Ategra Blog

Pig in a Poke

“Pig in a Poke” dates back five centuries and once meant purchasing a piglet in a sack sight unseen.  It’s something two trusting business partners might do to save time.  It has come to mean buying something without good knowledge or even worse, being scammed.  Letting the cat out of...

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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...

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Long in Tooth

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

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Inflation Nation

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

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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...

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Small Bank, Big Problems

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

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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...

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A Four-Legged Stool

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

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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...

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