Money and Finance
- Safal Niveshak: Value Investing, The Sanjay Bakshi Way 2.0 – Part 2
For Part 1, which was a great overview on MOAT investing, go HERE. A big thanks to Vishal Khandelwal for doing these brilliant interviews. Link to interview: Value Investing, the Sanjay Bakshi Way 2.0 – Part 2Excerpt: As a disciple of Ben...
- Benjamin Graham: Figuring It Out (book Review)
BEFORE Benjamin Graham started to work on Wall Street, investment analysis was a hit-and-miss affair, focusing more on recent price movements than on the merits of individual companies. Graham, a brilliant mathematician, took the process to a much higher...
- Tariq Ali’s Notes From Li Lu’s 2010 Lecture At Columbia
Thanks to Tariq for putting these notes together. And another thanks to Kjetil for initially passing the video link along. Link to: Li Lu’s 2010 Lecture Notes ……………….. Excerpts from Tariq’s Notes: Columbia is where my whole life in America...
- Interview With Bruce Berkowitz
Advisor Perspectives with an interview of Bruce Berkowitz on 12/24.-Based on your metric of free cash flow yield, how cheap or expensive is the overall market on a historical basis? The last tough environment was in 1987, but that was a sudden shock...
- Graham And Doddsville Newsletter - Summer/fall 2008
Columbia Business School's Graham and Doddsville Newsletter Featuring Mohnish Pabrai, Joel Greenblatt, Bruce Greenwald, Warren Buffett, Bill Ackman-....................-Related Books: -The Dhandho Investor-You Can Be a Stock Market Genius-The Little...
Money and Finance
Graham and Doddsville Newsletter - Winter 2009
Columbia Business School's Graham and Doddsville Newsletter
Featuring Bruce Berkowitz, Michael Mauboussin, and Bruce Greenwald
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Excerpt (Thanks Linc!):
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Berkowitz: The amazing thing is that people just don’t seem to learn from history. Difficult times correct problems. Companies are tightening up, losing the fat, becoming more efficient, learning very tough lessons about leverage, and relearning about the sanctity of the balance sheet. They are learning that you should not play Russian roulette even if the gun may have a thousand chambers and only one bullet because if you hit that bullet, you are dead. Much of the probability and statistics work—for instance, Monte Carlo simulations—are based upon thousands and thousands of spins of the wheel. But if you kill yourself that one time, you can’t spin again. I don’t know where that is addressed in the statistical courses. Now we know it. Now we have books about black swans and fat tails, and we understand that a bad thing can happen more often than you think.
In life as in investing, what kills you is what you don’t know about and what you’re not thinking about. Today investors are focused on most of the ways in which you can die, which is a great signal for the future. It is when you’re not thinking about it that you get hurt. It is when you pay that optimistic price. It has always paid to be very greedy when everybody else is quite fearful of the environment, because that fear factor is priced in. You tend to get a relatively decent margin of safety based on the price you are paying for a given level of free cash flow. That is where we are today. What better time is there? If not now, when? Was it a better time to invest three years ago? Six years ago? And the answer is no. What is happening today, as in most bear markets, is that people either don’t have the cash or they don’t have the stomach—hence the low valuations.
In life as in investing, what kills you is what you don’t know about and what you’re not thinking about. Today investors are focused on most of the ways in which you can die, which is a great signal for the future. It is when you’re not thinking about it that you get hurt. It is when you pay that optimistic price. It has always paid to be very greedy when everybody else is quite fearful of the environment, because that fear factor is priced in. You tend to get a relatively decent margin of safety based on the price you are paying for a given level of free cash flow. That is where we are today. What better time is there? If not now, when? Was it a better time to invest three years ago? Six years ago? And the answer is no. What is happening today, as in most bear markets, is that people either don’t have the cash or they don’t have the stomach—hence the low valuations.
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- Safal Niveshak: Value Investing, The Sanjay Bakshi Way 2.0 – Part 2
For Part 1, which was a great overview on MOAT investing, go HERE. A big thanks to Vishal Khandelwal for doing these brilliant interviews. Link to interview: Value Investing, the Sanjay Bakshi Way 2.0 – Part 2Excerpt: As a disciple of Ben...
- Benjamin Graham: Figuring It Out (book Review)
BEFORE Benjamin Graham started to work on Wall Street, investment analysis was a hit-and-miss affair, focusing more on recent price movements than on the merits of individual companies. Graham, a brilliant mathematician, took the process to a much higher...
- Tariq Ali’s Notes From Li Lu’s 2010 Lecture At Columbia
Thanks to Tariq for putting these notes together. And another thanks to Kjetil for initially passing the video link along. Link to: Li Lu’s 2010 Lecture Notes ……………….. Excerpts from Tariq’s Notes: Columbia is where my whole life in America...
- Interview With Bruce Berkowitz
Advisor Perspectives with an interview of Bruce Berkowitz on 12/24.-Based on your metric of free cash flow yield, how cheap or expensive is the overall market on a historical basis? The last tough environment was in 1987, but that was a sudden shock...
- Graham And Doddsville Newsletter - Summer/fall 2008
Columbia Business School's Graham and Doddsville Newsletter Featuring Mohnish Pabrai, Joel Greenblatt, Bruce Greenwald, Warren Buffett, Bill Ackman-....................-Related Books: -The Dhandho Investor-You Can Be a Stock Market Genius-The Little...