Recently, I stumbled over a New York Times puzzle that is followed by an article. It asked readers to pick a number between 0 and 100 that is two-thirds of the average guess of the participants of the game (please play before reading further).
Sunday, September 27, 2015
Thursday, September 24, 2015
The Art of Value Investing: The Fiction That is a Fact
” (…) Today, as we honour the legacy of Graham and Dodd, it is important to remember that value investing is not a perfect science. Rather it is an art, with an ongoing need for judgement, refinement, patience and reflection. (…) ” (Seth Klarman)
Friday, September 11, 2015
Value Investing And The Art of Knowing Nothing
Successfully implementing a value investing strategy requires a lot more than judging the quantitative and qualitative factors of a company and buying when the stock price is below intrinsic value. The Graham and Dodd framework is a simple framework but not easily implemented.
Tuesday, September 1, 2015
Value Investing And The Virtue of Not Being That Stupid
Are you suffering the Dunning-Kruger Syndrome? And no dear reader it is not a highly virulent venereal disease. So there is no need to call your doctor. It is rather a highly virulent cognitive bias spreading around the financial centers of this world.