The CFA Institute Equity Research and Valuation Conference is an annual event covering global investing strategies and valuation approaches and analysis. The Equity Research and Valuation 2017 Conference will bring together world-class equity investors in New York, New York, on 14–15 November.
What were the articles of the year on Enterprising Investor? The 10 leading posts covered a broad spectrum of subjects, from interviewing and cover letter tips, to how to optimize decision making and better understand blockchain technology. They were authored by some of the most influential thinkers in finance, including Michael Batnick, CFA, and Ben Carlson, CFA, and together offer an illuminating view into the state of the investment profession in 2017.
Investment strategist Michael Mauboussin explains how investors could generate more accurate valuations and improve their investment decision making by avoiding common behavioral pitfalls.
Eleven rules for equity valuations from James J. Valentine, CFA, as described by Paul McCaffrey; suggestions for evidence-based thinking in retirement plans by Isaac Presley, CFA; and Sloane Ortel's examination of how Amazon fits into the active vs. passive debate are among the top EI posts from November.
For Andy Acker, CFA, portfolio manager of the Janus Global Life Sciences Fund, these are especially exciting times for investors in the health care sector. Opportunities abound, as significant advances in understanding the genetic causes of disease have resulted in a surge in new and more effective treatments. At the same time, risks remain and a disciplined approach to stock selection and portfolio construction is imperative for success.
At the recent CFA Institute Equity Research and Valuation Conference in Philadelphia, Fidelity fund manager Chuck Myers, CFA, drew on his experiences as a value investor and shared some of the lessons he learned along the way that have come to shape his investing philosophy.
When it comes to valuing stocks, the most reliable valuations come from imaginative number crunchers and disciplined storytellers, says Aswath Damodaran. And too often pure “numbers” people drift off into what he calls “spreadsheet nirvana.” Similarly, investors who focus purely on the narrative of a potential investment run the risk of quickly “veering from reality to fantasy.” Damodaran urged investment managers to bridge the gap between numbers and narratives, insisting that the best valuations are not just “a collection of numbers, but a story connected to numbers.”
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