Investing: Theory vs. Practice
Earlier this week I gave a presentation to the Investment Management Club at the London Business School. I hope you find it useful.
View ArticleDon’t you believe them
By the time I started writing my D.Phil. thesis, I had pretty much come to the conclusion that academic life was not for me. So I decided to try and see what it was like to work in the City, and got a...
View ArticleBuffett’s dud
Look at the top holdings of Italian Equities funds (Azionari Italia) on morningstar.it. They are the same for most of them: ENI, Intesa Sanpaolo, Enel, Unicredit, Luxottica, Assicurazioni Generali,...
View ArticleRun away
In the latest chapter of his life-long and eventually triumphal effort to promote index investing, John Bogle explains what lays at the foundation of his philosophy: ‘my first-hand experience in trying...
View ArticleFinance Babel
As he wrote his ‘Challenge to Judgment’ on the first issue of the Journal of Portfolio Management in 1974, Paul Samuelson expected ‘the world of practical operators’ and ‘the new world of academics’ –...
View ArticleFull circle
Investment risk is the probability of a substantial and permanent loss of capital. We buy a stock at 100 expecting to earn a return, consisting of appreciation and possibly a stream of dividends. But...
View ArticleBogleheads
I recently came across a post on the Bogleheads.org Forum. Lauretta – why people like online anonymity never ceases to boggle me (sorry!) – referred to an article of mine on MOI Global, resulting from...
View ArticleThe lady tasting beans
A cynic’s definition of a value investor: someone who seeks to buy at 40 cents a business that is worth a dollar and to invest in a business that is able to charge a dollar for what is worth 40 cents....
View ArticleO Value, Where Art Thou?
Lord Darlington. What cynics you fellows are! Cecil Graham. What is a cynic? [Sitting on the back of the sofa.] Lord Darlington. A man who knows the price of everything and the value of nothing....
View ArticleGrahamian Investing
My post on Value was inspired by Aswath Damodaran’s three posts on Value Investing. Like many, I am a regular reader of Professor Damodaran’s blog. I find his posts interesting, sharp and...
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