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13F Watch: In Defense of Active Share
The poor performance of active management has been well chronicled of late but the active fund management industry is not going down without a fight. Apologists have been quick to point to artificially...
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Weekend Reads for Global Investors: Warren Buffett Reveals the Secret of His...
It was an eventful week: In their annual letter, Warren Buffett and Charlie Munger revealed to Berkshire Hathaway shareholders what has made the company such a success. Chai Jing, an investigative...
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Margin of Safety: The Lost Art
Despite history's greatest investors — Benjamin Graham, Warren Buffett, Bruce Berkowitz, Seth Klarman — stressing the importance of the "margin of safety," it remains a lost art. Read more
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Weekend Reads for Investors: Merger Mania, Peak Profits, and Value Investing
The burgeoning market for mergers is reflective of a lack of organic growth opportunities, cheap capital, and flush corporate coffers. Additionally, elevated stock prices provide buyers with a strong...
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Weekend Reads for Global Investors: What Drove Chinese Stocks Up 128% Last Year?
By now you might have seen the sensational headlines from all major financial news outlets: The Chinese stock market has finally crashed! Read more
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Weekend Reads for Investors: Family Businesses, Pensions, and the Gekko Effect
Most studies of the impact of family ownership indicate that, on balance, family control is a good thing for stockholders. Family-controlled firms typically maintain a long-term perspective and strong...
View ArticleAre Too Many Long-Term Investors Too Short-Term?
Do not have too much confidence in the correctness of your present, firmly held investment beliefs. After all, many roads can lead to investment success. Read more
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13F Watch: Buffett Buys Exxon Mobil, Ackman and Berkowitz Target Fannie and...
The latest quarterly filings show that fund managers as a group increased their technology exposure while trimming consumer staples and financials. Read more
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Currency War III: How Will It Play Out?
James Rickards says we are in the midst of the third currency war since the 1920s, triggered by central bank efforts to pull the world economy out of a structural depression. Read more
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Weekend Reads for Advisers: Psychophaths, Bubbles, and Black Holes
If you are a regular reader of these posts, you won't be surprised by this week's headline and range of articles. But if this is your first time, and you're wondering what psychopaths, bubbles, and...
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Book Review: Think, Act, and Invest Like Warren Buffett
When a new book on investing like Warren Buffett is published, one has to ask what new insight the author can offer. Surprisingly, Larry E. Swedroe has delivered a unique take on the Buffett investment...
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Book Review: The Art of Value Investing
This book provides a valuable contribution to the industry literature on value investing. It is well written, well organized, and quite enjoyable. It should be read by all investors who are seriously...
View ArticleKeep Looking for Growth
Michael Lipper, CFA, discusses one of his lessons for students of the market; pay more attention to the laggards than the current leaders when searching for future leaders. Read more
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Weekend Reads for Investors: The Super Bowl Indicator
This weekend approximately half of US households will be watching the Denver Broncos and Seattle Seahawks compete in the 48th edition of the National Football League’s Super Bowl. It is typically a...
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13F Watch: Rising Profile for Activist Investors
Activist investors have significantly raised their profiles in recent years. According to Activist Insight, there were 237 activist campaigns launched in 2013, up from less than 30 in 2000. And while...
View ArticleInteraction of My Investment Muses
A discussion of what investment DNA that may be driving your current investments. Read more
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Warren Buffett’s 90-10 Rule of Thumb for Retirement Investing
In the annual shareholder letter for Berkshire Hathaway, Warren Buffett included some investing advice for his wife and her trustee — and the average person who is not an expert on stocks. Read more
View ArticleThe Ultimate Contrarian Advice: Don’t Follow Buffett to the Peak
Peaks are based on the belief that great wealth will be bestowed on the investors who believe in the presumed future, but watch out when brokers start pushing growth and then watch for changes in the...
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Weekend Reads for Finance Pros: China, Retirement, and Investing Mistakes
This week’s roundup of interesting bits of news and analysis comes to you via Hong Kong, where all eyes (and ears) were on the opening of China’s annual session of parliament. One of the top stories to...
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The US Public Pension Funding Crisis (Online Forum)
In the United States, state and local governments’ defined benefit pension plans are underfunded by more than $4 trillion, threatening the financial security of approximately 8 million retirees and 14...
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Weekend Reads for Investors: Five Years and Counting
In a recent speech, Federal Reserve Bank of Dallas president Richard Fisher aptly remarked, “Stock market metrics such as price to projected forward earnings, price-to-sales ratios and market...
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Weekend Reads for Investors: Diverge From the Herd
Oaktree Capital’s founder and chairman Howard Marks publishes periodic memos that are widely considered “must reads” for those in the investment industry, and his latest missive should be no exception....
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Weekend Reads for Investors: Berkshire Bears in Hibernation
Tens of thousands converge on Omaha, Nebraska, at this time each year to hear from Warren Buffett and his longtime partner Charlie Munger. Earlier this week, Buffett announced that he couldn’t find...
View ArticlePoll: Little Support for Buffett’s Abstention from Coca-Cola Vote
Thomas Piketty’s popular new book, “Capital in the Twenty-First Century,” has struck a chord with the public in part because of a growing disenchantment with the generous compensation packages lavished...
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Weekend Reads for Finance Pros: Bubbles, Fama and French, and Executive Brains
Have you wondered how an economics book written by a French professor — Thomas Piketty’s tome Capital in the Twenty-First Century with 577 pages of text and graphs plus 78 pages of notes — scaled the...
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13F Watch: Activist Investors Fill the Void
Thanks to a bull market and strong relative returns, assets under management for activist investors have swelled — tripling in just the last five years — allowing these high profile fund managers to...
View ArticleAre We Complacent or Petrified?
After examining his own and others' current thinking, A. Michael Lipper, CFA, believes our low level of activity in the market could indicate that we have become petrified. Read more
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Weekend Reads for Investors: Repo Mania
It's perhaps not surprising that US corporations have taken advantage of historically low interest rates by issuing record amounts of debt. It's revealing, however, that companies are using the...
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Weekend Reads for Finance Pros: Hedge Funds, Charlie Munger, and the World Cup
Charlie Munger once said: "In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none. Zero. You’d be amazed at how much Warren reads — and how...
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Weekend Reads for Finance Pros: Bogle, Baseball, and Investment Bubbles
This week's round-up of interesting papers, articles, tweets, and blog posts covering economics, investor behavior, retirement, and more. Read more
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13F Watch: Shareholder Activism Pays
When compared to the hedge fund industry at large, activist investors have garnered a disproportionate share of the headlines this year, and for good reason: they’ve been busy — launching 148 activist...
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Weekend Reads for Finance Pros: Fees, Buffett on Investing, and Hitting the...
What is it about walking barefoot in the sand, or listening to the sound of the ocean, or diving beneath crashing waves that helps us instantly hit the reset button? Read more
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Weekend Reads for Global Investors: The Missing Bears
The economic recovery had been weaker than expected in many parts of the world. Apparently there is something else missing from the market scene: bears. Read more
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Warren Buffett: Activist Investor?
Much like today’s most notorious activist investors, Warren Buffett made a name for himself by identifying market inefficiencies that could be exploited for the benefit of his investors and public...
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Mission Impossible: Beating the Market Forever
If value-weight market returns reflect a binding constraint on the collective investor experience, how long can an individual investor “beat the market” before he actually becomes the market? As it...
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Weekend Reads for Global Investors: Most Popular Links of 2014
This is the last Weekend Reads for Global Investors of the year. It seems a perfect time to look back and see what our readers have liked the most among the myriad links curated. I've grouped the top...
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Warren Buffett Is Wrong: The Bitcoin Proof
When I first took a serious look at bitcoin, I focused on its potential as a currency. It was hard not to notice the enthusiasm for bitcoin among a number of its proponents. But I balked nevertheless....
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Betting with Buffett: Seven Lean Years Later
Standing seven years into a 10-year wager with Warren Buffett that hedge funds would outperform the S&P 500, we sure look wrong. What follows is an assessment of why, and an outlook on where to go...
View ArticleThe C-Suite Speaks: Warren’s Wisdom
Last week was a slow one for earnings calls, but Warren Buffett did do an interview with CNBC that featured classic Buffett wisdom. Read more
View ArticleDoes the Buffett Bet Signal the End of Active Management?
Warren Buffett and Protégé Partners entered into a 10-year bet on whether an index fund would outperform a portfolio of hedge funds. With two years remaining, Buffett leads by a wide margin. So what...
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Book Review: Inside the Investments of Warren Buffett
In four parts, author Yefei Lu covers specific cases from Warren Buffett’s career. Lu digs through old annual reports, Moody’s Investors Service manuals, and partnership letters to provide the reader...
View ArticleWarren Buffett: The Greatest Factor Investor of All Time?
From a factor perspective, what has driven Berkshire Hathaway's outperformance?
View ArticleTop 10 Posts from 2019: Damodaran, Marks, Shiller, and Buffett
The leading Enterprising Investor articles from 2019 feature insights from some of the top luminaries in all of finance.
View ArticleThe Buffett Indicator Revisited: Market Cap-to-GDP and Valuations
How useful is the Buffett Indicator really?
View ArticleBook Review: Warren Buffett
This should not be a one-time read but rather a guide for the rest of one’s investing career.
View ArticleTop 10 Posts from 2021: The Buffett Indicator, GameStop, Inflation!
What articles most resonated with readers in 2021? Aswath Damodaran on the COVID crucible, career tips from Eric Sim, CFA, and more.
View ArticleBook Review: Trillions
Robin Wigglesworth has produced a book that is historical, entertaining, and thought-provoking.
View ArticleBuilding a CAPM That Works: What It Means for Today’s Markets
The capital asset pricing model (CAPM) is a marvel of economic scholarship. The problem is that it doesn’t always work in practice. So, we fixed it.
View ArticleThe 10 Greatest US Investors and the Virtues That Made Them
Who are the greatest investors of all time?
View ArticleBook Review: Poor Charlie’s Almanack
The rerelease of Charlie Munger’s bountiful wit and wisdom is a celebration of nearly a century of success and deserves to be at the top of our reading lists.
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