How I invest my money
This approach has worked
value investing
The false dichotomy between ‘value stocks’ and ‘growth stocks’
What is ‘investing’ if it is not the act of seeking value at least sufficient to justify the amount paid?
Misconceptions about Warren Buffett’s approach to investing
A high ratio of price to book value, a high price-earnings ratio, and a low dividend yield – are in no way inconsistent with a ‘value’ purchase.
Do investors need to identify and invest in future FAAMGN stocks?
Today’s FAAMGNs, that is today’s ‘vital few’, will not be the ‘vital few’ 20 years from now
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
How Warren Buffett goes about valuing companies
We are going to want to get a significantly higher return, obviously — in terms of cash produced relative to the amount we’re outlaying now — for a business than we are from a government bond. That has to be the yardstick at a base.
The conventional view of market efficiency is badly mistaken
Prices in the stock market are never a reliable guide to the fair value of a stock.
The under-performance of value stocks explained
There is a lot of talk currently about the underperformance of value stocks compared with growth stocks over the last fifteen years. In fact, value investing has performed well against all other styles. This seeming contradiction comes from the fact that value investing and investing in value stocks are not the same thing.