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.
For the last decade, NYU professor Aswath Damodaran has been incorporating the idea that companies age, just like human beings do. Over the years, it has become his unifying construct that he uses to explain or at least talk about almost every phenomenon in business. In this video, Aswath shares his thoughts on the lifecycle that every company eventually goes through.
In this interview, Howard Marks of Oaktree provides his three investment essentials for all investors. Howard explains that the market is unpredictable and constantly changing, so one should not be overconfident in their predictions.
In this article and video, Aswath provides an update to his country risk premium, starting with the drivers of country risk, moving on to measures (sovereign ratings, country risk scores, equity risk premiums) and closing with an explanation of how country risk plays out in business and investing decisions.
Bridgewater’s three CIOs discuss why the economic expansion is likely to stay durable even as it slows, why a sustained expansion with central bank easing isn’t as good for assets as it might seem, and the opportunities they see.
In this letter to shareholders, the team at Polen Capital shares their thoughts on AI. Despite all the hype, the Polen team has a constructive long-term outlook on AI’s transformative potential but advocates a patient, globally diversified, and active investment approach focused on quality companies, while being mindful of uncertainty and volatility along the way.
In this Q2 2024 update to investors, Bill Nygren and the team at Oakmark Fund give their perspective on the current growth stock dominated market environment.
Kurt Kara and the team behind Maj Invest Value Aktier provide their quarterly portfolio update in their second quarter 2024 letter to shareholders.
In this interview with Bloomberg, Howard Marks shares his views on the US economy, the opportunities he sees in China, and the debt woes in the country’s real estate market.
Mohnish Pabrai’s recently visited The University of Nebraska, where they discuss a number of interesting topics including advice for young investors, how to evaluating a management team, and his specific investment thesis of CONSOL Energy vs. IPSCO.
In this Bloomberg interviews, AQR co-founder Cliff Asness discuss the unpredictability of financial markets since 2002. He highlighted how extreme events, like the tech bubble and COVID-19, challenge assumptions. Asness emphasize how investors need to understand not only investment pain, but also the severity and duration.
In this keynote address at the 2024 Value Investing Conference, Jason Zweig, tenured investing columnist for The Wall Street Journal, discussed the continued relevance of Benjamin Graham’s principles of value investing, 75 years after the publication of Graham’s classic “The Intelligent Investor”.
In this episode of Capital Allocators, Michael Mauboussin explores one of his most recent pieces on “Pattern recognition”. Examining when it is effective and when it falls short. It then transitions to discussing the evolving nature of public markets, inspired by another of Mauboussin’s recent research reports titled “Birth, Death, and Wealth Creation.”
In this interview with the Wall Street Journal, Ray Dalio, Bridgewater Associates founder, discuss what can history tell us about the current-day economy. Ray explains how it helped him form principles that guided him in business and daily life, the changing world order and diversification in investing.
Are you ready for the next market downturn? François Rochon certainly is. As founder of Giverny Capital, he has spent decades studying and investing in the stock market. His approach is grounded in thorough research and a long-term perspective, allowing him to weather even the most turbulent market conditions. In this interview, Rochon shares his insights on how investors can prepare for market downturns and come out ahead.
In their latest article, Michael J. Mauboussin and Dan Callahan explore the question of stock market concentration.
