Tag Archives: Financial Media

Many Well Known Hedge Funds are Having Bad Years

Posted on October 10, 2011 by Ray Galkowski, CFA

Where’s the hedging?… With data flowing in now, it is apparent that a large number of hedge funds are in the red this year and several dozen are down by double-digit rates. They include many well-known names that run billions … Continue reading →

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The Investing World’s Reaction to Buffett’s Hiring of Richard “Ted” Weschler

Posted on September 14, 2011 by Ray Galkowski, CFA

I am surprised at the reaction among investors and the media over Buffett’s selection of Ted Weschler as one of his portfolio management successors, but I suppose I should be used to it by now. The general reaction has been: … Continue reading →

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Market Valuation, Deus Ex Machina, and Volatility

Posted on September 12, 2011 by Ray Galkowski, CFA

We have written several times to say that the market in general is overvalued based on earnings (the CAPE) and book value (Tobin’s Q). Even after the recent selloff, the market is still well above long-term averages. However, astute market … Continue reading →

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Prem Watsa, CFA

Posted on September 10, 2011 by Ray Galkowski, CFA

I used to own Fairfax Financial, which smartly shorted financial stocks and bonds–to the tune of several billion dollars–before they blew up. Here is an enjoyable interview of its CEO–Prem Watsa, CFA–who is a value investor who is sometimes referred … Continue reading →

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NFLX Getting “Hammered” After Hours; Is this the Walk of Shame?

Posted on July 25, 2011 by Ray Galkowski, CFA

We doubt that missing revenue forecasts by less than 1% is legitimate reason for hammering a stock, especially when its earnings beat by a fair amount. No, it looks more like the morning after an NFLX investor party. At the … Continue reading →

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A Looming Problem in China

Posted on June 28, 2011 by Ray Galkowski, CFA

We wonder what will become of the dozens of Chinese ghost towns, which are literally unoccupied whole cities in China built for hundreds of thousands of occupants on loans such as those in the attached article. What will happen when these … Continue reading →

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Another Disconnect w/r/t the Market

Posted on June 27, 2011 by Ray Galkowski, CFA

Narrowly focused company analysts are raising performance expectations for the businesses they follow while broadly focused market strategists and economists are lowering their estimates for market performance. One group is going to be wrong. David Dreman and many other value … 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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Are We Near the Top Yet? Momentum Investing and the Anne Hathaway Effect

Posted on March 28, 2011 by Ray Galkowski, CFA

Today, on the same day that the New York Times published a piece that asked if investors were investing like it was 1999, Herb Greenberg produced a piece on CNBC that questioned the same thing. Make no mistake, this is a momentum … Continue reading →

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Bad News: Government Handouts Make Up 35% of All Wages

Posted on March 8, 2011 by Ray Galkowski, CFA

This is much worse than I thought.  http://www.cnbc.com/id/41969508 Even as the economy has recovered, social welfare benefits make up 35 percent of wages and salaries this year, up from 21 percent in 2000 and 10 percent in 1960, according to … Continue reading →

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