My latest post for Alpha Baskets is up and includes the following;
A common criticism of indexing is the extent to which the index tilts more and more toward growth as the bull market matures because the growthier, high fliers go on a run of outperformance later in the cycle (this is historically how it has worked). Those are the same types of names that stand to go down a lot, really a lot, during bear markets. It is a good bet that most of these types of stocks will bounce back to new highs in the subsequent bull market but it is at points of maximum pain the poor decisions are made.
Please click through to read the entire post.
A type 6 (brush truck) from a neighboring department
A 1936 Ford I drove by the other day.
Dropping off one of Walker Fire’s trucks and saw this.