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Posts Tagged ‘Value Investment’

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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Performance of Darwin’s darlings

Posted in About, Activist Investors, Stocks, tagged , on March 12, 2010 | 3 Comments »

Yesterday I highlighted an investment strategy I first read about in a Spring 1999 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. The premise, simply stated, is to identify undervalued small capitalization stocks [...]

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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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Quantifying qualitative factors

Posted in About, Quantitative investment, Stocks, Value Investment, tagged , , on February 23, 2010 | 7 Comments »

I’ve just finished Ian Ayres’s book Super Crunchers, which I found via Andrew McAfee’s Harvard Business Review blog post, The Future of Decision Making: Less Intuition, More Evidence (discussed in Intuition and the quantitative value investor). Super Crunchers is a more full version of James Montier’s 2006 research report, Painting By Numbers: An Ode To Quant, providing several [...]

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Walking the talk: Applying back-tested investment strategies in practice

Posted in About, Behavioral economics, Contrarian investment, Liquidation Value, Net Current Asset Value, Net Quick Stocks, Quantitative investment, Stocks, Value Investment, tagged , , , , , , , , on February 17, 2010 | 8 Comments »

Aswath Damodaran, a Professor of Finance at the Stern School of Business, has an interesting post on his blog Musings on Markets, Transaction costs and beating the market. Damodaran’s thesis is that transaction costs – broadly defined to include brokerage commissions, spread and the “price impact” of trading (which I believe is an important issue [...]

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Guest Post: Daniel Rudewicz, Furlong Samex LLC on Paragon Technologies (PGNT.PK)

Posted in Activist Investors, Paragon Technologies (PGNT.PK), Stocks, tagged , , , , on January 27, 2010 | 10 Comments »

Daniel Rudewicz, the managing member of Furlong Samex LLC, has provided a guest post today on Paragon Technologies (PGNT.PK). Furlong Samex is a deep value investment partnership based on the principles of Benjamin Graham. Daniel can be reached at rudewicz [at] furlongsamex [dot] com. Anyone Need a (Sanborn) Map? In his 1960 partnership letter, Warren Buffett [...]

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The new world

Posted in About, Austrian Economics, Greenbackd, Stocks, tagged , on January 12, 2010 | 9 Comments »

As I foreshadowed yesterday, there are several related themes that I wish to explore on Greenbackd. These three ideas are as follows: Quantitative value investing Pure contrarian investing Problems with the received wisdom on value investment Set out below is a brief overview of each. A quantitative approach to value investment I believe that James [...]

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Welcome back for 2010

Posted in About, Greenbackd, Stocks, tagged , on January 11, 2010 | 8 Comments »

Welcome back to Greenbackd for 2010. I hope the holidays were as good to you as they were to me. The break has afforded me the opportunity to gain some perspective on the direction of Greenbackd. Away from the regular posting schedule I found the time to write some Jerry McGuire The Things We Think [...]

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What Montier’s Painting by Numbers can offer to value investors

Posted in About, Stocks, Value Investment, tagged , , , on December 22, 2009 | 13 Comments »

In his 2006 research report Painting By Numbers: An Ode To Quant (via The Hedge Fund Journal) James Montier presents a compelling argument for a quantitative approach to investing. Montier’s thesis is that simple statistical or quantitative models consistently outperform expert judgements. This phenomenon continues even when the experts are provided with the models’ predictions. Montier argues [...]

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