bengraham
Dear fellow investors, Q4 2021 hedge fund letters, conferences and more Ben GrahamBen Graham is ascribed as being the father of value investing. The intellectual framework he brought to investors was using the available accounting to measure value of a business. His way of measuring was book value, the total assets minus all liabilities. By figuring out this number, he could then divide this metric by the total shares outstanding to understand how much book value per share (what some may call net worth) a company had versus what the price the shares were trading for in the stock market. This i...
ValueWalk
If anything, the past few years has reminded us that the future is unknown and events can take turns you would never expect. Businesses have set-backs, economies have downturns and even the best investors make mistakes. Because of this, leaving some room for error makes eminent sense. Almost a century ago, Ben Graham first proposed the concept of Margin of Safety in his seminal book, ‘Security Analysis.’ Ever since, the term has been indoctrinated into the investing lexicon of the world’s most successful investors. Q3 2021 hedge fund letters, conferences and more Like most things investing how...
ValueWalk
FOMO – or Fear of Missing Out – has been blamed for many of the extraordinary moves we’ve seen in markets. As investors watch from the sidelines while others make fortunes, it becomes too tempting not to join in. Q4 2020 hedge fund letters, conferences and more Ben Graham often wrote of irrational market moves like this, when ‘The investor’s greatest enemy turns out to be himself.’ He defined the difference between speculation and investment, but admitted that speculation is often more fun! At times like these, there are some really important things to remember for investors who intend to thri...
ValueWalk
Howard Marks memo to Oaktree clients for the month of January 2021, titled, “Something of Value.” Q3 2020 hedge fund letters, conferences and more If asked about possible silver linings to this pandemic, I would list first the chance to spend more time with family. Our son Andrew and his wife and son moved in with Nancy and me in Los Angeles at the beginning of the pandemic, as they were renovating their house when Covid-19 hit, and we lived together for the next ten weeks. There’s nothing like getting to spend months at a time building relationships with grandchildren, something we were privi...
ValueWalk
Man Sues Ben Graham’s Dead Body For Writing Useless Book On Valuations That Are Meaningless In Today’s MarketQ2 2020 hedge fund letters, conferences and moreMack Daniels Sues Ben Graham's Dead BodyWishing that he never read The Intelligent Investor, Mack Daniels is suing Ben Graham’s dead body for writing a useless book on valuation that is meaningless in today’s market. “I read The Intelligent Investor over 20 times,” Mack stated violently. “What a complete waste of time.”Mack Daniels, 35, was your everyday man. He drove a red pickup truck. Had a wife with large ones. And hung out with the bo...
ValueWalk
閲覧を続けるには、ノアドット株式会社が「プライバシーポリシー」に定める「アクセスデータ」を取得することを含む「nor.利用規約」に同意する必要があります。
「これは何?」という方はこちら