Money and Finance
From Brandes on Value:
- Investing In A High-quality Business...
From Capital Returns: Investing in a high-quality company can seem dull and unrewarding in the near-term. The lower risk which comes from investing in quality companies is only properly observed over the long-term. The fact that investors are often...
- John Mauldin's Outside The Box: Converging On The Horizon - By Ed Easterling
The end is near! Stock market history and earnings cycle history are converging. As a result, the market is likely to be down for the year 2011 or 2012. If not, then it will have been different this time. Crestmont’s research focuses primarily on long-term...
- Hussman Weekly Market Comment: Lessons From A Lost Decade
Over the past decade, stock market investors have experienced enormous volatility, including two separate market declines in excess of 50%. Despite periodic advances, at the end of it all, as a reward for their patience, investors have achieved an average...
- Oaktree - Howard Marks: Letter To Clients
Of the two things I think are most wrong about American business, the worst is short-termism. (The other is the ability of executives to thrive while their companies do poorly.) Companies are rewarded for short-term success and penalized for short-term...
- Position In Focus: Union Pacific
Back in October I mentioned how we were going to be in a lower tax bracket this year compared to last year and most years going forward. We're dropping from the 28% tax bracket all the way to the 15% bracket because of much lower income this year....
Money and Finance
Charles Brandes on risk
From Brandes on Value:
Risk has now been popularly redefined as the impact of short-term volatility, not as what it really is, which is the permanent loss of capital. In my more than 40-year career, I have never seen risk as misunderstood yet as overemphasized as it is today, especially in the institutional world. Many people are fixated on reducing short-term volatility, not positioning for long-term growth. In this process, indexing is now taking a front seat, whether because of its perceived cost benefits, its supposed lower risk profile, or someone’s viral idea that active investing just doesn’t get the job done over the long run.
- Investing In A High-quality Business...
From Capital Returns: Investing in a high-quality company can seem dull and unrewarding in the near-term. The lower risk which comes from investing in quality companies is only properly observed over the long-term. The fact that investors are often...
- John Mauldin's Outside The Box: Converging On The Horizon - By Ed Easterling
The end is near! Stock market history and earnings cycle history are converging. As a result, the market is likely to be down for the year 2011 or 2012. If not, then it will have been different this time. Crestmont’s research focuses primarily on long-term...
- Hussman Weekly Market Comment: Lessons From A Lost Decade
Over the past decade, stock market investors have experienced enormous volatility, including two separate market declines in excess of 50%. Despite periodic advances, at the end of it all, as a reward for their patience, investors have achieved an average...
- Oaktree - Howard Marks: Letter To Clients
Of the two things I think are most wrong about American business, the worst is short-termism. (The other is the ability of executives to thrive while their companies do poorly.) Companies are rewarded for short-term success and penalized for short-term...
- Position In Focus: Union Pacific
Back in October I mentioned how we were going to be in a lower tax bracket this year compared to last year and most years going forward. We're dropping from the 28% tax bracket all the way to the 15% bracket because of much lower income this year....