Margin of Safety » Video

Rare Video of Peter Cundill Lecture from 2005

Ray Galkowski, CFA — Fri, 11 Dec 2015 19:04:33 +0000

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 his investment philosophy (Value) and approach to capturing the value premium. Peter, a Canadian, found that no matter what was happening in the home market, there was usually a market in which one could find plenty of beaten up stocks. He made it his mission to spend several months each year in the country that had stocks that had been beaten up the most in the prior year. Hence, There is Always Something To Do, which can be found in the bookstore above.

Peter suffered from a neurological condition, which was diagnosed soon after he gave this lecture, and he died in 2011.

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Sam Zell Expects a Market Correction (Video)

Ray Galkowski, CFA — Wed, 01 Apr 2015 18:54:54 +0000

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 prompted me to go to Zell’s website, which listed quotes outlining his philosophy. I agreed with almost all of the quotes, but I was especially struck by one, because years ago I had written the same thing on the whiteboard at my office (paraphrased):

“Every day you’re not selling an asset that’s in your portfolio, you’re choosing to buy it.”

The idea is that managers have to look at everything fresh every day in light of all new information, so that holding a position is no different from buying it, especially if there are no tax implications for selling (e.g. positions in retirement accounts, endowments, etc.). That perspective helps prevent managers from falling in love with their positions. It’s akin to Sir Arthur Quiller-Couch’s admonition for writers to “Murder your darlings.”

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CFA South Florida’s Member-Promotion Video Release

Ray Galkowski, CFA — Fri, 13 Feb 2015 20:44:12 +0000

I was happy to participate in this video production (make sure your YouTube settings are on HD for the best experience).

I have come to know the participants in the video as outstanding individuals, who volunteered their valuable time to promote the CFA Charter and the Members of the CFA Society of South Florida. The video is already being viewed in Charlottesville as an “inspiration” for others.

We hope our members receive the accolades, employment, and business they deserve for their exceptional achievements and commitment to high ethical standards.

To find a Financial Adviser near you who has earned the CFA Charter, go to www.cfasouthflorida.org and click on “Find a Financial Adviser” at the bottom of the menu on the left-hand side.

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Joel Greenblatt on Value Investing (Morningstar)

Ray Galkowski, CFA — Tue, 26 Nov 2013 16:25:26 +0000

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Patience, but the Willingness to Act Decisively when Opportunities Arise…

Ray Galkowski, CFA — Thu, 03 Jan 2013 13:43:38 +0000

..these are the keys to investment success, not throwing capital at 500 companies merely because those companies are in somebody’s index.

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Late 2011 Interview with Bill Ackman (Bloomberg Video)

Ray Galkowski, CFA — Wed, 04 Jan 2012 16:06:34 +0000

A video posted at Bloomberg of an interview with Bill Ackman at a conference in 2011 (H/T: Street of Walls).

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