I don’t remember where I saw it, but somewhere I saw a comment that heading into a three-day weekend is often a down day in the market. Apparently, that was a little bit prophetic for today.
Today’s Positions
- Canopy Growth Corp. (CGC): 40 shares @ $23.58 (-2.28%)
- YETI Holdings, Inc. (YETI): 10 shares @ $28.25 (-0.60%)
- Baytex Energy Corporation (BTE): 200 shares @ $1.28 (-0.78%)
- Microsoft Corp. (MSFT): 1 share @ $137.79 (-0.24%)
Heading into Labor Day Weekend, we’ve shed just over $25 and are sitting with a new account balance of $1667.
One other thing I’ve been reading a bit about lately is comments by Michael Burry regarding the bubble in passive investments. It is an interesting thought that because so many people are piling more and more money into low-fee investments from companies like Vanguard and Fidelity, a bubble could be forming (or have already formed) in those funds and in the underlying stocks.
According to Morningstar, in 11 of the past 12 years money has moved out of active investment funds and into passive funds. Burry is looking for small cap companies around the globe as opportunities that have been overlooked by the passive investment index funds, and highlighted recent investments in GameStop, Sportman’s Warehouse, and Tailored Brands.
I’ll have to do some digging into those stocks to see how they look. I’m not a huge GameStop fan (just of the stores themselves), so that one might be a pass right off the bat. But the others are intriguing.
Happy Labor Day!
FNMNY 