Author Archives: Ray Galkowski, CFA

CFA: Three Letters That Make a Difference

Posted on May 4, 2016 by Ray Galkowski, CFA

… Continue reading

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Rare Video of Peter Cundill Lecture from 2005

Posted on December 11, 2015 by Ray Galkowski, CFA

I read Russo-Gill’s book on Peter Cundill–There is Always Something to Do– soon after it was published in 2011, but not the Routines and Orgies book on the same subject. BeyondProxy linked to this rare footage of Cundill speaking of … Continue reading →

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Relationship Between Stock Returns and Interest Rate Movements

Posted on December 5, 2015 by Ray Galkowski, CFA

I try to find evidence that refutes my theses on expected market returns to avoid behavioral traps. This graph from JP Morgan Asset Management’s research team offers some optimism for equities for rolling two-year periods if the Fed starts to … Continue reading →

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Market Overvaluation: It’s Not Just the CAPE

Posted on August 30, 2015 by Ray Galkowski, CFA

After my last post, I saw a blog post on another value investing site that criticized the type of CAPE analysis that I presented last week to indicate the market was overvalued. The author of that post suggests that the … Continue reading →

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Employment-to-Pop and CAPE Updates

Posted on June 5, 2015 by Ray Galkowski, CFA

Readers know there are two statistics that have caused me to worry for the past few years about the health of the economy and the market. The first statistic is a macroeconomic indicator called the Employment-to-Population Ratio (E/Pop, to distinguish … Continue reading →

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Natixis Sees a Lack of Realism in Individual Investor Expectations

Posted on April 14, 2015 by Ray Galkowski, CFA

Natixis published its fourth Global Survey of Individual Investors today. They reached 7,000 investors in 17 countries. http://ngam.natixis.com/docs/265/1012/2015%20Individual%20Investor%20Survey%20white%20paper_FINAL,0.pdf Many of the findings show that individuals are unrealistic and confused. Individual investors say they need 9.7% returns above inflation to meet their … Continue reading →

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Sam Zell Expects a Market Correction (Video)

Posted on April 1, 2015 by Ray Galkowski, CFA

Sam Zell was on Squawk Box this morning and warned of a correction. He repeated many of the themes that have been written here over the past few years, including the theme of Federal Reserve excesses leading to rising asset prices. It … Continue reading →

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When Benjamin Graham Learned a Difficult Lesson

Posted on March 6, 2015 by Ray Galkowski, CFA

This comes courtesy of Frank Martin, CFA’s 2014 Annual Report to his clients. I had the pleasure of Skyping with Frank a few years ago. “At the quarter-century mark of 1925, the great bull market was under way, and Graham, … Continue reading →

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CFA South Florida’s Member-Promotion Video Release

Posted on February 13, 2015 by Ray Galkowski, CFA

I was happy to participate in this video production (make sure your YouTube settings are on HD for the best experience). I have come to know the participants in the video as outstanding individuals, who volunteered their valuable time to promote … Continue reading →

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