Howard Marks has a new book coming out according to his latest memo, which can be found in the resources section in the right hand margin. But, I knew that already because I am scheduled to review the book for the Finance Professional’s Post (http://post.nyssa.org/), a digital publication of the New York Society of Security Analysts… Continue reading
Readers of this blog know that I believe Seth Klarman, portfolio manager at the hedge fund Baupost Group, is one of the greatest investors of our generation. We share so many of the same views as Klarman that I consider us the “Poor Man’s Baupost.” Baupost is rarely open to new investment, their investors typically spend years on a waiting… Continue reading
Yesterday, I received a copy of Accounting for Value written by Stephen Penman. His last name is appropriate because he writes well. There are not many accountants who can write about the relationship between value investing and the principles of financial accounting and keep his audience awake; Penman pulls it off and in… Continue reading
This is old, but it is a timeless clip. I watched this meeting live and thought it well done, but it is amazing how much wisdom you can find in a few minute clip from a 90-minute event.
Buffett makes some points that I made repeatedly throughout 2009, especially with respect to cash and the impossibility of market timing.
Enjoy.… Continue reading
Howard Marks had been writing outstanding letters to his investors for years. I have read almost every one of his letters since and found that they are filled with fantastic investing common sense.
Howard Marks has also been delivering great risk-adjusted returns for his investors for years. You see, like virtually every great investor of the last 100 years, Howard Marks is a value
First, Whitney Tilson announced that he has covered his significant short position in Netflix because his thesis has changed. Quoting Keynes he asked: When the facts change, I change my mind – what do you do, sir? Tilson:
In mid-December, we published a lengthy article on why Netflix was our largest bearish bet at the time. With the stock up nearly 25% since then, one might… Continue reading
The Brandes Institute is a subsidiary of value-investing firm Brandes Investment Partners and it publishes investment research in academic and professional journals as well as on its website. I have included a link to their research in the Value Investing Resources section to the right. It was long overdue.
In BI’s latest paper, “Equity Dispersion: Value Stocks Yet to be Rewarded” published in January 2011, the authors… Continue reading
When people like Munger leave this earth, we lose much wisdom… Continue reading
Smart Money
By the Numbers
by Jack Hough
Published January 31, 2011
The Journal of Indexes gives academic treatment to bland investments, and so might not seem a likely source of hot controversy. The latest issue, however, is packed with it–and has greatly annoyed mutual fund titan Vanguard. A report therein gives new support for the claim that most index investors are… Continue reading
…reports that he didn’t get 8% GDP growth this year…nobody wants to come forward with that.”
–Patrick Chovanec, Profesor, Tsinghua University (at 2:17 in the video below):
This is my favorite explanation for the rise of several ghost cities in China (i.e. newly built cities scaled for hundreds of thousands of people that are unoccupied). It is the most logical reason for building a city that… Continue reading
