Investor News
- By Borsgade
In his recent letter to shareholders, Christopher Davis highlights that the era of near-zero interest rates ended in March 2022 when the Federal Reserve started raising rates. This shift marks a return to a more normal economic environment, though it may bring volatility and disruptions.
- By Borsgade
In this article, Michael Mauboussin argues that whenever investors value a stake in a cash-generating asset, they are essentially using a discounted cash flow (DCF) model, whether explicitly or implicitly.
- By Borsgade
In this video, Guy Spier gives a full tour of the Aquamarine office in down town Zürich. Guy walks around the office while discussing the idea and history behind the different office spaces and the library.
- By Borsgade
In this article, Aswath Damodaran delves into the complex interplay between corporate earnings reports, market expectations, and stock price movements, using Nvidia's recent earnings announcement as a case study.
- By Borsgade
In this interview, Guy Spier covers a wide range of topics, blending practical investing advice with broader life lessons and philosophical insights. Guy emphasizes the importance of long-term thinking, personal growth, and maintaining a balanced perspective on success and happiness.
- By Borsgade
In this video, NYU Professor Aswath Damodaran shares his thoughts on how AI may cause disruption on a personal level. The media argue that AI is coming for our jobs, and for Aswath, that threat became real when he learned of a bot in his name that had read and listened to everything that he had ever written or said.
- By Borsgade
In his latest paper titled ‘The Less-Efficient Market Hypothesis’ AQR's Cliff Asness explains why he believes markets have become less efficient over the past 30+ years due to technology, gamified trading, and social media. This inefficiency raises the stakes for rational active investing, with bigger and longer-lasting market swings. Investors should embrace this opportunity but remain cautious of strategies that might not perform well long-term.
- By Borsgade
In his recent memo, Howard Marks explores the concept of "Mr. Market," a metaphor introduced by Benjamin Graham to describe the stock market's erratic behavior. Marks discusses the market's tendency to miscalculate asset values due to emotional swings between optimism and pessimism.
- By Borsgade
In their recent commentary, Bill Nygren and his colleagues at Harris Associates discuss how to avoid value traps. In their perspective, value traps occur when a stock appears undervalued but fails to grow its per-share value at an acceptable rate.
- By Borsgade
In his latest article titled The Math of Value and Growth, Michael Mauboussin explores the relationship between growth, return on capital, and the discount rate in valuing financial assets.