Stock valuation in an age of intangible assets
About forty years ago Buffett experienced a Damascene conversion
How to identify companies that make lots of money for shareholders
Economic performance focuses on effective use of the capital invested in the company
Your investment style may be stuck in a bad grove in a changing world
It’s not that the contrary views aren’t there. We just ignore them.
Let’s cut to the heart of how risk and uncertainty impact diversification
Diversification is inadequate as a risk management technique and too primitive for the new environment of volatility and uncertainty.
An all bank portfolio, ETFs and mistaken notions of diversification and balance
As the play, The Merchant of Venice, unfolds, all of Antonio’s ships sink, his business collapses and Shylock demands his pound of flesh.
Active investing is the only way to superior returns
A small percent change in total returns achieved both before and after retirement can make a huge difference in your standard of living after retirement
The rise of passive investing and opportunities for active investors
The rise of passive investing and systematic investing may lead to greater stock market inefficiency. It will have little negative impact on active investors.
Does Wisdom of Crowds apply to earnings estimates, price targets, value estimates and stock prices?
The behavioral tail can wag the statistical dog
Understanding Ben Graham’s Principles of Operation
The various Principles of Operation that follow are not things I have dreamed up. They are frequently quotes or exact formulations or wording from Benjamin Graham, Warren Buffett, John Templeton, Philip Fisher, Peter Lynch, John Neff, Maynard Keynes and others.
Analysts’ reports and the estimate revision game
Even with overly optimistic earnings estimates companies regularly ‘beat’ the estimates. What gives?