Tag Archives: Conventional Professional Investors

CAPE Update (Or, was Last Week’s 5.6% Market Pop Justified?)

As of July 1, 2011, the Cyclically Adjusted PE (CAPE) ratio for the S&P 500 is 23.13, which essentially means the average share of common stock in the S&P 500 companies trades for 23.13 times its annual earnings averaged over … Continue reading

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Another Disconnect w/r/t the Market

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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From Howard Marks’s Latest Memo…

…see link to the right: Especially since the publication of my book, people have been asking me for the secret to risk control. “Okay, I’ll read the 180 pages. But what’s really the most important thing?”If I had to identify … Continue reading

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Interesting NFLX Comments at D9

Today, Bob Iger: Disney CEO Bob Iger said today at D9 to expect a new Disney.com content site within a year. This “uber network” for the Walt Disney Company will be a home “for people to consume our content directly,” … Continue reading

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Perpetually Bullish Wall Street Analysts

This is self-explanatory: A Story You Won’t See Continue reading

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Joel Greenblatt, Master of Smart, Terse Investment Books

I received Joel Greenblatt’s new book last week, The Big Secret for the Small Investor. I was able to devour it in a few hours and The Finance Professionals’ Post agreed to let me review it. Greenblatt is the master … Continue reading

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It’s All About the Benjamins: Or, How the Bernanke Market Could Kill Nascent Graham Fund Managers

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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There’s Always Something to Do

Christopher Risso-Gill has written a biography of Canadian Peter Cundill, legendary value investor of the Cundill Value Fund. In it, Gill quotes Irving Kahn–another legendary value investor: “There’s always something to do. You just need to look harder, be creative … Continue reading

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Aswath Damodaran’s Conversion on the Road to Chicago

In a recent blogpost, Aswath Damodaran talks about his conversion on the road to Chicago (that is, his acceptance of reality as it is versus his belief in reality as stipulated by Eugene Fama of the University of Chicago). Enjoy: … Continue reading

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Seth Klarman, My Brother from Another Mother

Based on this excerpt from Seth Klarman’s 2010 annual letter, I think Klarman and I share some DNA. I have written similar sentiments in my communications for several years. Much of the investment business is centered around asset-gathering activities. In … Continue reading

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