Monthly Archives: September 2011

In the Blink of an Eye-The Japanese Tsunami

Posted on September 28, 2011 by Ray Galkowski, CFA

I have attached a link to video of the Japanese tsunami videotaped by a driver in a car. A reminder that real risk is devastation that no one can see coming and that no one can prevent. (H/T: Infectious Greed)… … Continue reading →

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Excellent George Will Column on the Hyperactive Regulatory Environment

Posted on September 26, 2011 by Ray Galkowski, CFA

I found out last week that in my industry, the new Dodd-Frank law says that if I decide to manage investments in separately managed accounts (SMA) for my investors in addition to the private investment fund that I currently manage, it will trigger … Continue reading →

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Moneyball

Posted on September 24, 2011 by Ray Galkowski, CFA

I love value investing for the edge that it gives me, and I love baseball. Michael Lewis is a brilliant writer who once worked in my old insustry (mortgage backed securities) at Salomon Brothers. During his time at Salomon, Perelman attempted a … Continue reading →

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Another Great One by James Montier

Posted on September 24, 2011 by Ray Galkowski, CFA

Read the whole thing: http://www.ft.com/intl/cms/s/0/77f0077c-c35a-11e0-9109-00144feabdc0.html#axzz1YtylE6lL “…there is a simple, although not easy…alternative (to  benchmark-focused investing)…use a value approach across a wide range of assets. Buy when an asset is cheap, and sell when an asset gets expensive – buy low and … Continue reading →

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The Investing World’s Reaction to Buffett’s Hiring of Richard “Ted” Weschler

Posted on September 14, 2011 by Ray Galkowski, CFA

I am surprised at the reaction among investors and the media over Buffett’s selection of Ted Weschler as one of his portfolio management successors, but I suppose I should be used to it by now. The general reaction has been: … Continue reading →

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Market Valuation, Deus Ex Machina, and Volatility

Posted on September 12, 2011 by Ray Galkowski, CFA

We have written several times to say that the market in general is overvalued based on earnings (the CAPE) and book value (Tobin’s Q). Even after the recent selloff, the market is still well above long-term averages. However, astute market … Continue reading →

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Prem Watsa, CFA

Posted on September 10, 2011 by Ray Galkowski, CFA

I used to own Fairfax Financial, which smartly shorted financial stocks and bonds–to the tune of several billion dollars–before they blew up. Here is an enjoyable interview of its CEO–Prem Watsa, CFA–who is a value investor who is sometimes referred … Continue reading →

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Whitney Tilson Had a Bad Month and is Having a Bad Year

Posted on September 1, 2011 by Ray Galkowski, CFA

I am somewhat surprised by this because I thought he was less than 50% net long. (Correction: Tilson made changes to the fund in August which resulted in the fund being 70% net long).  Covering his NFLX short may have hurt … Continue reading →

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NFLX News You Can Use

Posted on September 1, 2011 by Ray Galkowski, CFA

Netflix, Starz contract talks fail                  Date: Thursday, September 1, 2011, 2:46pm PDT http://www.bizjournals.com/sanjose/news/2011/09/01/netflix-starz-contract-talks-fails.html?s=print Diana Samuels Reporter – Silicon Valley / San Jose Business Journal Netflix Inc. and Starz Entertainment have failed to reach an agreement in their contract talks, Starz … Continue reading →

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