Bruce Greenwald’s seminar starts off with an examination of non-value investing. He discusses short term investing using a fundamental approach such as predicting earnings, or macro economic conditions. Greenwald states that his dentist utilizes this approach.
Greenwald briefly touches on technical analysis. Greenwald talks about efficient market investing and asset allocation. Greenwald states that there is “overwhelming evidence that the market is not efficient”. However, on the other hand not everyone can beat the market due to the law of averages.
Bruce Greenwald then discusses how value investing outperforms all other strategies, and what gives companies a competitive edge.
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This video is a very good introduction to value investing for beginners.
I will give a brief bio about Bruce Greenwald to those unfamiliar with him.
Bruce Greenwald is director of research at First Eagle Funds. He is also the Robert Heilbrunn Professor of Finance and Asset Management at the Columbia Business School. Greenwald is academic director of the Heilbrunn Center for Graham & Dodd Investing. He received the Columbia University Presidential Teaching Award. More than 650 students take his courses every year in subjects including value investing, economics of strategic behavior, globalization of markets and strategic management of media.
Greenwald has authored several books. He wrote a phenomenal book on value investing titled Value Investing: From Graham to Buffett and Beyond ,and has written several other books on topics including globalization, competition and media companies.
Below is the video. It is a bit difficult to view. Click on the play button and a pop-up will show up. Ignore the new site that shows up and click the play button again.