Tag Archives: Warren Buffett

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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Market Overvaluation: It’s Not Just the CAPE

Posted on August 30, 2015 by Ray Galkowski, CFA

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 →

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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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A Classic Example of Why Discipline and Wealth Go Hand-in-Hand

Posted on March 13, 2014 by Ray Galkowski, CFA

A great quote from The Warren Buffett Way, Third Edition, (2014) by Robert G. Hagstrom. The difference between Warren Buffett and most investors has more to do with discipline than just about any other quality. There are plenty of smart investors, … Continue reading →

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Mohnish Pabrai Has Not Made an Investment in a New Idea in Over 18 Months

Posted on February 5, 2014 by Ray Galkowski, CFA

Forbes once identified Mohnish as one of the investment managers who could assume the value-investing guru mantle from Buffett. In his 2013 Annual Letter, Pabrai wrote that he has not found a new idea in which to invest in over eighteen … Continue reading →

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