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Value Investing

Whitney Tilson: An Introduction to Value Investing

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June 18, 2013
TEST6whitney tilson

Whitney Tilson from November 2008 (height of the financial crisis) an Introduction to Value Investing: What is Behavioral Finance? Peter Bernstein in Against the Gods states that the evidence “reveals repeated patterns of irrationality, inconsistency, and incompetence in the ways human beings arrive at decisions and choices when faced with uncertainty.” Behavioral finance attempts to explain how and why emotions and cognitive errors influence investors and create stock market anomalies such as bubbles and crashes....
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Bill Browder on How He Became Russia’s Biggest Enemy: Oslo Freedom Forum 2013

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June 18, 2013
TEST6Bill Browder

Here is a video presentation by Bill Browder. The topic is his fight with Russia, he notes the first question is how did you end up in this situation. Related Bill Browder: If I get Assassinated You Will Know Who is Behind it H/T: Santangelsreview   'Get ValueWalk's Daily Edition By Email and Never Miss Our Top Stories'
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Meryl Witmer: How I Pick Stocks [VIDEO]

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June 18, 2013
TEST6Meryl Witmer

The Barron’s Roundtable member — and Berkshire director — explains her strategy and makes the case for a little-known stock. The interview with Meryl Witmer can be found below. Meryl Witmer Interview H/T Greg Speicher 'Get ValueWalk's Daily Edition By Email and Never Miss Our Top Stories'
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James Montier: Nothing to Invest in Besides Cash

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June 18, 2013
TEST6James Montier

James Montier: Asset allocation is the most important decision in constructing portfolios that meet clients’ goals. Two prominent figures in the investment world recently offered sharply different perspectives on the most prudent approach for advisors. Central bank policies have distorted markets to such a degree that investors are devoid of any buy-and-hold asset classes, according to James Montier. But according to Richard Bernstein, the flood of liquidity unleashed through quantitative easing (QE) now offers...
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Charles de Vaulx: Japan Cheaper Than US and Europe [VIDEO]

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June 18, 2013
TEST6Charles de Vaulx

After a nasty 25-year bear market, Japan is still far cheaper than both U.S. and European equities, despite its huge rally, says IVA CIO and portfolio manager Charles de Vaulx. Bridget Hughes: Hi, I’m Bridget Hughes, one of the analysts here at Morningstar, and I’m at the Morningstar Investment Conference. I’m here today with Charles de Vaulx, who joined us for ourInternational Opportunities panel. Thank you, Charles, for joining us. Charles de Vaulx: You’re welcome. Hughes: I wanted...
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Cliff Asness: Low-risk investing Without industry Risk

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June 18, 2013
TEST6Low-risk investing

Cliff Asness: Low-risk investing is based on the idea that safer stocks deliver higher risk-adjusted returns than riskier stocks. This was first documented by Black, Jensen, and Scholes (1972), who found that the security market line was flat relative to the Capital Asset Pricing Model (CAPM).However, for many the intuition behind low-risk investing in stocks is captured in going longs today (but perhaps ultimately profitable!) industries and by an assumption that the returns are...
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Michael Price: The Wisdom of Seth Klarman’s Mentor

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June 18, 2013
TEST6Michael Price

It’s not often that value investors have an opportunity to hear unedited investment advice from someone who has not only assembled a market-beating track record over decades but has also served as mentor to other accomplished value investors, including Seth Klarman, Meryl Witmer, and David Winters. Investing legend Michael Price spoke at the London Value Investor Conference on May 9, 2013. The conference, organized by Simon Denison-Smith and Jonathan Mills ofMetropolis Capital and moderated by David Shapiro...
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Why It’s a (Not Entirely) Good Thing That Robert Shiller and Jeremy Siegel Are Personal Friends

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June 18, 2013
TEST6

Valuation-Informed Indexing #148 by Rob Bennett Robert Shiller and Jeremy Siegel are two of my favorite investment analysts. The entire Valuation-Informed Indexing project is of course rooted in Shiller’s revolutionary 1981 finding that valuations affect long-term returns. And in another way Siegel can be considered a grandfather of Valuation-Informed Indexing as well. Siegel’s book Stocks for the Long Run popularized the idea of rooting one’s investment strategies in what the historical return data tells...
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Is Bill Ackman Secretly Unwinding His Herbalife Short Position?

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June 17, 2013
TEST6Bill Ackman Ira Sohn

DA Davidson & Co. Senior Analyst Tim Ramey discusses Pershing Square’s Bill Ackman possibly unwinding it’s short on Herbalife with Trish Regan on Bloomberg Television’s “Street Smart.” Here the logic and math behind it (involving European swaps or something). Related D.A. Davidson  After Massive Flip Flop Says Herbalife is Now ‘our Single Best Idea’ Bill Ackman video embedded below 'Get ValueWalk's Daily Edition By Email and Never Miss Our Top Stories'
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Kyle Bass on Why Japan is Doomed Forever 55 Minute Presentation Strategic Investment Conference 2013

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June 17, 2013
TEST6Kyle Bass

Kyle Bass speaks at the Strategic Investment Conference 2013, which took place in early May of 2013. This appears to be a new video, although Kyle Bass has been speaking quite a bit lately. Sources tell me he is up a lot this year in his Japan macro fund, however, we could not confirm the numbers with certainty. The famous hedge fund giant presents his views on drumroll…. JAPAN (just kidding, that was obvious) and...
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Two Rare Letters from Warren Buffett about Walter Schloss

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June 17, 2013
TEST6Walter Schloss

Below are two one-page letters I’d never seen before, dated 1976 and 1994, from Buffett to “the Hilton Head Group” and “the Lantana Group”, respectively, about Walter Schloss and his remarkable long-term track record. Enjoy! Thanks to Whitney Tilson for passing these along. Walter Schloss Letters embedded below Buffett Letters-Walter Schloss-1976, 1994 by ValueWalk.com 'Get ValueWalk's Daily Edition By Email and Never Miss Our Top Stories'
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