Tag Archives: Benjamin Graham

Similar Investors Perform Alike…

Posted on July 12, 2011 by Ray Galkowski, CFA

…as Buffett noted in his Superinvestors speech–see tab above–despite having little overlap in their portfolios. I liberally copied from the business models used by Ben Graham, Warren Buffett, David Einhorn, Seth Klarman, and Mohnish Pabrai. Those investors started small with … Continue reading →

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From Howard Marks’s Latest Memo…

Posted on June 7, 2011 by Ray Galkowski, CFA

…see link to the right: Especially since the publication of my book, people have been asking me for the secret to risk control. “Okay, I’ll read the 180 pages. But what’s really the most important thing?”If I had to identify … Continue reading →

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It’s All About the Benjamins: Or, How the Bernanke Market Could Kill Nascent Graham Fund Managers

Posted on March 30, 2011 by Ray Galkowski, CFA

The Wall Street Journal published an interesting OpEd piece by Mark Spitznagle today. It described Benjamin Bernanke and Benjamin Graham’s conflicting views of markets. http://online.wsj.com/article/SB10001424052748704425804576220983131318962.html?mod=WSJ_Opinion_LEADTop Two disparate views of markets represent well the range of opinion among U.S. stock market participants … Continue reading →

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There’s Always Something to Do

Posted on March 22, 2011 by Ray Galkowski, CFA

Christopher Risso-Gill has written a biography of Canadian Peter Cundill, legendary value investor of the Cundill Value Fund. In it, Gill quotes Irving Kahn–another legendary value investor: “There’s always something to do. You just need to look harder, be creative … Continue reading →

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Tobin’s Q Ratio and the Shiller, Graham, & Dodd Price-to-Trailing 10-Year Earnings Ratio

Posted on March 8, 2011 by Ray Galkowski, CFA

Both ratios show that conditions in the US stock market are getting frothy.    Shiller’s ratio is the same as the one created by Benjamin Graham and David Dodd in 1934. It is self-explanatory. If we ignore the outrageous peak in the … Continue reading →

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Excerpts from Seth Klarman’s 2010 Letter to Limited Partners

Posted on March 4, 2011 by Ray Galkowski, CFA

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 … Continue reading →

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Gates and Buffett at Columbia’s Graduate School of Business 4Q 2009 (Video)

Posted on February 19, 2011 by Ray Galkowski, CFA

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 … Continue reading →

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Howard Marks on Risk (in Jason Zweig’s 2/12 Intelligent Investor Column) and Montier on the Risk and Return Characteristics of Value vs. Growth Companies

Posted on February 15, 2011 by Ray Galkowski, CFA

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 … Continue reading →

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Charlie Munger Speaks at the U of Michigan (video)

Posted on February 3, 2011 by Ray Galkowski, CFA

When people like Munger leave this earth, we lose much wisdom… Continue reading

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Stan Majcher (Hotchkis & Wiley Value Portfolio Manager) Interview at Morningstar

Posted on December 17, 2010 by Ray Galkowski, CFA

As Stan says, the only risk that we as portfolio managers can truly control is the price that we pay for our investments. In other words, we must make a purchase only when all of our research tells us that there is … Continue reading →

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