Notes from the MIAM Research Desk
Price variability, volatility, market movement. Whatever term you use to describe it, large fluctuations in security prices have recently become even larger. When measured by the CBOE Market Volatility Index…
Notes from the MIAM Research Desk
As the world continues to guess what inning of the cycle each industry and market is in, we reflect on why evaluating management’s capital allocation priorities and abilities is so…
Notes from the MIAM Research Desk
As we end the third quarter of 2022, we continue to observe particularly choppy markets. There are a few broad themes that appear to be driving market movements: central banks…
Notes from the MIAM Research Desk
In this edition of our biweekly letter, we take a pause from discussion of our investment philosophy to highlight a recent development in the portfolio, and to give a real-time…
Notes from the MIAM Research Desk
In this letter we put forth our view that receiving premium returns for investments in larger or more complex businesses is not a given. Frankly, this may be one of…
Notes from the MIAM Research Desk
At MIAM, we believe that people run businesses, so much so that it is one of the six pillars of our investment philosophy. After all, people are the medium through…
Notes from the MIAM Research Desk
In this version of Notes from MIAM Research Desk we turn our attention to data. The Merriam-Webster Dictionary defines data as “factual information (such as measurements or statistics) used as…
Notes from the MIAM Research Desk
In this edition of Notes from the MIAM Research Desk we continue to focus on why our interactions with companies’ management are so crucial to our research process. In particular,…
Notes from the MIAM Research Desk
Our research team is perpetually busy, but periods of acute price variability in the market present a particularly exciting opportunity to evaluate interesting situations in both portfolio companies and new…