Margin of Safety » The Finance Professionals’ Post http://amarginofsafety.com "...to distill the secret of sound investment into three words..." Fri, 26 Jun 2020 18:44:00 +0000 en hourly 1 http://wordpress.org/?v=3.2 Majority of US Finance Professionals Expect the Global Economy to Stagnate or Deteriorate – The Finance Professionals Post http://amarginofsafety.com/2012/02/01/majority-of-us-finance-professionals-expect-the-global-economy-to-stagnate-or-deteriorate-the-finance-professionals-post/?utm_source=rss&utm_medium=rss&utm_campaign=majority-of-us-finance-professionals-expect-the-global-economy-to-stagnate-or-deteriorate-the-finance-professionals-post http://amarginofsafety.com/2012/02/01/majority-of-us-finance-professionals-expect-the-global-economy-to-stagnate-or-deteriorate-the-finance-professionals-post/#comments Wed, 01 Feb 2012 19:57:42 +0000 Ray Galkowski, CFA http://amarginofsafety.com/?p=1264 Majority of US Finance Professionals Expect the Global Economy to Stagnate or Deteriorate – The Finance Professionals Post.

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]]> http://amarginofsafety.com/2012/02/01/majority-of-us-finance-professionals-expect-the-global-economy-to-stagnate-or-deteriorate-the-finance-professionals-post/feed/ 0 Greenblatt’s Book, Calandro’s Suggestions, and the CAPE http://amarginofsafety.com/2011/05/14/greenblatts-book-calandros-suggestions-and-the-cape/?utm_source=rss&utm_medium=rss&utm_campaign=greenblatts-book-calandros-suggestions-and-the-cape http://amarginofsafety.com/2011/05/14/greenblatts-book-calandros-suggestions-and-the-cape/#comments Sat, 14 May 2011 18:11:35 +0000 Ray Galkowski, CFA http://amarginofsafety.com/?p=731 Continue reading →]]> I am sorry for the dearth of posting. Between tax season and attending the CFA Institute’s  Annual Conference in Edinburgh, I had little time. A review of Greenblatt’s book can be found here: http://post.nyssa.org/nyssa-news/2011/05/book-review-the-big-secret-for-the-small-investor.html

Also on the Post, an interesting analysis by Joseph Calandro, Jr.: http://post.nyssa.org/nyssa-news/2011/05/suggestions-for-modern-security-analysts.html

I plan to write an analysis of the CAPE soon. Normally I do not pay much attention to top-down analyses, but the CAPE is fundamentally sound and has reliably indicated long-term returns for the stock market. Tobin’s Q ratio has also been reliable. These metrics give us the market P/E ratio, or current market price relative to earnings through economic cycles (CAPE), and the market P/B ratio (Tobin). Price means nothing unless it is compared with some indication of value.

 

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