Author Archives: Ray Galkowski, CFA

Book Review: Ben Graham Was a Quant | Enterprising Investor

Rodney Sullivan posts the Ronald L. Moy review of Ben Graham Was a Quant on the CFA Institute’s blog: Book Review: Ben Graham Was a Quant | Enterprising Investor The book is now available in the bookstore above… Continue reading

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Econ Phd Programs: Nothing New, But the Math is Really Hard

I was a PhD student in Economics at NYU in 1986-1987. I remember thinking each week during that school year that that was going to be the week that I learned something new in economics. Unfortunately, it never happened. I was … Continue reading

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Dearth of Posting / Blog Reorganization

My apologies for a lack of posting, but it is a busy time of year for fund managers. I will get back on a regular schedule soon. Until then, notice that I have been slowly adding blogs in the blogroll to … Continue reading

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Late 2011 Interview with Bill Ackman (Bloomberg Video)

A video posted at Bloomberg of an interview with Bill Ackman at a conference in 2011 (H/T: Street of Walls)… Continue reading

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Equity Market Histogram: Another Victory for the Mode in 2011

As I recall, I said at the beginning of 2011 that predictions are worthless, but if one takes an outsider’s view there is a 70% chance that the market’s total return will be positive in 2011 and that the most likely event … Continue reading

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JP Morgan Asset Management’s State of the Markets

Many interesting factoids on the current state of the market. Enjoy: JP morgan Asset Management’s Guide to the Markets 12-31-11 Continue reading

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With No Changes, the US Will Be Insolvent

http://www.washingtonpost.com/opinions/the-dirty-secret-in-uncle-sams-friday-trash-dump/2011/12/28/gIQArtWMNP_story.html?tid=sm_btn_tw Buried in GAO financial statements released on the Friday before Christmas was this information (H/T Guy Spier): In fiscal 2011, the cost of [Social Security and Medicare] promises grew from $30.9 trillion to $33.8 trillion. To put that in context, consider … Continue reading

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Ron Paul’s Portfolio: “A Cellar-Full of Canned Goods and 9mm Rounds…”

At least that is what William Bernstein thinks (H/T: Greg Mankiw): At our request, William Bernstein, an investment manager at Efficient Portfolio Advisors in Eastford, Conn., reviewed Rep. Paul’s portfolio as set out in the annual disclosure statement. Mr. Bernstein … Continue reading

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The Origin of Kellogg’s Corn Flakes

Like mutations in evolution, many accidents such as the one described below lead to increases in diversity. Further proof that centralized, top-down planning could never produce a standard of living as satisfying as atomistic, decentralized agents produce. I love browsing … Continue reading

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Part II of my Notes from the CFA Institute’s Value Investing Conference

(Click on the tag below for the other parts) Sorry, I was very busy. Rather than wait and post notes on several speakers, I thought it better to post each one as I complete it. As a reminder: The CFA … Continue reading

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