Category : Invest

There They Go Again…Again – Howard Marks Memo

Some of the memos I’m happiest about having written came at times when bullish trends went too far, risk aversion disappeared and bubbles inflated. The first and best example is probably “bubble.com,” which raised questions about Internet and e-commerce stocks on the first business day of 2000. As I tell it, after ten years without

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The Dangers of Quantitative Value Investing

In recent years, quantitative stock analysis has taken the investment world by storm while qualitative analysis has been given a back seat. Value investing however — as Benjamin Graham would remind us — is both an art and a science. A new study in the CFA’s Financial Journal showed the underperformance / diminishing alpha of

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How To Short A Stock & Make Money

To a novice investor, short selling sounds like one of those sophisticated, mysterious techniques that professional traders use to rob others blind. In reality, anyone can short a stock and make a profit if the stock drops in price.Short selling can be a powerful tool in your investment toolbox, but you need to understand the

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When Valuations Dont Seem to Work – John Hussman

“Historically, when trend uniformity has been positive, stocks have generally ignored overvaluation, no matter how extreme. When the market loses that uniformity, valuations often matter suddenly and with a vengeance. This is a lesson best learned before a crash rather than after one.” – John P. Hussman, Ph.D., October 3, 2000 “One of the best

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Sometimes Smart Money is Dumb Too – Jason Zweig

Do all financial advisers turn their clients into better investors, or do some make their clients’ behavior even worse? My latest column looks at this question. There isn’t any doubt that many financial advisers keep their clients from getting too greedy as markets go up, while also inspiring them with hope during dark times —

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How To Anticipate And Avoid Pitfalls – Howard Marks

With the stock market reaching all time highs, maybe it’s a good time to revisit Howard Marks’ memo of 2005 in which he discusses market trends being taken to excess – and the painful consequences that become clear in hindsight. Here’s an except from that memo: “The farther backward you can look, the farther forward

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How Many Greater Fools Does It Take To Make A Bubble – Jason Zweig

Where do market “bubbles” come from? A team of neuroscientists and economists has produced the first scientific evidence for what prudent investors have long believed: Paying attention to what others are doing is the easiest way for traders to get carried away.  This new research can’t prevent the mass contagions that lead to bubbles. But

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Charlie Munger’s Thoughts from the 2017 Berkshire Annual Meeting

“To make teaching endurable, it has to have enough wiseassery in it. And we do.” “We’ve done a lot of preaching [about investing] to not much effect.” “To the extent you’re working on it, you’re on the side of angels, but lots of luck.” Munger has tapped into something that makes his ideas both memorable

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Which Stocks Do Mutual Funds Own The Most?

This is a list of the top 10 stocks invested in the best performing large cap mutual funds over the past 5 years.  A glance at it shows how a majority of the funds have similar portfolio of stocks in it.  E.g HDFC bank is a part of the portfolio of all the 5 top

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10 Lessons Learned from Interviewing MicroCap CEOs

No one in their right mind would ever actually set out to interview hundreds of CEOs, but as a co-manager of a hedge fund that invested hundreds of millions of dollars in more than 500 micro-and smallcap financings, it was part of the proverbial job description.  Here are 10 important lessons learned. 1)    Preparation –

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