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?
value investing
How I invest my money
What a value investor’s concentrated portfolio looks like.
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.
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.
Let’s talk about what value really means
I would rather be vaguely right than precisely wrong
DIY investors are not the patsies at the table
The tech fund managers could only hold their noses and invest the money in whatever stock was available that fitted the description ‘tech stock’.
My thoughts about GMO’s ‘GROWTH BUBBLE’
Using trailing twelve months earnings that are impacted by a recession is a mistake
Growth for (value) investors
Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value.
How I invest my money
This approach has worked
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?
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