Money and Finance
Munger residents praise unique living environment [H/T Linc] (LINK)
Are Buybacks an Oasis or a Mirage? (LINK)
Mutual Fund Observer, October 2015 (LINK)
Value Investing Podcast: Christopher Pavese on His Value Investment Philosophy (LINK)
Deutsche Bank Mistaken for Bundesbank Saved on Funding Costs [H/T Phil] (LINK)
How Steve Jobs Fleeced Carly Fiorina [H/T The Big Picture] (LINK)
Richard Dawkins discusses his book Brief Candle in the Dark with the WSJ (video) [H/T Will] (LINK)
Behold, the Mess That Is Pluto's Moon Charon (LINK)
- Links
Charlie Munger Isn't Done Bashing Valeant [H/T Will and Linc] (LINK) Ackman said during the presentation that he spoke with Munger about his March remarks. The Berkshire vice chairman’s objections focused on leverage, tax rates and acquisitions,...
- Links
Bill Gates: We Need Clean-Energy Innovation, and Lots of It (LINK) Mohnish Pabrai on How to be a Mentor (LINK) Related book: The Education of a Value InvestorValue Investing Podcast: Robert Hagstrom on the Art of Value Investing (LINK) Related...
- Links
Elizabeth Holmes: One woman’s drive to upend medical testing (LINK) Related links: Elizabeth Holmes at TEDMED 2014 (video), Elizabeth Holmes interview at TechCrunch Disrupt San Francisco ’14Atul Gawande's 2014 Reith Lectures...
- Links
A mental model education (LINK) Sanjay Bakshi: Why I Still Don’t Like MCX (LINK) The Jack Ma Way (LINK) In case you haven't bought your copy yet, Guy Spier's book officially comes out tomorrow (LINK) Market Cap to GDP: The Buffett Valuation...
- Buybacks Aren't Doing Much For Shareholders Right Now
"If everyone is doing (buybacks), there must be something wrong with them." - Henry Singleton, former Teledyne CEO (profiled in The Outsiders) With the exception of 2009, gross buybacks have outpaced dividends paid by U.S. companies each year since...
Money and Finance
Links
Munger residents praise unique living environment [H/T Linc] (LINK)
Are Buybacks an Oasis or a Mirage? (LINK)
Key Points
1. In 2014, the S&P 500 Index’s dividend (1.9%) + buyback (2.9%) yield = 4.8%, but this yield was not realized by investors.
2. As in most years, in 2014 issuance of new shares—for management compensation, new investments, and funding mergers and acquisitions—exceeded buybacks.
3. The dilution rate for the U.S. equity market in 2014 was 1.8% compared to the historical dilution rate of 1.7% over the 80-year period from 1935 to 2014.
4. U.S. equity investors in aggregate—contrary to appearances—have not realized a benefit from the recent spate of stock repurchases.Related link to the above: Warren Buffett on Share Repurchases
Mutual Fund Observer, October 2015 (LINK)
Value Investing Podcast: Christopher Pavese on His Value Investment Philosophy (LINK)
Deutsche Bank Mistaken for Bundesbank Saved on Funding Costs [H/T Phil] (LINK)
How Steve Jobs Fleeced Carly Fiorina [H/T The Big Picture] (LINK)
Richard Dawkins discusses his book Brief Candle in the Dark with the WSJ (video) [H/T Will] (LINK)
Behold, the Mess That Is Pluto's Moon Charon (LINK)
- Links
Charlie Munger Isn't Done Bashing Valeant [H/T Will and Linc] (LINK) Ackman said during the presentation that he spoke with Munger about his March remarks. The Berkshire vice chairman’s objections focused on leverage, tax rates and acquisitions,...
- Links
Bill Gates: We Need Clean-Energy Innovation, and Lots of It (LINK) Mohnish Pabrai on How to be a Mentor (LINK) Related book: The Education of a Value InvestorValue Investing Podcast: Robert Hagstrom on the Art of Value Investing (LINK) Related...
- Links
Elizabeth Holmes: One woman’s drive to upend medical testing (LINK) Related links: Elizabeth Holmes at TEDMED 2014 (video), Elizabeth Holmes interview at TechCrunch Disrupt San Francisco ’14Atul Gawande's 2014 Reith Lectures...
- Links
A mental model education (LINK) Sanjay Bakshi: Why I Still Don’t Like MCX (LINK) The Jack Ma Way (LINK) In case you haven't bought your copy yet, Guy Spier's book officially comes out tomorrow (LINK) Market Cap to GDP: The Buffett Valuation...
- Buybacks Aren't Doing Much For Shareholders Right Now
"If everyone is doing (buybacks), there must be something wrong with them." - Henry Singleton, former Teledyne CEO (profiled in The Outsiders) With the exception of 2009, gross buybacks have outpaced dividends paid by U.S. companies each year since...