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Earlier this summer, Howard Marks did an episode of the Masters in Business podcast. Several topics were covered from risk control, market cycles, predicting the future, and understanding the past.
There was some mild interest in my notes on a previous presentation Marks gave on his investment philosophy. So I went back and organized my notes from this interview as well. Continue Reading…
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In the last post, I covered a few of Seth Klarman’s investing principles from a presentation he gave to a Columbia MBA class. He briefly discussed one place he looks for opportunities. Klarman likes to take advantage of mindless selling.
One of the downsides of mutual funds and index funds are the rules defining what a fund can and can’t own. The rules dictate what gets bought or sold. Klarman offered up a couple examples: Continue Reading…
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Seth Klarman addressed a Columbia MBA class back in 2010. Someone was nice enough to record it (you can find the video at Valuewalk).
His presentation covered his investing principles, which have defined his success over the years. I pulled out three of his principles below. Continue Reading…
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Sanjay Bakshi is the latest to do a Talk at Google (link to the video). Bakshi, an MBA professor, teaches about behavioral financial and valuation.
In the talk, Bakshi discusses five areas where the market misprices a moated business because it’s given the wrong label: Continue Reading…
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Last week, I pointed out that experience is a great teacher for those willing to learn. But it can be a slow process at times. The best way to speed it along is to study history.
The best example I have is learning from market extremes. Despite the constant talk of bubbles and crashes, the market spends most of its time away from these extremes. Continue Reading…
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The popular world view is short term and technology has only helped to shrink that view. That’s why being a contrarian to that perspective is a big advantage for investors. But should we pay attention to the short term?
The media has been circling like vultures for an opportunity like this since the last market correction in May 2011 because nothing draws eyeballs like high volatility and a correction. Continue Reading…