Tag Archives: Margin of Safety

Late 2011 Interview with Bill Ackman (Bloomberg Video)

Posted on January 4, 2012 by Ray Galkowski, CFA

A video posted at Bloomberg of an interview with Bill Ackman at a conference in 2011 (H/T: Street of Walls)… Continue reading

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Part I of my Notes from The CFA Institute’s Conference: “Security Analysis and the Search for Value”

Posted on December 3, 2011 by Ray Galkowski, CFA

The CFA Institute conducted a conference on value investing in New York on November 29 and 30. The program was excellent. I am posting some of my notes and some of my favorite quotes from the presentations to give you … Continue reading →

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Seth Klarman Interviewed by Charlie Rose November 1, 2011

Posted on November 30, 2011 by Ray Galkowski, CFA

An Interview with Seth Klarman and Charlie Rose from Facing History and Ourselves on Vimeo Continue reading

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More Evidence that the Value Premium is Unrelated to Risk

Posted on November 27, 2011 by Ray Galkowski, CFA

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1840551 Continue reading

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New Link in the Value Investing Resources Section: Hedge Fund Letters

Posted on November 24, 2011 by Ray Galkowski, CFA

I have added Hedge Fund Letters as a value investing resource even though some of the hedge fund managers there are not value investors. Most value investors who truly wish to be contrarian and invest only when there is a … Continue reading →

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Kyle Bass on Japan and Europe at a Darden School Conference

Posted on November 15, 2011 by Ray Galkowski, CFA

Michael Lewis opens his latest book, Boomerang, which can be found in the bookstore above, with a vignette about his meeting in 2008 with Kyle Bass of Hayman Capital. He left the meeting thinking that Bass was a bit of … Continue reading →

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A CNBC Market Master’s Two Remarkable Statements

Posted on November 15, 2011 by Ray Galkowski, CFA

Larry Fink of BlackRock is CNBC’s newest member of their “Masters of the Markets” club. “That and a dime will get you a phone call” was an expression used during the pay phone era to demonstrate that the recognition was … Continue reading →

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It’s 1931

Posted on November 9, 2011 by Ray Galkowski, CFA

I channel Dow Jones Market Talk, which channels Brad DeLong, who channels Rogoff, Reinhart, and Krugman. MARKET TALK: It’s 1931 DOW JONES NEWSWIRES 5:20 (Dow Jones) “I have been complaining for some time now that Reinhart and Rogoff think that … Continue reading →

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The GD Words were used at the CFA Institute’s European Investment Conference

Posted on November 2, 2011 by Ray Galkowski, CFA

Uh oh. …MIT Sloan School of Management professor Simon Johnson didn’t equivocate on the perils of the current global economic environment. “We have built a dangerous financial system in the United States and Europe,” said the former chief economist at … Continue reading →

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Counterfactual Friday: The CAPE

Posted on October 28, 2011 by Ray Galkowski, CFA

Current Market Perspective: Moderately bearish based on three pieces of information: Our bottom-up security selection process is revealing few bargains; Total public and private debt in developed countries is unsustainably high relative to GDP and will require long, painful de-leveraging … Continue reading →

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