July 2012 Investor Letter

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Below is a letter that is written monthly for the benefit of Avondale Asset Management’s clients.  It is reproduced here for informational purposes for the readers of this blog. Dear Investors, The S&P 500 was up by almost 4% in … Continued

Happy Birthday America!

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Tomorrow, the USA will be celebrating its 236th birthday.  To celebrate the occasion, below is a chart of Federal Government Debt to GDP since our government was just a babe.  The only period that the Federal Government has been debt … Continued

Amendment XVI

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Amendment 16 – Status of Income Tax Clarified. Ratified 2/3/1913. Note History The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census … Continued

Article I Section 9

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Section 9 – Limits on Congress The Migration or Importation of such Persons as any of the States now existing shall think proper to admit, shall not be prohibited by the Congress prior to the Year one thousand eight hundred … Continued

Article I Section 8

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Section 8 – Powers of Congress The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, … Continued

How Big Can Amazon Get?

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After a brief malaise, AMZN’s stock has started to outperform the market again.  It now sports a market cap of over $100B.  WMT, by contrast, which does almost 10x AMZN’s sales, has a market cap that is only 2.3x AMZN’s. … Continued

Growth Stock Graveyard

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In the past 6 months there have been more than a few former momentum darlings that have completely broken down.  For some value investor schadenfreude, below are the charts of TPX, NFLX, DECK and GMCR.  And for a blast from … Continued

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