My thoughts on second edition of The Four Pillars of Investing by William Bernstein
We think the very term ‘value investing’ is redundant. What is ‘investing’ if it is not the act of seeking value at least sufficient to justify the amount paid?
Part 4: Principles of Operation
The hows and whys of investing for superior returns
Worth reading because I have beaten the market for 1,3 and 50 years
Investment decision making in face of uncertainty
Robust decision-making embraces many plausible futures, then helps analysts and decision makers identify near-term actions that are robust across a very wide range of futures
How I invest my money
What a value investor’s concentrated portfolio looks like.
How Warren Buffett was influenced by Philip Fisher
If the job has been correctly done when a common stock is purchased, the time to sell it is – almost never
How Warren Buffett’s approach diverged from Ben Graham
Buffett analyzed companies more subjectively than Graham, and he found intrinsic value in companies, such as See’s Candies, that Graham would not have touched.
A collection of the best
I’ve included a short list of some favorite earlier posts
Gambling, trading, risk intolerance and investing
An investment is a favourable bet. Gambling is an unfavourable bet.
Decisions, decisions and the current down market
The intelligent investor should be interested in the possibilities of profiting from these pendulum swings. There are two possible ways by which he may try to do this: the way of timing and the way of pricing.
Timing that’s not market timing
Too many investors focus on “outlook” and “trend.” Therefore, more profit is made by focusing on value
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