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Here are the ratios, in no particular order, that I like to check in order to get a good all round picture of a company. Price to Book Value (P/B) Where would a value investor like me be without the P/B ratio. It is one of the most fundamental metrics and will tell you at what level a stock is trading in relation to its book value.
Data is a real-time snapshot *Data is delayed at least 15 minutes Market Data Terms of Service Global Business and Financial News, Stock Quotes, and Market Data and Analysis © 2012 CNBC LLC. All Rights Reserved we're live in sun valley joined by warren buffett. mr. buffett let's get back to what we were talking about with europe before. sure. the spreads blew back out again and all of the fixes we thought we'd seen from the ecb at this point seem to be lasting for less and less time. back above 7% for some of these bonds. what's this mean?
HEDGE-FUND bosses rarely double as cult authors. But an out-of-print book by Seth Klarman, the boss of the Baupost Group, sells for as much as $2,499 on Amazon. A scanned version of “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor” has been circulating around trading floors. One hedgie likens Mr Klarman's book to the movie “Casablanca”: it has become a classic. Why are Wall Street traders such avid readers of Mr Klarman? Baupost, which manages $25 billion, is the ninth-largest hedge fund in the world.
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People in finance work incredibly long hours. What's it like being married to such a person? In an earlier post here , a banker's ex-girlfriend spoke of her failed attempts to make her relationship work.
In 1999 a pair of researchers published a paper called "Unskilled and Unaware of It: How Difficulties in Recognizing One's Own Incompetence Lead to Inflated Self-Assessments (PDF)." David Dunning and Justin Kruger (both at Cornell University's Department of Psychology at the time) conducted a series of four studies showing that, in certain cases, people who are very bad at something think they are actually pretty good. They showed that to assess your own expertise at something, you need to have a certain amount of expertise already. Remember the 2008 election campaign?
He may be the most driven investor on earth. And now the founder of the $17 billion Fairholme Fund is making the boldest bet of his career. Berkowitz in his home office in Coral Gables, Fla., with his beloved poodle, Jazz. He struggles to sustain interest in anything besides investing. "You do what you enjoy," he says. Bruce Berkowitz is starting to sweat.
Pat Dorsey : Hi, I'm Pat Dorsey, director of equity research at Morningstar. With all of the focus we give to economic moats or a competitive advantage at Morningstar, I think sometimes investors may lose sight of the fact that we also pay very close attention to the price we pay for the stocks that we recommend, because, of course, an expensive wide-moat stock is going to deliver you a very bad prospective return relative to a cheap no-moat stock. And I think, unfortunately, this has colored the experience of a lot of people over the past decade, when perhaps they owned a portfolio of blue chips in say 2000 at very high valuations, and while those companies may have retained their competitive advantages and grown earnings and done very well operationally over the past decade, well, frankly, the shares have either gone down or gone nowhere as the valuation has compressed.
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Why every Non Exec should think like Warren Buffett A value investing framework for protecting Shareholder Capital From the outside, Non Executive Directors have it easy, rolling up to the odd Board meeting and collecting a handsome pay cheque – it used to be described as a gravy train. As investment managers, we see it very differently. Non Execs have a very challenging and vital role, covering a broad range of responsibilities but based on a limited (by time) knowledge of the day-to-day workings of the businesses they help to govern. One part of the range of responsibilities which we see little written about or discussed is capital allocation. As a role model for applying the responsibilities of a Non Executive, we look to the most successful builder of shareholder capital, Warren Buffett.
The Sage of Omaha has redefined the idea of value investing. But will its principles survive his inevitable passing? Ben Baker/Redux