A recent article in Institutional Investor examines EBITDA, earnings before interest, taxes, depreciation and amortization, a number commonly used in private markets for valuation purposes that can be “heavily inflated…
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Behavioral Finance and the Investment Process
In a recent podcast by CFA Institute, Clare Flynn Levy shares insights regarding the role that behavioral economics plays in investment decisions and the experiences that led rought her to…
Is This Value's Moment to Shine?
There’s a “growing chorus on Wall Street for investors to look beyond the FANG momentum plays and more toward value stocks. In other words, investors are pulling a Warren Buffett.”…
Home Investing Bias Overrated
A recent Morningstar article reports that most U.S. investors have a home bias and suggests that “foreign stocks should represent a considerable portion of most investors’ portfolios.” “Home bias isn’t…
Liberal Arts Investing
By “considering many ideas over a wide range of disciplines,” we can become smarter investors. This according to Robert Hagstrom, author, CIO and senior portfolio manager at EquityCompass, as reported…
Active Management's 'Genetic Defect'
“Active managers can produce persistent excess returns when it comes to their best ideas—but they only devote half of their capital to these investments,” according to a recent article in…
Citadel's Ken Griffin Could Sell Some Business
Billionaire hedge fund founder Ken Griffin might be shopping a piece of his growing hedge fund business, according to a recent article in Crain’s. The article reports that the industry…
The Facts About Buybacks
By Jack Forehand, CFA (@practicalquant) There might not be a more controversial topic right now in investing than stock buybacks. The debate over buybacks, which started out as a debate…
Were Market Gurus Accurate about Recent Predictions?
At the start of 2019, BAM Alliance director of research Larry Swedroe outlined a list of predictions–made by various market experts and investors–to identify a consensus of “sure things” that…
A London Gathering—and Reckoning--for Value Investors
A recent article in Bloomberg offers insights on the outlook for value investing, highlighting a recent talk given at a London conference by Inigo Fraser Jenkins, head of quantitative strategy…