Practical analysis for investment professionals

Equity Investments


Reformed Broker: Five Reasons We Hate the Stock Market (And One Reason Why It’s No Sign of a Bottom)

Well-known blogger Joshua Brown, a.k.a The Reformed Broker, recently offered five reasons why Americans are fleeing the stock market. While he makes some sound points, he neglected to account for one key factor affecting stock market performance in the last few decades: the bubble in demand for equities created by Baby Boomers.

Manchester United IPO: Yellow Card

Manchester United, the acclaimed soccer club of the English Premier League, is planning to sell shares to the public in an offering to be priced August 9, 2012. While its iconic brand and loyal following are probably unsurpassed in professional sports, the valuation attached to Manchester United's shares and the risk factors associated with ownership make this an investment to avoid, unless you are just looking for bragging rights at your local pub.

Stratfor’s Geopolitical Weekly: Financial Markets, Politics, and the New Reality

In an insightful commentary entitled Financial Markets, Politics, and the New Reality, George Friedman, founder of geopolitical intelligence firm Stratfor, discusses the roots of the market economy… READ MORE ›

The Theory of Investment Value: Four Enduring Takeaways on Dividend Investing from John Burr Williams

Today’s historically low interest rates and investors’ flight to safety have combined to raise interest in dividend-paying stocks. And while studies of the efficacy of dividend-investing strategies have been mixed, dividend investing remains a popular strategy. As such, it only seems appropriate to revisit an investing classic that first provided investors with a theoretical framework for determining the intrinsic value of stocks based on their dividends: John Burr Williams’s The Theory of Investment Value.

From the 2012 Financial Analysts Seminar in Chicago: A Short-Seller’s World Tour Starring Jim Chanos

The famed short-seller and his colleagues recently analyzed their investment track record and discovered, to their surprise, that the firm's most successful investments turned out to be “value traps.”

The Economics of Obamacare (Part 1): The Implications for Health Care Investing

The architects of PPACA emphasize three main goals: to provide access to health care to all; to improve the quality of care; and to find ways to slow or reduce the cost of care. Can the law meet these lofty goals? And what are the implications for investors in hospital and insurance stocks?

Equities Roundup: Bearishness Abounds

David Larrabee, CFA, recaps the top reads for equity investors over the past month.

Role of Asset Managers in the UK Equity Market: More Questions than Answers

What role should asset managers play in supporting the long-term growth of publicly listed companies in the UK equity market? This query raised more questions than answers at a recent continuing education event organized by the CFA Society of the UK.

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.”

13F Watch: What Ten Prominent Portfolio Managers Are Buying and Selling

A detailed review of 13F filings for the first quarter of 2012 reveal that, as a group, portfolio managers moved out of energy, utilities and consumer staples stocks and beefed up their holdings of technology, financial, and consumer discretionary stocks.



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