You're Invited to FORK Cancer!
The second annual FORK Cancer event is a Celebration of Life presented by Food & Beverage Social Club and Forever Oceans. Mike Pruitt, Founder of Co/Investor Club is the visionary behind Food & Beverage Social Club.
Eight of Charlotte’s top chefs are creating a dinner experience that will positively impact cancer survivor support, education, research and funding in Charlotte, NC while honoring the legacy of those who have been affected by cancer.
The event will be on Thursday, September 7th 2023 at the UNC Charlotte Marriott. To learn more about FORK Cancer, please visit our website by clicking here!
FORK Cancer’s Four 2023 Non-Profit Partners Are:
Teal Diva (Gynecological Cancer)
Xander’s Acts of Kindness Foundation (Pediatric Cancer)
The Megg’s Foundation (Young Adult Cancer)
Nothing Pink (Hereditary Breast and Ovarian Cancer)
Each year, 1.9 million Americans and their families are affected by cancer. FORK Cancer partners with four local non-profits every year to directly benefit the Charlotte Cancer community.
We would love to have representation from your company at the event as a Table Sponsor!
Click the links below for various ways to support FORK Cancer.
Thank you for your support!
Getting Small Things Wrong
After a down week to start the third quarter last week, stock markets touched their highest levels since April 2022. The S&P 500 was up about 2.4% on the week, while the Nasdaq climbed 3.3%.
The handful or two of technology stocks that have been the big drivers of returns in 2023 continue to get the most media attention. Some of them, especially a couple of them, continue to be “priced to perfection.”
And perfection may happen. Major shifts in markets and future technologies are sometimes seen by the market before they’re seen by most individuals.
But there is little margin for error when you’re priced for a certain ultra-rosy future. For example, with a valuation of nearly 45 times trailing sales, there isn’t much that can go wrong for one to earn a good return holding NVIDIA during the next 5-10 years.
Seth Klarman touched upon this point in a new podcast conversation with Jim Grant:
“The idea of a margin of safety comes about from…the inherent risk aversion that is part of a value philosophy. Margin of safety means you have room to get some small things wrong. You have room for bad luck. You have room for the vicissitudes of the economy going against you for quite some time. And yet you’re still protected.”
Downside protection is given utmost importance at times—and ignored at other times, like today, when market participants just want to make a quick buck and don’t pay much attention to fundamentals and valuations.
But should the downside be ignored today? Where do we stand? Let’s return to Klarman for some final thoughts:
“The best periods to invest are the ones where you enter at a low valuation. And the worst periods for future returns are when you enter at a high valuation. This is a market of stretched valuations once again. After the down year of 2022, the market is once again over twenty times earnings, and a number of stocks stand out for very extended valuations. So the risk is out there, and investors should beware.”
Tweets of the Week
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Slow Burn Minsky Moments - by James Montier
Part 2: Current State of the Housing Market; Overview for mid-July
Boyar Research's Quarterly Letter: 2Q 2023
'Big Short' Investor Steve Eisman says earnings have not bottomed out for regional banks (video)
The Meb Faber Show Podcast: Steve Klinsky, New Mountain Capital – Private Equity Titan | #489
Permanent Podcast: John Marsh: Understanding People
If you have not already upgraded your membership…
Avenel Financial Group, a merchant banking and advisory firm located in Charlotte, NC, launched a new business venture called the Co/Investor Club. The Co/Investor Club is a community of value-oriented investors that collaborate on investment opportunities and ideas. You are receiving this newsletter because you are a Free or Premium Member of the Co/Investor Club!
Chat with Mike
Whether you’re an executive with investment opportunities or a college student looking to network, we would love to chat with you! Email our Founder, Mike Pruitt, at mp@coinvestorclub.com with questions and ideas or schedule a meeting.
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