Tag Archives: Value Investing

Rare Video of Peter Cundill Lecture from 2005

Posted on December 11, 2015 by Ray Galkowski, CFA

I read Russo-Gill’s book on Peter Cundill–There is Always Something to Do– soon after it was published in 2011, but not the Routines and Orgies book on the same subject. BeyondProxy linked to this rare footage of Cundill speaking of … Continue reading →

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Sam Zell Expects a Market Correction (Video)

Posted on April 1, 2015 by Ray Galkowski, CFA

Sam Zell was on Squawk Box this morning and warned of a correction. He repeated many of the themes that have been written here over the past few years, including the theme of Federal Reserve excesses leading to rising asset prices. It … Continue reading →

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When Benjamin Graham Learned a Difficult Lesson

Posted on March 6, 2015 by Ray Galkowski, CFA

This comes courtesy of Frank Martin, CFA’s 2014 Annual Report to his clients. I had the pleasure of Skyping with Frank a few years ago. “At the quarter-century mark of 1925, the great bull market was under way, and Graham, … Continue reading →

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Profoundly Unpopular: Finding Bargains Among the Unloved or Unknown

Posted on February 13, 2015 by Ray Galkowski, CFA

Jason Zweig has produced another excellent column exposing truths that hide in plain sight. If you want to buy a dollar of free cash flow for less than one dollar, you are probably not going to find it among the … Continue reading →

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Truly Honored by Jason Zweig’s Selection of this Blog

Posted on October 24, 2014 by Ray Galkowski, CFA

I am truly honored to have been selected by Jason Zweig of the Wall Street Journal as one of a handful of investors that Jason thinks are “Smart People for Investors to Follow.” This Margin of Safety blog can be … Continue reading →

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B. Malkiel Cannot Believe His Own Eyes

Posted on October 23, 2014 by Ray Galkowski, CFA

“Over the past 100 years the returns from smaller companies have exceeded those of larger companies. It is also true that stocks with low valuations (i.e. lower prices relative to earnings and book values) have generated better returns than those … Continue reading →

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The Market and the Economy Mid-Year 2014: A Top-Down View

Posted on July 17, 2014 by Ray Galkowski, CFA

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 →

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What is the Effect of a Label? Smart Beta Makes Bill Sharpe “Sick”

Posted on May 13, 2014 by Ray Galkowski, CFA

Bill Sharpe gave us the Sharpe Ratio to help determine whether an active investment manager is “beating” the market after adjusting for the risk that the manager assumed. Sharpe is from the Efficient Market school of academia, which believes that markets are … Continue reading →

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Howard Marks: The Top-Ten Qualities that Make Warren Buffett Different from Most Investors

Posted on May 1, 2014 by Ray Galkowski, CFA

The following are bullet points reproduced (and numbered by order of appearance) from Howard Marks’s Forward to the third edition of The Warren Buffett Way, by Robert G. Hagstrom. Marks writes a couple of paragraphs to elaborate on each bullet point, … Continue reading →

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