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Bull vs. Bear Case: Is SCHD Still Worth Holding?

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...
Recent posts

Bull vs. Bear Case: Can Walmart Keep Winning in E-Commerce?

For years, Walmart’s relationship with e-commerce reminded me of a very large man trying to squeeze himself into a very small sports car. I respected the effort. I admired the determination. I also wondered whether someone was eventually going to remove a door. Walmart understood that online shopping mattered. The company invested billions of dollars, bought technology businesses, built fulfillment capabilities, redesigned its website, expanded pickup, launched delivery services, introduced Walmart+, added third-party sellers, and generally did everything short of sending an executive to my house to place the order personally. Still, the basic problem remained: Amazon had spent decades teaching consumers to begin almost every product search inside Amazon’s ecosystem. Walmart had stores, trucks, groceries, enormous purchasing power, and enough physical real estate to qualify as a minor geographical feature. Amazon had the digital habit. Habits are difficult to break. Then something chan...

Bull vs. Bear Case: Can Amazon Keep Expanding Profitability?

An investor’s argument with himself about AWS, retail margins, AI spending and whether Amazon’s profit machine is becoming stronger—or merely more expensive Amazon has spent most of its public life teaching investors not to judge it like a normal company. Whenever the profits looked thin, the explanation was that Amazon was investing. Whenever spending looked reckless, the explanation was that Amazon was building infrastructure everyone else would eventually need. Whenever Wall Street asked when the harvest might begin, Amazon planted another forest. Annoyingly, this strategy worked. The company turned an online bookstore into a retail empire, a logistics network, an advertising platform, a subscription ecosystem and the world’s leading cloud-infrastructure business. It built warehouses when skeptics wanted margins, servers when analysts wanted discipline and delivery capacity when investors were still trying to understand why anyone needed a package in less than two days. Now the argu...

Bull vs. Bear Case: Has Apple Become Too Dependent on Buybacks?

Apple has reached the peculiar stage of corporate life where spending $25 billion in a quarter can be described as “returning capital” with the same casual tone I use when returning a borrowed screwdriver. The company buys back shares at a pace that would constitute a sovereign wealth strategy for a small nation, retires them, and proceeds as if nothing especially dramatic happened. Investors nod. Analysts update spreadsheets. Somewhere, an accountant adds another comma and quietly goes for a walk. I understand why the question keeps returning: Has Apple become too dependent on buybacks? It is a fair question because repurchases now occupy an enormous place in Apple’s financial identity. During fiscal 2025, Apple spent $89.3 billion repurchasing 402 million shares. In the first nine months of fiscal 2026, it used another $62.1 billion in cash for buybacks. In April 2026, the board authorized an additional $100 billion repurchase program. These are not decorative numbers. Apple is not b...