Practical analysis for investment professionals

Drivers of Value


The Unintelligent Investment? Gauging Facebook’s IPO Through the Lens of Graham and Dodd

Investors who bought shares in the recent public offering should have first consulted the authors of Security Analysis, who wrote that the intrinsic value of a security is “that value which is justified by the facts . . . as distinct, let us say, from market quotations established by artificial manipulation or distorted by psychological excesses.”

Using Twitter To Understand Information and Improve Investment Returns

Twitter is an excellent resource for investors wanting to understand information and improve investment returns.

Take 15: India’s Opportunities in Tomorrow’s World

Clint R. Laurent discusses how the resolution of sovereign debt problems in the United States and the Eurozone will affect economic activity and the flows of trade and finance across the globe. Specifically, he touches upon the substantial challenges faced by India and the rest of east Asia in the composition of demand and output and how major bond, equity, and currency markets anticipate the incipient cyclical and structural shifts in the world economy.

An Overview of Alternatives to Credit Ratings

In the wake of the Great Recession, many alternatives to the traditional credit-rating agencies are being considered. Here is an overview.

A New Investment Thesis for China

Patrick Chovanec of Tsinghua University argued that an imminent correction will yield promising opportunities in dynamic new sectors of the Chinese economy.

Population Growth Bodes Well for African Economies

The world population has surpassed 7 billion people. As inhabitants of Earth first, and investors second, should we be concerned? According to economist and demographer Richard Hokenson the answer is no. Instead, we should be concerned that the world population is projected to shrink as it ages — and as a result the global labor force will soon be declining.

Africa: The Land of Alpha

The famed hockey player Wayne Gretzky once said, "A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be." Frontier markets — especially those in Africa — are where alpha is going to be.

Generating Investment Ideas: Interview with Entegra’s Jim Butcher (Part 1)

Scenario planning is a valuable tool for all financial professionals, ranging from those in corporate finance to those in investment management. Part one of an interview with ex-Morgan Stanely/Entegra Partners' Jim Butcher.

Just Released: Rethinking the Equity Risk Premium

Ten years ago investment community luminaries met to discuss the equity risk premium. Now in a new Research Foundation of CFA Institute monograph state of the art thinking about the equity risk premium is presented for the benefit of investors worldwide.

Felix Zulauf Revisits His Predictions, Sees More Trouble Ahead

Last May, at the 64th CFA Institute Annual Conference in Edinburgh, Scotland, veteran investor Felix Zulauf laid out a number of bearish predictions that have largely proved to be on the money. Now that six months have passed — and with so much happening in the world — we thought it was a good time to review his predictions and get a fresh update on his outlook for the economy and financial markets.



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