Meb Faber Research – Stock Market and Investing Blog

One of the more interesting debates regarding stock valuations is the state of profit margins.  One one side you have Hussman and GMO lining up, and on the other Siegel and Redleaf. I'm on the side of the former, and this is one of the reasons we have moved the majority of our equity allocations to foreign markets (valuations being...

A few new books in the mail for you to flip through while watching the Broncos game... : This is a really interesting book for all those interested in CTAs.  I skimmed it but will have to go back and re-read as the Schwager review is pretty spot on.  It reminds me a bit of that Bridgewater piece on replicating...

Bloomy has a new issue out with the "World's 100 Richest Hedge Funds".  (Downloadable PDF here. Had I realized there was 2011 data I would have run that too.  Perhaps in an update although my guess is that the clones trailed the returns last year as they tend to have similar returns on the downside but much higher beta...

Billions have been pouring into low vol funds in the past few years.  While this phenomena that "risk does not equal return" feels new to many, it has been well known and published for over thirty years. I was sad to hear that one of the all time great quants, and all time great independent market thinkers passed away recently...

(On a personal note, this is an awesome bucket list of dream trips and must do trips for 2013!  Personally the Powder Highway looks like it is right up my alley...)     It's been six years and over 1,200 posts on the blog, and as the year begins I thought I'd give readers a few updates on what is coming in...

Below is a short list of talks I'll be giving in the first few months of 2013.  At one conference I follow Malcolm Gladwell directly prior to happy hour.  Over under on attendees I'm guessing is 10? Best ideas online conference January 7-8 Berkeley, CA, AAII, January 19th Salt Lake and Park City Utah, January 20-23 San Diego, TD Ameritrade Coference, January 30-31 Bogota, Colombia,...

I've always believed in learning from other investment greats as mentors, and that is the tagline from my other site The Idea Farm: “I believe in the discipline of mastering the best that other people have ever figured out.  I don’t believe in just sitting there and trying to dream it up all yourself.  Nobody’s that smart.”  - Charlie Munger and also one...

A great new book out from Wes Gray and Toby Carlisle:  Quantitative Value, + Web Site: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors. My blurb:  "Gray and Carlisle take you behind the curtains to build a black box based on the best value minds in finance.  They combine academia's best ideas with the ideas of Buffet,...

As we wind down 2012, I'm going to summarize a few of my favorite posts from 2012.  But first, I thought it would be worthwhile to take a look at the first few months of The Idea Farm In the first four months we have sent out 35 emails that represent publications that would have cost over $50,000 to subscribe...

People still don't understand the tax benefits of ETFs.  I think they are beginning to, but the big difference will not be for indexes, which are often more tax efficient, but for active equity mutual funds.  Look at this article and see how much was lost to taxes for various funds, then realize that most ETFs don't pay any...