Nvidia may be the most impressive business in the market. That does not automatically make every price a bargain. Here is what investors are really betting on at roughly $224 per share. There are two conversations about Nvidia, and they rarely occur in the same room. In the first conversation, Nvidia is building the computational infrastructure for the most important technological transition in decades. Its chips power the artificial-intelligence systems that every major technology company is racing to develop. Revenue is growing at a rate normally associated with a small software company that just discovered customers, not a corporation already worth more than $5 trillion. Gross margins resemble those of a luxury tollbooth positioned directly across the only bridge to the future. In the second conversation, Nvidia is priced as though the future has already arrived, signed a long-term lease, and agreed to annual rent increases. The company may continue producing astonishing numbers and...
My Honest Answer After the Dividend ETF Became a Financial Personality Type There was a time when owning a dividend ETF was a quiet decision. You bought a basket of profitable companies, collected the distributions, reinvested them, and went about your life. Nobody made it their entire identity. Nobody posted quarterly dividend screenshots as though Coca-Cola had personally mailed them a handwritten thank-you note. Nobody entered online arguments prepared to defend an exchange-traded fund with the emotional intensity normally reserved for family honor. Then SCHD happened. The Schwab U.S. Dividend Equity ETF has become more than a fund in certain corners of the internet. It is a philosophy, a retirement plan, a community, a security blanket, and occasionally a substitute for having a personality. Mention that growth stocks have outperformed during a particular stretch, and somebody will appear from behind a spreadsheet to announce that they prefer “getting paid to wait.” Mention that di...