Another Dividend Mistake
There are lots of cliches you hear when people are discussing dividends and buybacks. Realize one of the biggest benefits of including net buybacks in your calculation rather than dividends alone is not necessarily including the companies that are reducing share count, but also avoiding the companies increasing it.
I ran a quick screen on the S&P500. Of the 20...
0.1% Management Fee and 10% Performance Fee Above S&P500
Fun article on the internal hedge fund managers at Berkshire.
Closer Look at the CAPE Ratio
Below is a fun webinar put on by Shiller/Barclay's/IndexU. Who better to hear chat about CAPE than Shiller?
My only comment is I think their current values on the consumer disc/staples are way off...but fun to hear them talk about CAPEs of railroads for the entire 20th Century! Also good to hear they are doing research in foreign countries and...
A Few Happy Funds Yesterday
One of the cool features of AlphaClone is the ability to sort the hedge funds with high exposure to a particular stock. Below are a few funds and their % 13F long exposure to NFLX and AIG, two names up big yesterday.
Real Returns
This is an older post but I had a reader asking about a similar topic so I thought I would repost...
Here are some long term charts based on the data from Morningstar / Dimson Marsh Staunton.
Below are the best, middle, and worst case scenarios for the main asset classes of sixteen countries from 1900-2011. All are real return series...
Intrinsic Value by Another Method
Good post by Thompson on another global value methodology, this time from the bottom up (via ValueWalk).
Broadening the Window – Aligning Indicators with Correct Holding Periods
One of the biggest problems with value is the time it takes to work itself out. Over, and under valued securities and markets can stay stubbornly mispriced for years, or even decades. My favorite grandaddy of all bubbles, Japan, took about 20 years to get back to normal valuation. And even now the stock market is down 30% from...
Romick and Davis
A couple fun interviews, first Ned Davis and Ritholtz, then Forbes and Romick.
[youtube https://www.youtube.com/watch?v=zbf62fkgaJ4]
Becoming Asset Class Agnostic, or, A Golden Dilemma
People often get attached to their investments. You will hear people described as a goldbug, or a stock guy, or perhaps a dividend income loving retiree. I've never really seen the wisdom in falling in love with one asset class or another. It seems to me from history that every asset class is great sometimes, and horrible other times....
