a thousand times. Actually, if you measure since we joined the...

READ MORE

Reversion to the Mean

Last August we described large banks as a glass half full. At the time Wells Fargo and J.P. Morgan Chase...

READ MORE

A Four-Legged Stool

A mantra of portfolio managers is investing in themes supported by more than one factor. The image of a simple...

READ MORE

Large Banks – A Glass Half Full

In a year with a commodity price crisis led by oil, a surprise vote to exit the European Union by...

READ MORE

And Then There Were Two

As the mania around the U.S. presidential election escalates, let’s be realistic. No matter who is the next President, his...

READ MORE