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Value Investing Resources
- Berkshire Hathaway
- Buffett Partnership Letters 1957 – 1970
- Columbia University's Heilbrunn Center for Graham & Dodd Investing
- Graham and Doddsville
- Graham-Newman Corporation Letters 1946 – 1958
- 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
- Becker – Posner Blog
- Cafe Hayek
- Econlog: Library of Economics and Liberty
- Enterprising Investor: The CFA Institute's Blog
- Greg Mankiw's Blog
- House of Debt: Amir Sufi and Atif Mian's Blog
- John Cochrane's Blog
- Matt Ridley's Rational Optimist Blog
- Ray Kurzweil's Website
- Richard Stott's Blog
- Street of Walls
- Symmetry Capital Blog
- The Adam Smith Institute
- Vox
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MOS Cloud
Behavioral Finance Benjamin Graham CAPE CFA CFA Institute Charlie Munger Chartered Financial Analyst China Closet Indexers Competition and Strategy Conventional Professional Investors David Einhorn Debt Crisis Entrepreneurial Spirit Euro Crisis European Debt Crisis Eurozone Fama and French Financial Media Free Markets Friederich Hayek Housing Bust Howard Marks Invisible Hand James Montier Jason Zweig Joel Greenblatt Long-Short Margin of Safety Matt Ridley Michael Lewis Michael Mauboussin NFLX Quantitative Easing Risk Robert Shiller Seth Klarman Short Sales The Rational Optimist Tobin's Q Ratio Value Ideas Value Investing Video Warren Buffett Whitney Tilson
Tag Archives: Tobin’s Q Ratio
Market Overvaluation: It’s Not Just the CAPE
After my last post, I saw a blog post on another value investing site that criticized the type of CAPE analysis that I presented last week to indicate the market was overvalued. The author of that post suggests that the … Continue reading
After the Market Plunge: The Market is Still Significantly Overvalued
After the 8/17/15 through 8/21/15 plunge of 5.8% in the S&P 500 index and Dow, many are wondering whether the worst is over. It is impossible to predict what next week or next year will look like, but you ignore at your … Continue reading
Posted in Uncategorized
Tagged Behavioral Finance, CAPE, Competition and Strategy, Conventional Professional Investors, Factor Premia, Goals-based investing, Goals-based planning, Margin of Safety, PAR, PAR Wealth Management, Quantitative Easing, Risk, Robert Shiller, Separate Account Value Investing (SAVI) Strategies, Tobin's Q Ratio, Traditional Wealth Management, Value Investing, Warren Buffett
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Employment-to-Pop and CAPE Updates
Readers know there are two statistics that have caused me to worry for the past few years about the health of the economy and the market. The first statistic is a macroeconomic indicator called the Employment-to-Population Ratio (E/Pop, to distinguish … Continue reading
The Market Return Histogram through 2014
The S&P 500 Index delivered a 13.69% return in 2014 as the market continued to reach new highs after reaching new highs in 2013. This year, for the first time, I have highlighted the years corresponding with the inflation and bursting … Continue reading
The Market and the Economy Mid-Year 2014: A Top-Down View
I have excerpted part of PAR’s semi-annual letter that PAR sent to clients on July 7, 2014, and I have pasted it below. No one knows where the market is going to end up in the near term, but over the … Continue reading
Posted in Uncategorized
Tagged Behavioral Finance, Benjamin Graham, Buffett PE Ratio, CAPE, CFA, Closet Indexers, Debt Crisis, dshort.com, Employment to Population Ratio, GMO, Jeremy Grantham, John Hussman, Margin of Safety, QE, Robert Shiller, Rock Breaks Scissors, Seth Klarman, The Federal Reserve, Think Like a Freak, Tobin's Q Ratio, Value Investing, Warren Buffett, William Poundstone
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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
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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