Holiday edition
Access to 190 Nuggets of Investing Wisdom
We are away for a few weeks. There is lots to read. There are 190 timeless posts on this blog. Try picking one or two each week from the lists below. Or just look through the tags index on the home page to find a topic of interest.
The Age of Intangibles
The world is always changing. The biggest change in the world of business in the last forty years has been the shift in company capital investment away from tangible assets and towards intangible assets. This has had a major impact on metrics such as earnings, price/earnings, book value of equity, ROC, ROE, CAPE and several others. Here are some posts that address the issue:
The emergence of a new model of capitalism
Stock valuation in an age of intangible assets
Is the price earnings ratio (P/E) obsolete?
Financial strength – the debt equity ratio has serious shortcomings
The fading usefulness of book value
Be wary of using Return on Capital (ROC)
Risk and volatile markets:
Academia, including several Nobel prize winners, and many in the investment industry have it all wrong when it comes to understanding risk and volatility in stock markets.
Let’s clear up misunderstandings about risk and volatility
The joy of higher return with no more risk
Gambling, trading and investing:
Gambling, trading and investing are three completely different activities. But investors can learn a lot of both what not to do and what to do from gamblers and traders.
Lessons from the world of gambling
Gambling, trading, risk intolerance and investing
Charts can lie through their teeth.
I would estimate that more than half of all charts we see in news, commentators and analysts’ reports about stocks and finance are fundamentally flawed and potentially seriously misleading.
Chart distortions that drive me crazy
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And don’t forget the Tags Index on the home page. It gives easy access to 190 great posts on everything from the subtleties of intangible assets to Warren Buffett’s concept of economic goodwill vs Accounting Goodwill.
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You can reach me by email at rodney@investingmotherlode.com
I’m also on Twitter @rodneylksmith
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Check out the Tags Index on the right side of the Home page that goes from ‘accounting goodwill’ to ‘wisdom of crowds’. This will give readers access to a host of useful topics.
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You can also use the word search feature on the right hand side of this page to find references in both blog posts and also in the Motherlode.
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There is also a Table of Contents for the whole Motherlode when you click on the Motherlode tab.
Want to dig deeper into the principles behind successful investing?
Click here for the Motherlode – introduction.
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