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Value Investing Resources
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- The Ben Graham Centre for Value Investing
- The Best of Value Investing (Youtube Video Series)
- The Brandes Institute
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- Value Investigator
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- Whitney Tilson's Value Investing Website
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Other Investing / Economics / Finance Blogs
- Aswath Damodaran's Blog
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- Symmetry Capital Blog
- The Adam Smith Institute
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Author Archives: Ray Galkowski, CFA
What are NFLX’s Insiders Doing?
The sentence below was taken from a Thomson-Reuters report of a sale by another Netflix insider (the General Counsel) who has little skin left in the game. During the past two years, Netflix Inc. insiders have made 110 sales totaling … Continue reading
Posted in Uncategorized
Tagged Behavioral Finance, Competition and Strategy, NFLX, Risk, Short Sales
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From Howard Marks’s Latest Memo…
…see link to the right: Especially since the publication of my book, people have been asking me for the secret to risk control. “Okay, I’ll read the 180 pages. But what’s really the most important thing?”If I had to identify … Continue reading
Is the Market Overvalued?
Great investors tend to focus on investing in one company at a time (bottom up) and ignore macroeconomic and macro-market forcasts (top down), but the CAPE and Tobin’s Q ratio are remarkably good at predicting long-run returns for the US … Continue reading
Interesting NFLX Comments at D9
Today, Bob Iger: Disney CEO Bob Iger said today at D9 to expect a new Disney.com content site within a year. This “uber network” for the Walt Disney Company will be a home “for people to consume our content directly,” … Continue reading
LinkedOut–Securities Borrowing and the Inability to Correct Bad Prices
Securities borrowing costs can be a problem when trying to short clearly overvalued businesses (from a Dow Jones NewsPlus story today): The average wholesale rate to borrow LinkedIn was 86% on Tuesday, Astec’s data show. This means that hedge funds seeking … Continue reading
Greenblatt’s Book, Calandro’s Suggestions, and the CAPE
I am sorry for the dearth of posting. Between tax season and attending the CFA Institute’s Annual Conference in Edinburgh, I had little time. A review of Greenblatt’s book can be found here: http://post.nyssa.org/nyssa-news/2011/05/book-review-the-big-secret-for-the-small-investor.html Also on the Post, an interesting … Continue reading
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Tagged CAPE, Joel Greenblatt, Joseph Calandro, Jr, Robert Shiller, The Finance Professionals' Post
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The Rational Optimist has Won the Hayek Prize
From the Rational Optimist Blog to the right: The Rational Optimist has won the Hayek Prize from the Manhattan Institute. I will be giving the Hayek Lecture when I accept the prize later in the year. The Hayek Prize honors … Continue reading
Joel Greenblatt, Master of Smart, Terse Investment Books
I received Joel Greenblatt’s new book last week, The Big Secret for the Small Investor. I was able to devour it in a few hours and The Finance Professionals’ Post agreed to let me review it. Greenblatt is the master … Continue reading
It’s All About the Benjamins: Or, How the Bernanke Market Could Kill Nascent Graham Fund Managers
The Wall Street Journal published an interesting OpEd piece by Mark Spitznagle today. It described Benjamin Bernanke and Benjamin Graham’s conflicting views of markets. http://online.wsj.com/article/SB10001424052748704425804576220983131318962.html?mod=WSJ_Opinion_LEADTop Two disparate views of markets represent well the range of opinion among U.S. stock market participants … Continue reading