…concepts of value investing, which is trying to buy stocks for less than their intrinsic value based on expected future cash flows, with high-quality moat-based investing. Having a systematic way…
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An Energetic Defense of Stock Screening
…friends provide, or where you live, work or shop.” Here are highlights of Gerstein’s argument: Indexing, argues Gerstein, is not necessarily a passive investing strategy. He uses the example of…
Jim O'Shaughnessy on the Psychology of Investing
In a September interview on the Off the Chain podcast, legendary investor James O’Shaughnessy shared insights on human nature, psychology, and how they manifest in investing decisions. Here are some…
Vinik is Getting Back into Stock Picking
…years). But the bigger challenge Vinik faces, the article notes, comes from the many new investing alternatives available—namely, the plethora of low-cost index funds. “The difficulty for stock pickers,” the…
How ETFs Work – And Why All Investors are the Beneficiaries
…significant benefit for shareholders of ETFs relative to shareholders of mutual funds. It also rewards good investing behavior by offering benefits to those who hold ETFs for the long-run by…
Charlie Munger Trusts Only Two Men with His Money
…to the article, Munger and others have called Li the “Chinese version of Warren Buffett. Both are investors in the Ben Graham mold of value investing, and both are wildly…
Lessons from a Quantitative Investing Conference – Part Deux
…it bears repeating again. The key to success in investing is to focus on constant learning. For me, being surrounded by the brightest minds in investing during this conference was…
Cost of Smart Beta Leads to Distorted Investor Expectations
An article in CFA Institute reports that, although academic research has touted the benefits of “smart-beta,” investing, this research “largely ignores transaction costs that reduce returns significantly.” The article offers…
Twin Momentum: A Combination of Fundamental & Price Momentum
…unless acted upon by an unbalanced force. -Isaac Newton Momentum investing, or buying stocks exhibiting strong price performance relative to other stocks nicely aligns with Newton’s principle. There are a…
Joel Greenblatt on the Future of Value Investing
…investing differently than most, who base the definition on price-book and price-sales ratios. “We value businesses and try to buy them at a discount,” he explained, likening the approach to…