Disagreeing with Jeremy Grantham’s bubble call
Among other factors, indicators of extremes of euphoria seem much more important than price
intangible assets
Negative free cash flow can be desirable
Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes
CAPE’s halo falls with a thud
CAPE is ignorant of interest rates
The emergence of a new model of capitalism
The first step for investors is to come to a new understanding of reported earnings and the book value of equity.
My thoughts about GMO’s ‘GROWTH BUBBLE’
Using trailing twelve months earnings that are impacted by a recession is a mistake
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
Stock valuation in an age of intangible assets
About forty years ago Buffett experienced a Damascene conversion
What you need to know about bubbles
I am not attuned to this market environment, and I don’t want to spoil a decent record by trying to play a game I don’t understand just so I can go out a hero.
Problems with CAPE Part lll
Wrap up on the drawbacks of CAPE. A fair level for price earnings ratios has changed over the years.
Problems with CAPE – Part ll
Investors are reading CAPE all wrong.
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