Under the Hood: Stock Market Valuation, Pt. 2—Shiller and Tobin
Concluding our discussion of stock market valuation tools, we look at Robert Shiller’s CAPE and James Tobin’s Q Ratio.
Berkshire’s Munger Addresses Life After Buffett
Berkshire Hathaway Vice Chairman Charlie Munger uses the firm's shareholder letter to address "the elephant in the room."
Finding Investing Alpha by Selective Stock Picking
Why I'm beginning to use some selective stock picking (think energy company Halliburton) to deliver alpha for clients, carefully following the wisdom of Benjamin Graham.
What Pro Sports Drafts Teach About Investing
Sports are not merely recreational but educational, according to Research Affiliates analysts, who derive some insights from the experience of baseball and soccer franchise owners.
Bogle’s 6 Best Books for Investors
What do investing gurus read when they need some guidance? Here's what Vanguard founder John Bogle recommends.
Buffett’s 7 Best Books for Investors: 2013
What do investing gurus read when they need some guidance?
First Eagle Fund Goes ‘Anywhere the Value Is,’ but With a Safety Margin
Global Income fund builds on First Eagle Global Fund’s success, following Benjamin Graham's diktats, but not averse to the benefits of high-yield bonds.
At ETF Conference, Reminders on Advisors’ Role and Investors’ Concerns
Doug Hodge of PIMCO kicked off the conference with a paean to the role of ETFs in client portfolios. In the Q&A that followed, investors' big concerns took center stage.
The Best of Both Worlds: Active and Passive Investing
Passive investing is predicated upon the efficient markets hypothesis that it is impossible to “beat the market” over time except by being lucky. In reality, however, there is an abundance of evidence that markets are less than perfectly efficient.
Evidence Over Ideology
In the words of the great Benjamin Graham, an “investor’s chief problem – and even his worst enemy – is likely to be himself.”