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Tag Archives: Tobin’s Q Ratio
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 read the following in Howard Marks’s latest book (p. 138): “Since the investors of the ‘I Know’ school, described in chapter 14, feel it’s possible to know the future, they decide what it will look like, build portfolios designed … 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
Tobin’s Q Ratio and the Shiller, Graham, & Dodd Price-to-Trailing 10-Year Earnings Ratio
Both ratios show that conditions in the US stock market are getting frothy. Shiller’s ratio is the same as the one created by Benjamin Graham and David Dodd in 1934. It is self-explanatory. If we ignore the outrageous peak in the … Continue reading