Market (In)Efficiency and beating the market
Behavioral inefficiencies are likely the most enduring because human nature has not changed much over time and is unlikely to change much in the future.
Mr. Market
Drawdowns, inefficient markets and a portfolio managed by God
The concept of this research is to capture results associated with a long-term investor (we assume a 5-year holding period) that has incredible stock-picking skill
The price of risk in equity markets
Mr. Market demands a very high expected return before he will invest in stocks. Whereas Mr. Bond suffers money illusion.
What to make of recent market run up?
Rising prices are a narcotic that affect the reasoning power up and down the line
The Optimism Bias paradox
We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful
Managing yourself
Each post has a list of what Daniel Kahneman, a Nobel Prize winning psychologist, calls risk policies and I call gap-to-edge rules.
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?
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