An overarching portfolio strategy
In sports, in war and in the battle for investment survival it is helpful to distinguish between strategy and tactics.
Part 7: Building and Managing a Portfolio
Conventional diversification makes no sense for you
I cannot understand why an investor of that sort elects to put money into a business that is his 20th favorite
Buying tactics for common stocks
We give up on trying to attain perfection or ascertain when the bottom has been reached
Heart of stock valuation: subtleties of free cash flow
If a company’s capital expenditures are simply maintaining the company’s position in its markets, it free cash flow may be unduly high
The problem with analysts’ target prices
The sell side analyst’s target prices do not estimate fair value. DCF estimates do just that. Investors should not confuse the two.
My investment plan for 2021
Plan for the worst. Hope for the best. And don’t agonize.
Why you can safely ignore market (and economic) predictions.
The last time I made any specific stock market predictions was in the year 1914, when my firm judged me qualified to write their daily market letter, based on the fact that I had one month’s experience in Wall Street.
Stock valuation in an age of intangible assets
About forty years ago Buffett experienced a Damascene conversion
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.
Analysts’ reports and the estimate revision game
Even with overly optimistic earnings estimates companies regularly ‘beat’ the estimates. What gives?