Tag Archives: Margin of Safety

Rare Video of Peter Cundill Lecture from 2005

Posted on December 11, 2015 by Ray Galkowski, CFA

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 →

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Market Overvaluation: It’s Not Just the CAPE

Posted on August 30, 2015 by Ray Galkowski, CFA

After my last post, I saw a blog post on another value investing site that criticized the type of CAPE analysis that I presented last week to indicate the market was overvalued. The author of that post suggests that the … Continue reading →

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Employment-to-Pop and CAPE Updates

Posted on June 5, 2015 by Ray Galkowski, CFA

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 →

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When Benjamin Graham Learned a Difficult Lesson

Posted on March 6, 2015 by Ray Galkowski, CFA

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 →

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Profoundly Unpopular: Finding Bargains Among the Unloved or Unknown

Posted on February 13, 2015 by Ray Galkowski, CFA

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 →

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The Market Return Histogram through 2014

Posted on January 19, 2015 by Ray Galkowski, CFA

The S&P 500 Index delivered a 13.69% return in 2014 as the market continued to reach new highs after reaching new highs in 2013. This year, for the first time, I have highlighted the years corresponding with the inflation and bursting … Continue reading →

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B. Malkiel Cannot Believe His Own Eyes

Posted on October 23, 2014 by Ray Galkowski, CFA

“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 →

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The Market and the Economy Mid-Year 2014: A Top-Down View

Posted on July 17, 2014 by Ray Galkowski, CFA

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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What is the Effect of a Label? Smart Beta Makes Bill Sharpe “Sick”

Posted on May 13, 2014 by Ray Galkowski, CFA

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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