Meb Faber Research – Stock Market and Investing Blog

are trading at ridiculous discounts (ala closed-end funds in the US) right now.  Third Point is trading at a 30% discount to NAV (and it was 50% at the end of the year)! http://www.thirdpointpublic.com/ Update: You have to be careful with these funds as they can be illiquid and trade widely around their NAV.  There are also some screwy tax issues...

CXO summaries the paper "The Effect of Market Regimes on Style Allocation", by Manuel Ammann and Michael Verhofen: There are two reasonably distinct overall equity market regimes with different mean returns and volatilities: low-volatility and high-volatility. Market volatility is 2.6...

After growing increasinly frustrated with Blogger, I have decided to move my blog over to the WordPress Platform.  Since someone is squatting on worldbeta.com (and I refuse to pay more than $500 for the domain), the new blog location is www.mebfaber.com. Update your bookmarks and RSS feeds! Also, let me know what you think of the new design and if there...

This is a great intro book to factor based stock screening - Quantitative Strategies for Achieving Alpha by Richard Tortoriello. I would place Greenblatt's books, Haugen's The Inefficient Stock Market, and Chinicari's Quant Equity Portfolio Management in the same league (in order from simple to complex.) In the more than 40 single factors he tested from 1987-2006, guess which...

This is one of the major problems I have with investing commentary (more here). There are so many blogs, reporters, and portfolio managers that I put in the camp of "ranters". They rant about this and that (Gold to $2000! Oil to $10! Oil to $300! Inflation! Deflation! The Fed!), but the bottom line is "do...

Covel has a nice article posted on his site by one of the original Turtles - "On the Nature and Origins of Trendfollowing". There is a ton of literature mentioned (lots published in the 1800s and early 1900s). ---- This might as well be magic as far as I'm concerned. ---- When Diversification Failed ---- Find this blogger a new gig and get $1000...

Will 2008 be remembered as the year that dealt a death blow to hedge fund of funds (FOFs) and hedge fund indexes? I love hedge funds, but I am not a big fan of hedge fund indexes or FOFs. (I like the foreign listed hedge funds a bit more than the privates, but that is a different...

In late 2006 I proposed tracking a portfolio of 10 hedge fund managers I considered to be great stockpickers. It sounded good to me in theory, but I always like to let the data speak for itself. I went and backtested two strategies based on their 13F filings:Top Holdings - This selected the top 2 holdings from...

          In February of '08 I wrote an article titled "When is it Time to Buy Gold Stocks?". Please read that post for background info as I don't want to repeat myself, but the ratio of gold stocks to bullion is near all time lows at .86. I used to track this every week for a whole host of commodities...

I'll be speaking at the Inside ETFs Conference next week. If you are in Miami or Boca Raton (or going to the conference) drop me a line.Jan 11-13/14