Money and Finance
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Sanjay Bakshi: What GEICO’s Customer Acquisition and Associated Costs Taught Me about Business Economics, Management Quality, and Valuation (LINK) David Einhorn Blames Worst Month Since October 2008 On “Challenging” Market (LINK) Chris Mayer on...
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Meb Faber: 10 Bearish Charts, 1 Bullish Chart (LINK) Richard Duncan interview with Gordon T. Long of Macro Analytics (video) (LINK) [I was also in touch with Richard over the weekend in regards to the coupon code 'valueinvestingworld'...
- Richard Duncan: Why The Fed Will Launch Another Round Of Quantitative Easing
As I've mentioned before, I think Richard Duncan's book The New Depression is one of the few macro-related things worth reading. THIS video interview he did earlier this year also does a great job of going over some of his ideas, for those who...
- Seth Klarman Quotes On Macro Thinking (1991)
This is from the 1991 Barron’s interview:“One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the market. Fortunately for our clients, we don't tend to operate based on the view. Our investment...
- What's The Point Of Macro? - By: Dylan Grice
Most people would see the macro strategist’s role as timing macro events … switching between defensives and cyclicals, adjusting duration, risk-on/risk-off trades, and so on … the only problem is that most of us are rubbish at seeing macro events...
Money and Finance
Macro Watch First Quarter 2014 Introduction (and a coupon code)
I think the majority opinion among value investors is that it isn't worth the time to pay attention to macroeconomics, and that it is better to just focus on individual companies and ignore the bigger picture. I think that's probably mostly true, most of the time, but not all of the time. And while paying attention to the macro picture may not lead one to invest or not invest in a particular stock one thinks is undervalued, I do think it can help one identify potential risks, bubbles, and potential areas where there may be "value traps" due to things happening on a macro level. I also think those who favor the value philosophy tend to have a curiosity about understanding how things work, whether it's the economy, human nature, or the universe, among many other topics, and whether or not that knowledge directly leads to making an investment decision.
Richard Duncan's book, The New Depression, is one of the best things I've read when it comes to taking a complex topic and simplifying it down to its key variables. His explanation of the role credit plays in our economic world today is the best I've seen so far. And like most people who follow Warren Buffett and Charlie Munger closely, I remain skeptical about the ability to forecast the macro economy with any consistency. Richard has been pretty good so far in his predictions, but I pay attention to him more to help me understand what's going on in the present and how things work than I do to act on any forecasts about the future.
Which is also why I'm happy to announce that Richard has been kind enough to offer readers of this blog a 50% discount to his video newsletter, Macro Watch, using the coupon code 'valueinvestingworld'. While still an expensive service, the discount knocks the first year price from $500 down to $250. When you sign up (using PayPal), you enter into a recurring payment, so if you decide you don't want to keep the subscription after the first year, you can easily cancel the service before your first year ends and not be charged any further.
I signed up this week and look forward to spending plenty of time with the videos this year. If you're interested in signing up, go to the Macro Watch subscription page (HERE) and enter the code 'valueinvestingworld' during the checkout process. Below is the introduction to the First Quarter video which was just released if you're interested in seeing what the service is like.
Link
- Links
Sanjay Bakshi: What GEICO’s Customer Acquisition and Associated Costs Taught Me about Business Economics, Management Quality, and Valuation (LINK) David Einhorn Blames Worst Month Since October 2008 On “Challenging” Market (LINK) Chris Mayer on...
- Links
Meb Faber: 10 Bearish Charts, 1 Bullish Chart (LINK) Richard Duncan interview with Gordon T. Long of Macro Analytics (video) (LINK) [I was also in touch with Richard over the weekend in regards to the coupon code 'valueinvestingworld'...
- Richard Duncan: Why The Fed Will Launch Another Round Of Quantitative Easing
As I've mentioned before, I think Richard Duncan's book The New Depression is one of the few macro-related things worth reading. THIS video interview he did earlier this year also does a great job of going over some of his ideas, for those who...
- Seth Klarman Quotes On Macro Thinking (1991)
This is from the 1991 Barron’s interview:“One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the market. Fortunately for our clients, we don't tend to operate based on the view. Our investment...
- What's The Point Of Macro? - By: Dylan Grice
Most people would see the macro strategist’s role as timing macro events … switching between defensives and cyclicals, adjusting duration, risk-on/risk-off trades, and so on … the only problem is that most of us are rubbish at seeing macro events...