In this article, Howard Marks argues that while well-intentioned, most government interventions in the economy that contradict fundamental economic principles are doomed to fail and policymakers should respect rather than attempt to repeal the basic laws of economics. The free market, even with its flaws, has the best track record of producing prosperity.
In this interview, Bill Nygren from Harris Associates, explains his quite unconventional approach to value investing. Despite being a value investor, his portfolio has recently included tech giants like Netflix, Amazon, Meta, and Alphabet (his largest position). Bill shares his highly effective approach to value investing and the various strategies.
In this article and video, NYU professor Aswath Damodaran makes the data-driven case that the Federal Reserve’s influence over interest rates, the economy, and financial markets is far more limited than conventional wisdom suggests.
In this interview with Value After Hours, Guy Spier discuss a number of different topics, including how the Lollapalooza Effect drives influence. Guy uses a historic example from Russia as well as a more current example with the credibility (or lack of) when using credit rations.
In this article, Aswath Damodaran, follow up on his latest book on corporate lifecycle by examining three companies: Intel, Walgreens, and Starbucks. Companies that all face challenges as they age, and their growth slows. As Aswath puts is – Aging is inevitable for companies, and we need to better recognize CEOs who manage decline or shrinkage well, rather than just celebrating high growth.
In this article, Matthew McLennan and Kimball Brooker from First Eagle describe how they build resilience into their portfolios and why they think that’s particularly important today.
In this discussion, Bridgewater and GIC, the entity that is responsible for managing Singapore’s international reserves, assess the issues they think are most important for investors to grapple with in the years ahead.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
In his Pershing Square 2024 Interim Report, Bill Ackman discusses the current stock market environment, noting that a significant portion of market capitalization is now held by permanent owners such as index funds.
In a recent interview, Guy Spier discusses the importance of taking risks, especially for individuals in their twenties. He suggests that this period is ideal for career and financial risks due to the ample time available to recover from failures.
At the Oaktree Conference 2024, Howard Marks highlighted a shift in the economic environment from a period of ease for business, finance, and investing to one of increased normalcy. He suggested that this transition could lead to slower economic growth, reduced profit margins, and decreased investor optimism
At this presentation hosted at YPO Delhi, Mohnish Pabrai illustrates the power of compounding to his daughter during a late-night drive.
In this interview, Michael Mauboussin discuss various aspects of investing and market dynamics. Key topics covered in the episode include:
In this short article, the team at AQR discuss the concept of ‘portable alpha’ as a strategy for enhancing investment returns, especially in the context of rising stock market valuations and the expectation of lower-than-average equity returns.
In this session, Mohnish Pabrai discusses the importance of learning from investment mistakes, both personal and those of renowned investors like Warren Buffett and Charlie Munger. He highlights the inevitability of errors in predicting the future and the value of studying past mistakes to avoid repeating them.
In this interview, Howard Marks discuss the many parallels between chess and investing, including the lesson that not taking enough risk may be one of the riskiest strategies of all.
