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Archive for March, 2010

Mike Burry’s Scion Capital investor letters

Posted in About, Stocks, Value Investment, tagged , on March 4, 2010 | 6 Comments »

Dr. Michael Burry has received a great deal of well-deserved attention recently as a result of Michael Lewis’s The Big Short and the Vanity Fair article Betting on the Blind Side. Yesterday a reader provided a link to Burry’s techstocks.com “Value Investing” thread (now Silicon Investor) and today another reader has supplied a link to Burry’s Scion Capital [...]

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Mike Burry’s Silicon Investor “Value Investing” thread

Posted in About, Net Current Asset Value, Net Quick Stocks, Net Quick Value, tagged , , , , on March 3, 2010 | 5 Comments »

Yesterday I ran a post on Dr. Michael Burry, the value investor who was one of the first, if not the first, to figure out how to short sub-prime mortgage bonds in his fund, Scion Capital. In The Big Short, Michael Lewis discusses Burry’s entry into value investing: Late one night in November 1996, while on a cardiology [...]

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Marty Whitman on value and corporate governance

Posted in About, Liquidation Value, Net Current Asset Value, Stocks, Value Investment, tagged , , , , on March 3, 2010 | Leave a Comment »

The superb Manual of Ideas blog has an article by Ravi Nagarajan, Marty Whitman Reflects on Value Investing and Net-Nets, on legendary value investor Marty Whitman’s conversation with Columbia Professor Bruce Greenwald at the Columbia Investment Management Conference in New York. I have in the past discussed Marty Whitman’s adjustments to Graham’s net net formula, which I [...]

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Dr. Michael Burry and The Greatest Trade Ever

Posted in About, Stocks, Value Investment, tagged , , on March 2, 2010 | 11 Comments »

Michael Burry is a value investor notable for being one of the first, if not the first, to short sub-prime mortgage bonds in his fund, Scion Capital. He figures prominently in the Gregory Zuckerman’s book, The Greatest Trade Ever, and also in The Big Short, Michael Lewis’s contribution to the sub-prime mortgage bond market crash canon. In Betting on [...]

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How P/E juices P/B returns

Posted in About, Quantitative investment, Stocks, Value Investment, tagged , , on March 1, 2010 | 3 Comments »

As I’ve discussed in the past, P/B and P/E are demonstratively useful as predictors of future stock returns, and more so when combined (see, for example, LSV’s Two-Dimensional Classifications). As Josef Lakonishok, Andrei Shleifer, and Robert Vishny showed in Contrarian Investment, Extrapolation, and Risk, within the set of firms whose B/M ratios are the highest (in other [...]

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