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Posts Tagged ‘Value investing’

Michael Mauboussin on WealthTrack

Posted in About, Behavioral economics, Contrarian investment, Value Investment, tagged , , on June 28, 2011 | 3 Comments »

Michael Mauboussin appeared Friday on Consuelo Mack’s WealthTrack to discuss several of the ideas in his excellent book, Think Twice. Particularly compelling is his story about Triple Crown prospect Big Brown and the advantage of the “outside view” – the statistical one – over the “inside view” – the specific, anecdotal one (excerpted from the book): June 7, 2008 was a [...]

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Screening for five-year earnings-per-share gains is a waste of time

Posted in Stocks, tagged , , on October 27, 2010 | 4 Comments »

James P. O’Shaughnessy’s What works on Wall Street is one of my favorite books on investing. The thing that I like most about the book is O’Shaughnessy use of data to slaughter several sacred value investing cows, one of which I mentioned yesterday (see The Small Cap Paradox: A problem with LSV’s Contrarian Investment, Extrapolation, and Risk [...]

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Venture capitalists, value investing and Facebook

Posted in About, Stocks, Value Investment, tagged , on October 7, 2010 | 3 Comments »

Fortune has an article asking whether VCs can be value investors: After all, the philosophy of value investing, in theory, should cut across all asset classes and managers. The precepts and principals therefore should apply to the venture capital business as well. Sadly, they don’t. Jeffrey Bussgang, the author, identifies the problem as an inability [...]

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T2 Partners on BP, MSFT and BUD

Posted in About, Stocks, tagged on July 28, 2010 | 1 Comment »

Market Folly has T2 Partners’ presentation to the 7th Annual Value Investing Seminar, in which they discuss three opportunities in BP, which I’ve discussed in the past, MSFT and BUD. Says Jay: On Anheuser-Busch InBev, T2 Partners says, “you can currently buy BUD with an entry FCF yield of 10% for a business that can [...]

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Grantham on the potential disadvantages of Graham-and-Dodd investing

Posted in About, Stocks, Value Investment, tagged , on April 26, 2010 | 11 Comments »

Jeremy Grantham’s 2010 first quarter investor letter (.pdf) appends the first part of a speech he gave at the Annual Benjamin Graham and David Dodd Breakfast at Columbia University in October last year. The speech was titled Friends and Romans, I come to tease Graham and Dodd, not to praise them. In it Grantham discussed the “potential [...]

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One for the annals of behavioral finance

Posted in About, Behavioral economics, Value Investment, tagged , on April 23, 2010 | 1 Comment »

Oh dear (Daily Reckoning via Guru Focus): 04/21/10 Gaithersburg, Maryland – Ken Heebner’s CGM Focus Fund was the best US stock fund of the past decade. It rose 18% a year, beating its nearest rival by more than three percentage points. Yet according to research by Morningstar, the typical investor in the fund lost 11% [...]

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Endangered Species 2001

Posted in About, Activist Investors, Audiovox Corporation (NASDAQ:VOXX), Catalysts, Dataram Corporation (NASDAQ:DRAM), Ditech Networks Inc (NASDAQ:DITC), Stocks, Value Investment, tagged , , , , , on April 14, 2010 | 2 Comments »

In the Spring 1999 Piper Jaffray produced a research report called Wall Street’s Endangered Species by Daniel J. Donoghue, Michael R. Murphy and Mark Buckley, then at Piper Jaffray and now at Discovery Group, a firm founded by Donoghue and Murphy (see also Performance of Darwin’s Darlings). The premise of the report was that undervalued small capitalization stocks (those with a market [...]

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Uncommon lessons from Phil Fisher

Posted in About, Behavioral economics, Contrarian investment, Stocks, Value Investment, tagged , , on March 18, 2010 | 10 Comments »

In the Introduction to my 2003 copy of Philip A. Fisher’s Common Stocks and Uncommon Profits and Other Writings, his son, Kenneth L. Fisher, recounts a story about his father that has stuck with me since I first read it. For me, it speaks to Phil Fisher’s eclectic genius, and quirky sense of humor: But one [...]

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Hunting endangered species

Posted in About, Activist Investors, Catalysts, Stocks, Value Investment, tagged , on March 11, 2010 | 14 Comments »

Back in the spring of 1999, when the world was enamored of dot coms and not much else, three guys at Piper Jaffray, Daniel J. Donoghue, Michael R. Murphy and Mark Buckley*, produced a superb research report called Wall Street’s Endangered Species. The thesis of the paper was that there were a large number of undervalued companies with [...]

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Doctorin’ the Tractatus

Posted in About, Stocks, Value Investment, Warren Buffett, tagged , on March 8, 2010 | 2 Comments »

When I started out investing I summarized Warren Buffett’s letters to shareholders into a document I jokingly called the “Tractatus Logico-Valere.” The title, Latin errors aside, was intended to be an homage to Ludwig Wittgenstein’s Tractatus Logico-Philosophicus (which, according to Wikipedia, may in turn have been an homage to the Tractatus Theologico-Politicus by Baruch Spinoza). The [...]

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