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- Jason Zweig's Website
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- PBS's Your Mind and Your Money
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- Seth Klarman's Investor Letters from 1995 through 4/30/2000
- The Ben Graham Centre for Value Investing
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- The Brandes Institute
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- Whitney Tilson's Value Investing Website
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- The Adam Smith Institute
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Tag Archives: Benjamin Graham
Rare Video of Peter Cundill Lecture from 2005
I read Russo-Gill’s book on Peter Cundill–There is Always Something to Do– soon after it was published in 2011, but not the Routines and Orgies book on the same subject. BeyondProxy linked to this rare footage of Cundill speaking of … Continue reading
Employment-to-Pop and CAPE Updates
Readers know there are two statistics that have caused me to worry for the past few years about the health of the economy and the market. The first statistic is a macroeconomic indicator called the Employment-to-Population Ratio (E/Pop, to distinguish … Continue reading
When Benjamin Graham Learned a Difficult Lesson
This comes courtesy of Frank Martin, CFA’s 2014 Annual Report to his clients. I had the pleasure of Skyping with Frank a few years ago. “At the quarter-century mark of 1925, the great bull market was under way, and Graham, … Continue reading
Posted in Uncategorized
Tagged Behavioral Finance, Benjamin Graham, Bernard Baruch, CFA, Frank Martin, Margin of Safety, Value Investing
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Profoundly Unpopular: Finding Bargains Among the Unloved or Unknown
Jason Zweig has produced another excellent column exposing truths that hide in plain sight. If you want to buy a dollar of free cash flow for less than one dollar, you are probably not going to find it among the … Continue reading
Truly Honored by Jason Zweig’s Selection of this Blog
I am truly honored to have been selected by Jason Zweig of the Wall Street Journal as one of a handful of investors that Jason thinks are “Smart People for Investors to Follow.” This Margin of Safety blog can be … Continue reading
B. Malkiel Cannot Believe His Own Eyes
“Over the past 100 years the returns from smaller companies have exceeded those of larger companies. It is also true that stocks with low valuations (i.e. lower prices relative to earnings and book values) have generated better returns than those … Continue reading
The Market and the Economy Mid-Year 2014: A Top-Down View
I have excerpted part of PAR’s semi-annual letter that PAR sent to clients on July 7, 2014, and I have pasted it below. No one knows where the market is going to end up in the near term, but over the … Continue reading
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Tagged Behavioral Finance, Benjamin Graham, Buffett PE Ratio, CAPE, CFA, Closet Indexers, Debt Crisis, dshort.com, Employment to Population Ratio, GMO, Jeremy Grantham, John Hussman, Margin of Safety, QE, Robert Shiller, Rock Breaks Scissors, Seth Klarman, The Federal Reserve, Think Like a Freak, Tobin's Q Ratio, Value Investing, Warren Buffett, William Poundstone
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What is the Effect of a Label? Smart Beta Makes Bill Sharpe “Sick”
Bill Sharpe gave us the Sharpe Ratio to help determine whether an active investment manager is “beating” the market after adjusting for the risk that the manager assumed. Sharpe is from the Efficient Market school of academia, which believes that markets are … Continue reading
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Tagged and Vishny, Behavioral Finance, Benjamin Graham, Bill Sharpe, CFA, CFA Institute, Chartered Financial Analyst, Closet Indexers, Competition and Strategy, Conventional Professional Investors, Efficient Market Hypothesis, F&F, Fama and French, Lakonishok, LSV, Margin of Safety, Risk, Seth Klarman, Shleifer, Smart Beta, Value Investing, Warren Buffett, William F Sharpe
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Howard Marks: The Top-Ten Qualities that Make Warren Buffett Different from Most Investors
The following are bullet points reproduced (and numbered by order of appearance) from Howard Marks’s Forward to the third edition of The Warren Buffett Way, by Robert G. Hagstrom. Marks writes a couple of paragraphs to elaborate on each bullet point, … Continue reading
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Tagged Behavioral Finance, Benjamin Graham, CAPE, CFA, Charlie Munger, Chartered Financial Analyst, Closet Indexers, Competition and Strategy, Conventional Professional Investors, Howard Marks, Long-Short, Margin of Safety, Risk, Robert Shiller, Seth Klarman, Short Sales, Value Ideas, Value Investing, Warren Buffett
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A Classic Example of Why Discipline and Wealth Go Hand-in-Hand
A great quote from The Warren Buffett Way, Third Edition, (2014) by Robert G. Hagstrom. The difference between Warren Buffett and most investors has more to do with discipline than just about any other quality. There are plenty of smart investors, … Continue reading