The Investments Blog
Applying Newton's Fourth Law
Friday, September 26, 2014
The P/E Illusion
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"...alternative frames evoke different mathematical intuitions, and one is much superior to the other." - Daniel Kahneman in Thi...
Friday, September 19, 2014
Howard Marks on Risk
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From the latest memo by Howard Marks of Oaktree Capital: " Volatility is the academic's choice for defining and measuring risk....
Friday, September 12, 2014
Munger on Airlines, Cereal Makers, and Bottlers
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From this 1994 USC speech by Charlie Munger: "Here's a model that we've had trouble with. Maybe you'll be able to figu...
Friday, September 5, 2014
Risk and Reward: Wells Fargo, U.S. Bancorp, and BofA
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From this CNBC Interview with Warren Buffett back in 2012: "The profitability of banking is a function of two items. Return on ass...
Friday, August 29, 2014
The Benefits of a Declining Stock
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I have covered on a number of occasions -- okay, maybe too many occasions -- why the long-term investor should hope that any stock ...
Friday, August 22, 2014
John Kay: Decline in Equity Issuance
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In 2012, John Kay produced a report on UK equity markets that was focused on, among other things, the reduction in long-term oriented beh...
Friday, August 15, 2014
Berkshire Hathaway 2nd Quarter 2014 13F-HR
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The Berkshire Hathaway ( BRKa ) 2nd Quarter 13F-HR was released yesterday. Below is a summary of the changes that were made to the Berkshi...
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