In this article, AQR assess the assumption built into today’s market and what that likely will mean for forward returns. These insights aim to guide investors in setting realistic medium-term (5-10 years) expectations while emphasizing the importance of valuation discipline and diversification in navigating compressed risk premia across asset classes.
In this insightful podcast, Howard Marks, co-founder of Oaktree Capital, and Guy Spier, founder of Aquamarine Capital, share timeless investment wisdom. The discussion delves into essential principles for successful investing, including understanding market cycles, practicing second-level thinking, managing risk, and adopting long-term, contrarian strategies.
In this interview, Ray Dalio highlights that while investors often prioritize buying great companies, they frequently neglect the critical factor of pricing, which can transform even a great company into a poor investment if it’s overvalued.
In this interview, Cliff Asness addresses the difficulty of assessing an investment strategy during challenging times. He cautions against two extremes: abandoning a strategy prematurely due to short-term losses or rigidly clinging to it without adapting when needed.
In this interview, NYU professor Aswath Damodaran highlights that both life and investing are inherently uncertain, making it impossible to predict or control everything. This uncertainty often makes people uncomfortable, leading them to either ignore it or seek answers from others.
In this interview from 2008, Warren Buffett shares his insights on investing, the economy, personal happiness, and broader societal issues. The conversation offers a deep dive into his philosophy on business, life, and decision-making.
In this 2024 annual letter, Matthew McLennan and team reflects on a year marked by concentrated equity market performance, macroeconomic challenges, and geopolitical shifts. They emphasizes the importance of diversification, value-oriented investing, and hedging against uncertainty in an evolving global landscape.
In his annual letter to shareholders, Terry Smith argues that passive funds function as momentum strategies, creating a self-reinforcing cycle that inflates large-cap stock valuations.
In a recent interview with Barron’s, value investor Christopher Davis delves into two critical investment considerations: identifying the right businesses to own and determining the appropriate price to pay for them.
In this interview, Francois Rochon, CIO of Giverny Capital, discusses how a handful of dominant companies—such as Amazon, Apple, Microsoft, and Nvidia—have significantly influenced the S&P 500’s performance in recent years. Their rapid growth has increased their weighting in the index, encouraging more investors to adopt indexing strategies, which further reinforces their dominance.
This is the first interview Li has accepted with domestic Chinese media after four years. In the interview, Li recalled his mentor Munger, summarized his spiritual legacy, and pointed out that it was Munger who made value investing possible in the global practice.
In this interview, Christopher Bloomstran, CIO of Semper Augustus, offers a wealth of insights into value investing, ethical business practices, and the critical role of patience and trust in achieving long-term success in both investing and life.
Matthew McLennan provides insights into navigating volatile markets with a focus on resilience and strategic asset allocation.
Jamie Lowry, Managing Director of UK based Hamblin Watsa Investment Council, was the Keynote Speaker at the Ben Graham Centre’s 4th European Value Investing Conference where he provided a deep dive into to topic “The Management of Value”.
In this interview with Jason Zweig, the editor of the 75th anniversary edition of Benjamin Graham’s classic book ‘The Intelligent Investor’, he discusses Graham’s timeless principles for successful investing.
In a recent interview, François Rochon discusses his approach to identifying exceptional businesses by combining quantitative and qualitative analysis. He starts by examining historical performance metrics such as return on capital, profit margins, debt levels, and the quality of earnings to identify strong companies.
In a recent interview, Cliff Asness delves into the complexities and prospects of rational investing, especially during times of significant market inefficiency
In his latest article, Michael Mauboussin presents a collection of their most interesting and controversial charts and insights from their reseach.
In a recent interview on Bloomberg, Bill Nygren CIO of Oakmark, shares his insights into the firm’s approach to public equity investing through a private equity lens. He discusses Oakmarks investment philosophy, risk management strategies, and broader market perspectives.
In his recent guest lecturer presentation at University of Nebraska Omaha, Mohnish Pabrai talked about investing in win-win deals, how early start of the investing journey gives maximum returns, and some advice on selecting our inner circle.
In his recent blog post “The Siren Song of Sustainability,” NYU professor Aswath Damodaran critiques the concept of sustainability, particularly its connection to ESG (Environmental, Social, and Governance) practices. He describes ESG as an empty acronym, filled with hypocrisy and marketed with misleading promises.
In a recent book interview, Cliff Asness compares quantitative and discretionary investing, emphasizing that both aim to identify undervalued stocks with catalysts for revaluation.
In a recent interview with Barron’s, Howard Marks reflects on his early career in finance, recalling how banks in the 1970s invested heavily in the “Nifty Fifty” — a group of America’s fastest-growing companies, considered unbeatable regardless of their valuation.
The folks over at AQR recently wrote a piece on how to use machine learning in stock portfolio construction. Specifically stock portfolio selection and timing. The article is quite technical but do provide some food for thought for less sophisticated investors on how AI can be implemented in an investment strategy.
