Tag Archives: Margin of Safety

Howard Marks: The Top-Ten Qualities that Make Warren Buffett Different from Most Investors

Posted on May 1, 2014 by Ray Galkowski, CFA

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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A Classic Example of Why Discipline and Wealth Go Hand-in-Hand

Posted on March 13, 2014 by Ray Galkowski, CFA

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 →

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Mohnish Pabrai Has Not Made an Investment in a New Idea in Over 18 Months

Posted on February 5, 2014 by Ray Galkowski, CFA

Forbes once identified Mohnish as one of the investment managers who could assume the value-investing guru mantle from Buffett. In his 2013 Annual Letter, Pabrai wrote that he has not found a new idea in which to invest in over eighteen … Continue reading →

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Seth Klarman is Sitting on a Mountain of Cash

Posted on January 27, 2014 by Ray Galkowski, CFA

“…around 50% of our assets are in cash, and that’s a very high absolute number, now around $14 billion and rising…”–Seth Klarman I recently came across this quote from Seth Klarman of the Baupost Group, which he said during a … Continue reading →

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“…the prime directive will be to ‘lose as little money as possible’.” Jason Zweig Interviews Dean LeBaron

Posted on January 18, 2014 by Ray Galkowski, CFA

The WSJ published another excellent The Intelligent Investor column today written by Jason Zweig. In it, Jason interviews Dean LeBaron, retired founder of Batterymarch Financial Management. “For decades, the name of the game for investors has been to make as … Continue reading →

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A Book Review

Posted on December 10, 2013 by Ray Galkowski, CFA

Heh, I was looking at the NYSSA website and stumbled on a book review written in 2011 of Joel Greenblatt’s The Big Secret for the Small Investor and forgot that I wrote the review. Enjoy: http://post.nyssa.org/nyssa-news/2011/05/book-review-the-big-secret-for-the-small-investor.html Continue reading

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Tie Yourself to the Mast

Posted on August 3, 2013 by Ray Galkowski, CFA

Jason Zweig writes an excellent column on tying oneself to the mast (as in the above painting) for financial decision making when the alternative is to rely on willpower alone. Many people believe they can maneuver in choppy markets; fully … Continue reading →

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Howard Marks in Barrons. Is a Retraction/Correction Coming?

Posted on March 10, 2013 by Ray Galkowski, CFA

I do not think that Barron’s front page headline in this week’s magazine accurately reflects Howard Marks’ thinking. Marks’ latest full-length memo (he is famous for his memos) seems to be a LOT more cautious and a LOT less sanguine about markets, especially debt markets, than the … Continue reading →

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Wisdom from Jean-Marie Eveillard (and Seth Klarman)

Posted on March 8, 2013 by Ray Galkowski, CFA

JME reflects on a conversation he had with Seth Klarman at a wedding. I love that he uses the term “genuine” value investors to distinguish them from the imposters. I have been using the term “true” value investors, but I may switch … Continue reading →

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Jason Zweig’s Intelligent Investor Column on Novy-Marx’s Quality Formula

Posted on March 7, 2013 by Ray Galkowski, CFA

Jason is a favorite columnist of mine in part because of his affinity to Ben Graham and value investing, and in part because he is a great guy. His Saturday column, The Intelligent Investor, named after the Graham book that … Continue reading →

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