Practical analysis for investment professionals

Benjamin Graham


In Practice Summary: Value Investing — Do Quant Strategies Measure Up?

In the latest edition of the In Practice series, Mark Harrison, CFA, and Phil Davis summarize recent research into whether buying US equities that are underpriced based on simple fundamental-to-price ratios yields better performance than investing in broad market indexes.

Finding Faith in Value after All These Years

The appearance of a new valuation paradigm awakens childhood fears in Will Ortel, who parses them with the help of the Annual Ben Graham Value Investing Conference IV.

And Then What? Insights from NYSSA’s Benjamin Graham Conference

Will Ortel provides a rundown of the insights from this year's Annual Benjamin Graham Conference held at the New York Society of Security Analysts (NYSSA).

Market Experts See Slow Growth, Increased Volatility, and a Comeback for Active Management

Three top Wall Street strategists shared their predictions on the future performance of global financial markets with the CFA Society Toronto recently. While guardedly optimistic, they included calls for slow growth, increased volatility, and a return for active management.

Historical Perspective: How Today’s US Stock Market Stacks Up against Past Bull Markets

As the bull market for US stocks approaches its fifth anniversary, we are starting to see signs typically associated with the latter stages of a multi-year advance in equities. Bearish sentiment, widely seen as a contrarian indicator, has dropped to levels not seen in a generation, retail investors are returning to stocks, and the IPO market has been surging. As further evidence, in the name of innovation, Wall Street is once again rolling out risky products that are almost certain to disappoint the unwitting buyer.

What Is the Difference between Investing and Speculation?

What is the difference between investing and speculation? At first, you think the answer is simple because the distinction is obvious — that is, until you actually put pen to paper and try to answer the question.

Value Investing: A Conversation with Mario Gabelli (Video)

Conversation with Mario Gabelli, CFA, on investing, research, and the hunt for investment opportunities.

Book Review: The Value Investors

This examination of the strategies of 12 outstanding investors from around the world provides a valuable contribution to the literature on global value styles. Well researched and well written, in addition to being an enjoyable read, this book is a must for anyone even remotely interested in investment management styles.

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.

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.”



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