I believe, but cannot prove, that true alpha does not exist for individual investors. There are too many conflicts of interest and “frictions” in the system for an individual investor to enjoy market-beating results. I believe this is the case … Read more
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During the first five months of the year, risk assets marched steadily higher as central bank asset purchases abolished volatility from financial markets. In the wake of a more hawkish Fed, this veneer has begun to crack, with rising turmoil … Read more
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With prospects for GDP brightening, it would be an easy mistake to get caught up in the excitement of a return to economic normalcy by pursuing ever-increasing equity valuations. After all, if markets did well throughout the Great Recession, just … Read more
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“I realized that when I couldn’t understand something that a company was saying, it wasn’t my fault.” Mike Mayo, CFA, is an outspoken analyst and a notable expert on the banking system, but the above statement is perhaps one of … Read more
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Linkfest.com finds today’s top headlines by following the best ‘curators’ on the Web and on Twitter, and by your votes and social media shares – pick the most important stories you think should appear by voting here. 1. IMF World … Read more
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I’ve recently had the pleasure of catching up with the Berkshire Hathaway Annual Report for 2012, which contains an interesting discussion on dividend policy. With dividends being all the rage in our low interest rate environment, this seems like a … Read more
4 Comments Earlier this month, we outlined our investment thesis in shares of Hospira (HSP) on a napkin, which is illustrated below. Feel free to roll up your sleeves, wipe your hands and have a look at the full report, which is … Read more
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