Author Archives: Ray Galkowski, CFA

A Book Review

Posted on December 10, 2013 by Ray Galkowski, CFA

Heh, I was looking at the NYSSA website and stumbled on a book review written in 2011 of Joel Greenblatt’s The Big Secret for the Small Investor and forgot that I wrote the review. Enjoy: http://post.nyssa.org/nyssa-news/2011/05/book-review-the-big-secret-for-the-small-investor.html Continue reading

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Joel Greenblatt on Value Investing (Morningstar)

Posted on November 26, 2013 by Ray Galkowski, CFA

… Continue reading

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Tie Yourself to the Mast

Posted on August 3, 2013 by Ray Galkowski, CFA

Jason Zweig writes an excellent column on tying oneself to the mast (as in the above painting) for financial decision making when the alternative is to rely on willpower alone. Many people believe they can maneuver in choppy markets; fully … Continue reading →

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The Stock Market: Looking in from the Outside

Posted on May 18, 2013 by Ray Galkowski, CFA

We are nearly halfway through 2013 and the S&P 500 Total Return Index is on pace to deliver a return of over 47% for the year. In the last 188 years of stock market activity, the market delivered an annual return of … Continue reading →

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John Rogers Discusses Investors’ Rights

Posted on April 3, 2013 by Ray Galkowski, CFA

The CEO of the CFA Institute discusses investors’ rights with the Wall Street Journal… Continue reading

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How Safe are the Assets that You Trusted to Your Custodian? Jason Zweig

Posted on March 18, 2013 by Ray Galkowski, CFA

I am a risk manager and credit analyst by training (actually, I think I was born that way), so when I created my hedge fund over three years ago, one of the first questions I asked the partner of (large, … Continue reading →

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Howard Marks in Barrons. Is a Retraction/Correction Coming?

Posted on March 10, 2013 by Ray Galkowski, CFA

I do not think that Barron’s front page headline in this week’s magazine accurately reflects Howard Marks’ thinking. Marks’ latest full-length memo (he is famous for his memos) seems to be a LOT more cautious and a LOT less sanguine about markets, especially debt markets, than the … Continue reading →

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Wisdom from Jean-Marie Eveillard (and Seth Klarman)

Posted on March 8, 2013 by Ray Galkowski, CFA

JME reflects on a conversation he had with Seth Klarman at a wedding. I love that he uses the term “genuine” value investors to distinguish them from the imposters. I have been using the term “true” value investors, but I may switch … Continue reading →

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Jason Zweig’s Intelligent Investor Column on Novy-Marx’s Quality Formula

Posted on March 7, 2013 by Ray Galkowski, CFA

Jason is a favorite columnist of mine in part because of his affinity to Ben Graham and value investing, and in part because he is a great guy. His Saturday column, The Intelligent Investor, named after the Graham book that … Continue reading →

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The Equity Market Annual Return Histogram Updated for 2012

Posted on March 1, 2013 by Ray Galkowski, CFA

Better late than never. I have updated the equity market annual return histogram for the 16.00% total return generated by the S&P 500 index in 2012. As Michael Mauboussin says, when understanding an investment idea, we should try take an outsider’s … Continue reading →

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