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	<title>Greenbackd</title>
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	<link>http://greenbackd.com</link>
	<description>Deep value, contrarian, and activist value investment strategies</description>
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		<title>Greenbackd</title>
		<link>http://greenbackd.com</link>
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		<item>
		<title>Look Out Below: Global Graham / Shiller Cyclically Adjusted PEs Still Expensive</title>
		<link>http://greenbackd.com/2012/06/01/look-out-below-global-graham-shiller-cyclically-adjusted-pes-still-expensive/</link>
		<comments>http://greenbackd.com/2012/06/01/look-out-below-global-graham-shiller-cyclically-adjusted-pes-still-expensive/#comments</comments>
		<pubDate>Fri, 01 Jun 2012 16:00:24 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[About]]></category>
		<category><![CDATA[Graham P/E10]]></category>
		<category><![CDATA[Shiller]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=5757</guid>
		<description><![CDATA[Meb Faber&#8217;s World Beta has a great series of posts on  Graham / Shiller PEs globally as at May 24: Meb says: If you look at the history of country CAPEs, they tend to bottom out in single digits around 7. Bull markets can push this number up into the 40s, with the median around [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&#038;blog=5581605&#038;post=5757&#038;subd=greenbackd&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2012/06/01/look-out-below-global-graham-shiller-cyclically-adjusted-pes-still-expensive/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">greenbackd</media:title>
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		<media:content url="http://www.mebanefaber.com/wp-content/uploads/2012/05/cape.jpg" medium="image">
			<media:title type="html">cape</media:title>
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	</item>
		<item>
		<title>How to estimate the long-term return on stocks: What does the future hold?</title>
		<link>http://greenbackd.com/2012/05/31/how-to-estimate-the-long-term-return-on-stocks-what-does-the-future-hold/</link>
		<comments>http://greenbackd.com/2012/05/31/how-to-estimate-the-long-term-return-on-stocks-what-does-the-future-hold/#comments</comments>
		<pubDate>Thu, 31 May 2012 16:23:09 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Strategy]]></category>
		<category><![CDATA[John Hussman]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=5743</guid>
		<description><![CDATA[Yesterday I looked at John Hussman&#8217;s method for estimating the long-term returns on stocks. The long-term return on a security consists of two parts: income (from dividends or interest payments), and capital gains (from price changes). For any future stream of income, the higher the price you pay , the lower the annual rate of return you [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&#038;blog=5581605&#038;post=5743&#038;subd=greenbackd&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2012/05/31/how-to-estimate-the-long-term-return-on-stocks-what-does-the-future-hold/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">greenbackd</media:title>
		</media:content>
	</item>
		<item>
		<title>How to estimate the long-term return on stocks</title>
		<link>http://greenbackd.com/2012/05/30/how-to-estimate-the-long-term-return-on-stocks/</link>
		<comments>http://greenbackd.com/2012/05/30/how-to-estimate-the-long-term-return-on-stocks/#comments</comments>
		<pubDate>Wed, 30 May 2012 16:09:20 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Strategy]]></category>
		<category><![CDATA[Business Cycle]]></category>
		<category><![CDATA[John Hussman]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=5726</guid>
		<description><![CDATA[There are a number of studies on the estimation of long-term returns to stocks. Ignoring the empirical research momentarily, the best explication of the estimation of long-term returns is by John Hussman in his article Valuations Matter. The logic is  straight forward. According to Hussman, the long-term return on a security consists of two parts: income [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&#038;blog=5581605&#038;post=5726&#038;subd=greenbackd&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2012/05/30/how-to-estimate-the-long-term-return-on-stocks/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">greenbackd</media:title>
		</media:content>

		<media:content url="http://www.hussman.net/wmc/wmc120326a.jpg" medium="image">
			<media:title type="html">wmc120326a.jpg</media:title>
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	</item>
		<item>
		<title>Buffett buys newspaper division of Media General $MEG</title>
		<link>http://greenbackd.com/2012/05/29/buffett-buys-newspaper-division-of-media-general-meg/</link>
		<comments>http://greenbackd.com/2012/05/29/buffett-buys-newspaper-division-of-media-general-meg/#comments</comments>
		<pubDate>Tue, 29 May 2012 16:02:34 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Activist Investors]]></category>
		<category><![CDATA[Warren Buffett]]></category>
		<category><![CDATA[Media General Inc (NYSE:MEG)]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=5722</guid>
		<description><![CDATA[I&#8217;ve been closely following on Greenbackd the Kinnaras stoush with the board of Media General Inc (NYSE:MEG) over the last few months. Kinnaras has been pushing the Board to “take advantage of the robust M&#38;A market for both newspaper and broadcast television and to sell all operating units of MEG in order to retire existing corporate and pension [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&#038;blog=5581605&#038;post=5722&#038;subd=greenbackd&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2012/05/29/buffett-buys-newspaper-division-of-media-general-meg/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">greenbackd</media:title>
		</media:content>
	</item>
		<item>
		<title>Searching for Rational Investors In a Perfect Storm: Value Investing Through 1999-2003</title>
		<link>http://greenbackd.com/2012/05/25/searching-for-rational-investors-in-a-perfect-storm-value-investing-through-1999-2003/</link>
		<comments>http://greenbackd.com/2012/05/25/searching-for-rational-investors-in-a-perfect-storm-value-investing-through-1999-2003/#comments</comments>
		<pubDate>Fri, 25 May 2012 16:00:22 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[About]]></category>
		<category><![CDATA[Value Investment]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=5580</guid>
		<description><![CDATA[Yesterday I covered a 2006 talk, &#8220;Journey Into the Whirlwind: Graham-and-Doddsville Revisited,&#8221; by Louis Lowenstein*, then a professor at the Columbia Law School, in which he compared the performance of a group of &#8220;true-blue, walk-the-walk value investors&#8221; and &#8220;a group of large cap growth funds&#8221;. Lowenstein based the talk on an earlier paper he had written &#8220;Searching for [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&#038;blog=5581605&#038;post=5580&#038;subd=greenbackd&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2012/05/25/searching-for-rational-investors-in-a-perfect-storm-value-investing-through-1999-2003/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">greenbackd</media:title>
		</media:content>

		<media:content url="http://greenbackd.files.wordpress.com/2012/05/value-performance.jpg" medium="image">
			<media:title type="html">Value Performance</media:title>
		</media:content>
	</item>
		<item>
		<title>The Superinvestors of Graham-and-Doddsville Revisited: Value Trounces Growth in Mutual Funds</title>
		<link>http://greenbackd.com/2012/05/24/the-superinvestors-of-graham-and-doddsville-revisited-value-trounces-growth-in-mutual-funds/</link>
		<comments>http://greenbackd.com/2012/05/24/the-superinvestors-of-graham-and-doddsville-revisited-value-trounces-growth-in-mutual-funds/#comments</comments>
		<pubDate>Thu, 24 May 2012 16:00:41 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[About]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Strategy]]></category>
		<category><![CDATA[Value Investment]]></category>
		<category><![CDATA[Warren Buffett]]></category>
		<category><![CDATA[Value investing]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=5562</guid>
		<description><![CDATA[The Superinvestors of Graham-and-Doddsville is a well-known article (see the original Hermes article here.pdf) by Warren Buffett defending value investing against the efficient market hypothesis. The article is an edited transcript of a talk Buffett gave at Columbia University in 1984 commemorating the fiftieth anniversary of Security Analysis, written by Benjamin Graham and David L. Dodd. In a 2006 [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&#038;blog=5581605&#038;post=5562&#038;subd=greenbackd&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2012/05/24/the-superinvestors-of-graham-and-doddsville-revisited-value-trounces-growth-in-mutual-funds/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">greenbackd</media:title>
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		<title>Dividend Yield Doesn&#8217;t Work, What Does? Three Key Conclusions</title>
		<link>http://greenbackd.com/2012/05/23/dividend-yield-doesnt-work-what-does-three-key-conclusions/</link>
		<comments>http://greenbackd.com/2012/05/23/dividend-yield-doesnt-work-what-does-three-key-conclusions/#comments</comments>
		<pubDate>Wed, 23 May 2012 16:00:30 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[About]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Strategy]]></category>
		<category><![CDATA[Value investing]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=5689</guid>
		<description><![CDATA[A recent study by Wes Gray and Jack Vogel, Dissecting Shareholder Yield, makes the stunning claim that dividend yield doesn&#8217;t predict future returns, but more complete measures of shareholder yield might hold some promise. Gray and Vogel say that, &#8221;regardless of the yield metric chosen, the predictive power of separating stocks into high and low yield portfolios [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&#038;blog=5581605&#038;post=5689&#038;subd=greenbackd&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2012/05/23/dividend-yield-doesnt-work-what-does-three-key-conclusions/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">greenbackd</media:title>
		</media:content>

		<media:content url="http://greenbackd.files.wordpress.com/2012/05/gray-vogel-div-performance-table.jpg" medium="image">
			<media:title type="html">Gray Vogel Div Performance Table</media:title>
		</media:content>

		<media:content url="http://greenbackd.files.wordpress.com/2012/05/gray-div-over-time.jpg" medium="image">
			<media:title type="html">Gray Div Over Time</media:title>
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		<item>
		<title>Man versus Magic Formula: Joel Greenblatt&#8217;s Value Investors&#8217; Club vs his Little Book</title>
		<link>http://greenbackd.com/2012/05/22/man-versus-magic-formula-joel-greenblatts-value-investors-club-vs-his-little-book/</link>
		<comments>http://greenbackd.com/2012/05/22/man-versus-magic-formula-joel-greenblatts-value-investors-club-vs-his-little-book/#comments</comments>
		<pubDate>Tue, 22 May 2012 16:00:35 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Quantitative investment]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Strategy]]></category>
		<category><![CDATA[Joel Greenblatt]]></category>
		<category><![CDATA[Magic Formula]]></category>
		<category><![CDATA[The Little Book That Beats The Market]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=5657</guid>
		<description><![CDATA[The only fair fight in finance: Joel Greenblatt versus himself. In this instance, it&#8217;s the 250 best special situations investors in the US on Joel&#8217;s special situations site valueinvestorsclub.com versus his Magic Formula. Wes Gray and crew at Empiritrage have pumped out some great papers over the last few years, and their Man vs. Machine: Quantitative [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&#038;blog=5581605&#038;post=5657&#038;subd=greenbackd&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2012/05/22/man-versus-magic-formula-joel-greenblatts-value-investors-club-vs-his-little-book/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">greenbackd</media:title>
		</media:content>

		<media:content url="http://greenbackd.files.wordpress.com/2012/05/gray-man-machine-perf-chart.jpg" medium="image">
			<media:title type="html">Gray Man Machine Perf Chart</media:title>
		</media:content>

		<media:content url="http://greenbackd.files.wordpress.com/2012/05/gray-man-machine-risk-reward.jpg" medium="image">
			<media:title type="html">Gray Man Machine Risk Reward</media:title>
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	</item>
		<item>
		<title>How To Beat Most Active Managers: A Performance Analysis of Fundamental Indexation With Different Price Ratios</title>
		<link>http://greenbackd.com/2012/05/21/fundamental-indexation-vs-value-indexation/</link>
		<comments>http://greenbackd.com/2012/05/21/fundamental-indexation-vs-value-indexation/#comments</comments>
		<pubDate>Mon, 21 May 2012 16:00:35 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Behavioral economics]]></category>
		<category><![CDATA[Quantitative investment]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Strategy]]></category>
		<category><![CDATA[Equal-Weight Index]]></category>
		<category><![CDATA[Joel Greenblatt]]></category>
		<category><![CDATA[Market Capitalization-Weight Index]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=5667</guid>
		<description><![CDATA[The rationale for a value-weighted index can be paraphrased as follows: Most investors, pro’s included, can’t beat the index. Therefore, buying an index fund is better than messing it up yourself or getting an active manager to mess it up for you. If you’re going to buy an index, you might as well buy the best one. An index based on the market capitalization-weighted [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&#038;blog=5581605&#038;post=5667&#038;subd=greenbackd&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2012/05/21/fundamental-indexation-vs-value-indexation/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">greenbackd</media:title>
		</media:content>

		<media:content url="http://greenbackd.files.wordpress.com/2012/05/greenblatt-index-cagrs.jpg?w=500&#38;h=105" medium="image">
			<media:title type="html">Greenblatt Index CAGRs</media:title>
		</media:content>

		<media:content url="http://greenbackd.files.wordpress.com/2012/05/arnott-perf-chart.jpg" medium="image">
			<media:title type="html">Arnott Perf Chart</media:title>
		</media:content>

		<media:content url="http://greenbackd.files.wordpress.com/2012/05/arnott-performance-table.jpg" medium="image">
			<media:title type="html">Arnott Performance Table</media:title>
		</media:content>

		<media:content url="http://greenbackd.files.wordpress.com/2012/05/arnott-value-added-chart.jpg" medium="image">
			<media:title type="html">Arnott Value Added Chart</media:title>
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		<item>
		<title>Chart of Equal-Weight S&amp;P500 Index vs Market Capitalization-Weight Index</title>
		<link>http://greenbackd.com/2012/05/18/chart-of-equal-weight-vs-market-capitalization-weight/</link>
		<comments>http://greenbackd.com/2012/05/18/chart-of-equal-weight-vs-market-capitalization-weight/#comments</comments>
		<pubDate>Fri, 18 May 2012 16:00:08 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[About]]></category>
		<category><![CDATA[Behavioral economics]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Strategy]]></category>
		<category><![CDATA[Equal-Weight Index]]></category>
		<category><![CDATA[Joel Greenblatt]]></category>
		<category><![CDATA[Market Capitalization-Weight Index]]></category>
		<category><![CDATA[Value-Weight Index]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=5652</guid>
		<description><![CDATA[It&#8217;s a year old, but it&#8217;s still sweet. A chart from Tom Brakke&#8217;s Research Puzzle pix comparing the performance of the S&#38;P500 and its equal weight counterpart from 2000 to March 2011: Tom thinks the phenomenon might reverse: At some point, however, this trade will flip back in a major way and the market-weighted indexes will [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&#038;blog=5581605&#038;post=5652&#038;subd=greenbackd&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2012/05/18/chart-of-equal-weight-vs-market-capitalization-weight/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">greenbackd</media:title>
		</media:content>

		<media:content url="http://rp-pix.com/wp-content/uploads/2011/03/11-0329-zSPX-and-equal-weighted-730x413.jpg" medium="image">
			<media:title type="html">11 0329 zSPX and equal weighted</media:title>
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