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- The Ben Graham Centre for Value Investing
- The Best of Value Investing (Youtube Video Series)
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Tag Archives: Warren Buffett
Joel Greenblatt’s Appearance on CNBC
Joel Greenblatt is a portfolio manager at Gotham Capital, a value-focused hedge fund, who had a big hit in 1997 with his whimsically titled book, You Can be a Stock Market Genius. Though written for individual investors, it became a must-have book … Continue reading
About this Week’s Barron’s Cover Story: Why do Investors Care?
The cover story of this week’s Barron’s is titled “What’s Ahead for Stocks” and it is accompanied by a cartoon of three strategists who are drawing curves on a white board (three different curves, I should add). The author, Kopin Tan, asks ten Wall Street strategists to predict what will happen to stocks in the near future based largely on their predictions of economic activity. It immediately brought to mind something Buffett once said:
“I’ve never made a dime predicting economic activity. We just try to buy businesses we understand at sensible prices.”[1]
Of course ignoring market prognosticators and buying good businesses at sensible prices is what all good value investors do.
Continue reading
Beating the Street Redux
I recently re-read Peter Lynch’s One Up on Wall Street to see how it stood against the test of time. One Up was written in 1989 and was an instant hit in large part because Lynch was the successful manager of one of the largest mutual funds in the market—Fidelity Investment’s Magellan Fund.
Many have the impression that Lynch was a rarity: a portfolio manager who did not espouse a value investing philosophy but who consistently beat the market anyway. If that were true, it would mean there were two such investors in recent history: Lynch and Soros. But upon closer inspection, I think we have to scratch Lynch from that rare list. Lynch was a practicing value investor and his bows to value investors Buffett, Templeton, Max Heine, Michael Price, and John Neff and his many references to Ben Graham’s “Mr. Market” are testament to that. There is also this:
Are You an Investing Pigeon like Buffett?
How Human Behavior may Lead to a Persistent Edge for Value Investors
Many believe that there can be no permanent edge in investing because they believe that market forces will quickly eliminate any edge. That is, many believe that sophisticated investors will bid up prices in investment strategies that tend to outperform and bid down prices in strategies that tend to lag until the edge disappears.
For my first post on this blog, I will write about a persistent investing edge–value investing–and one reason why that edge may never disappear; that reason being human behavior, which rarely changes. We can thank Jason Zweig (Your Money and Your Brain) and James Montier (Behavioural Investing) for bringing to our attention the behavioral experiments described in this post.
Posted in Uncategorized
Tagged Behavioral Finance, Fama and French, Value Investing, Warren Buffett
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