Tag Archives: Competition and Strategy

There was No “De-Leveraging”

Ray Dalio of Bridgewater is fond of calling our government bailout a “beautiful deleveraging” (http://www.bwater.com/Uploads/FileManager/research/deleveraging/an-in-depth-look-at-deleveragings–ray-dalio-bridgewater.pdf) probably because he bet correctly that the flood of liquidity would lift all boats in the short run. But, I have been arguing the point in … Continue reading

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This is the Worst Recovery in the Post WWII Era

I think my former Wall Street colleagues know this without the need to read a chart. I added Sufi and Mian’s blog to the economics blogroll on the right after seeing the CFA Institute’s webcast of Sufi’s presentation at a conference … Continue reading

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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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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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The Stock Market: Looking in from the Outside

We are nearly halfway through 2013 and the S&P 500 Total Return Index is on pace to deliver a return of over 47% for the year. In the last 188 years of stock market activity, the market delivered an annual return of … Continue reading

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Motives vs. Results

Motives vs. results. A lot of truth here… Continue reading

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Top Five Articles from June | Enterprising Investor

Top Five Articles from June | Enterprising Investor. Good Stuff… 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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The President and CEO of the CFA Institute Presents…

…a video introduction to the Institute’s annual report. John Rodgers has done a fine job and is an excellent spokesman for the CFA Institute. Now, if it could only help charterholders like me raise capital for our investment vehicles…… Continue reading

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