Book Review: Ben Graham Was a Quant | Enterprising Investor

Posted on January 27, 2012 by Ray Galkowski, CFA

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

Posted on January 23, 2012 by Ray Galkowski, CFA

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 not taught a single theory in the PhD program that I had not already learned as an undergraduate.

Oh, I learned a lot of new math… Continue reading

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Dearth of Posting / Blog Reorganization

Posted on January 18, 2012 by Ray Galkowski, CFA

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 the right and that I have reorganized the roll by separating the value investing blogs from those that do not focus on value investing. I may also… Continue reading

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Late 2011 Interview with Bill Ackman (Bloomberg Video)

Posted on January 4, 2012 by Ray Galkowski, CFA

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

Posted on January 3, 2012 by Ray Galkowski, CFA

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 is a 0% to 10% rise. Well, that guess (and I do mean guess) was spot on. Of course that guess was based on a returns histogram that… Continue reading

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JP Morgan Asset Management’s State of the Markets

Posted on January 3, 2012 by Ray Galkowski, CFA

Many interesting factoids on the current state of the market. Enjoy:

JP morgan Asset Management’s Guide to the Markets 12-31-11

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With No Changes, the US Will Be Insolvent

Posted on December 29, 2011 by Ray Galkowski, CFA

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 that the total value… Continue reading

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

Posted on December 27, 2011 by Ray Galkowski, CFA

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 says he has never seen such an extreme bet on economic catastrophe. ”This portfolio is a half-step away from a cellar-full of canned goods… Continue reading

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The Origin of Kellogg’s Corn Flakes

Posted on December 23, 2011 by Ray Galkowski, CFA

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 the mathematics section of book stores. Yesterday I found a book on complex adaptive systems written by Len Fisher that so far is outstanding; I suspected as… Continue reading

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

Posted on December 23, 2011 by Ray Galkowski, CFA

(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 Institute conducted a conference on value investing in New York on November 29 and 30. The program was excellent. I am posting some of… Continue reading

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