Value Investing Resources
- Berkshire Hathaway
- Buffett Partnership Letters 1959 – 1969
- Columbia University's Heilbrunn Center for Graham & Dodd Investing
- Graham and Doddsville
- Graham-Newman Corporation Letters 1946 – 1958
- Hedge Fund Letters
- Howard Marks's Memos
- Jason Zweig's Website
- Michael Mauboussin's "On Strategy"
- PBS's Your Mind and Your Money
- Robert Shiller's Website at Yale
- Santangel's Review
- Seth Klarman's Investor Letters from 1995 through 4/30/2000
- The Ben Graham Centre for Value Investing
- The Best of Value Investing (Youtube Video Series)
- The Brandes Institute
- Tweedy Browne: What has worked in Investing?
- Value Investigator
- Value investing with Walter Schloss
- Whitney Tilson's Value Investing Website
Value Investing Blogs
Other Investing / Economics / Finance Blogs
- Aswath Damodaran's Blog
- Balance of Economics Blog
- Cafe Hayek
- Econlog: Library of Economics and Liberty
- Enterprising Investor: The CFA Institute's Blog
- Greg Mankiw's Blog
- John Cochrane's Blog
- Matt Ridley's Rational Optimist Blog
- Paul Kedrosky's Infectious Greed Blog
- Richard Stott's Blog
- Street of Walls
- Symmetry Capital Blog
- The Adam Smith Institute
- Vox
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Tag Archives: Tobin’s Q Ratio
The Stock Market: Looking in from the Outside
We are nearly halfway through 2013 and the S&P 500 Total Return Index is on pace to deliver a return of over 47% for the year. In the last 188 years of stock market activity, the market delivered an annual return of … Continue reading
The Equity Market Annual Return Histogram Updated for 2012
Better late than never. I have updated the equity market annual return histogram for the 16.00% total return generated by the S&P 500 index in 2012. As Michael Mauboussin says, when understanding an investment idea, we should try take an outsider’s … Continue reading
An Unusually Large Herd of Grey Swans
Events that can have a significant impact on the economy and capital markets have become known as swans of various shades thanks largely to Nassim Taleb’s book, The Black Swan, in which Taleb reminded us of Karl Popper’s criticism of … Continue reading
Posted in Uncategorized
Tagged a herd of grey swans, black swan, CAPE, Debt Crisis, Euro Crisis, European Debt Crisis, Eurozone, grey swan, Housing Bust, Karl Popper, Matt Ridley, Nassim Taleb, Quantitative Easing, The Rational Optimist, The Rational Zoologist, Tobin's Q Ratio, Value Investing, white swans
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It’s 1931
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
Posted in Uncategorized
Tagged Behavioral Finance, Benjamin Graham, CAPE, Competition and Strategy, Conventional Professional Investors, Euro Crisis, European Debt Crisis, Eurozone, Financial Media, Great Recession, Housing Bust, Invisible Hand, Margin of Safety, Mr. Market, Quantitative Easing, Risk, Rogoff and Reinhart, Seth Klarman, Short Sales, The Great Depression, Tobin's Q Ratio, Value Investing
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Counterfactual Friday: The CAPE
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
Just What is Seth Klarman up to? It May not be What Optimists Believe
Apparently, Seth Klarman is in the market for capital. This is always news because Klarman has a reputation for shunning capital from new investors and frequently returning excess capital to existing investors. However, the author of the attached story has … Continue reading
Posted in Uncategorized
Tagged Behavioral Finance, Benjamin Graham, CAPE, CFA Institute, China, Conventional Professional Investors, Financial Media, Free Markets, Housing Bust, Invisible Hand, Jason Zweig, Long-Short, Margin of Safety, Quantitative Easing, Risk, Seth Klarman, Short Sales, Tobin's Q Ratio, Value Ideas, Value Investing
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Many Well Known Hedge Funds are Having Bad Years
Where’s the hedging?… With data flowing in now, it is apparent that a large number of hedge funds are in the red this year and several dozen are down by double-digit rates. They include many well-known names that run billions … Continue reading
Market Valuation, Deus Ex Machina, and Volatility
We have written several times to say that the market in general is overvalued based on earnings (the CAPE) and book value (Tobin’s Q). Even after the recent selloff, the market is still well above long-term averages. However, astute market … Continue reading
Posted in Uncategorized
Tagged Behavioral Finance, CAPE, China, Competition and Strategy, Conventional Professional Investors, deus ex machina, Entrepreneurial Spirit, Financial Media, Free Markets, Friederich Hayek, Housing Bust, Invisible Hand, Italy, Margin of Safety, Quantitative Easing, Risk, Robert Shiller, Tobin's Q Ratio, Value Investing
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I am a Proud Member of the “I Don’t Know” School
I am sorry for the dearth of posting. I was with family on vacation watching my youngest son play in the AAU National Baseball Championship Tournament in Florida, which was followed by a short family due diligence trip to Disney … Continue reading
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