Practical analysis for investment professionals

Value Investing


Growth vs. Value: Waiting for GODOT

Is it time to start selling growth stocks and buying value stocks?

Weekend Reads: Fireflies, Theranos, Ritholtz Recommendations

Here in the United States, it is Memorial Day weekend, the unofficial start of summer. And that means two things: summer reading lists and fireflies, Lauren Foster writes.

Best of 2017: Financial Analysts Journal, CFA Digest, and In Practice

What can we learn from downloads of CFA Institute publications in 2017? Mark Harrison, CFA, sifts through the most popular CFA Institute Financial Analysts Journal articles as well as CFA Digest and In Practice summaries to uncover a few themes.

Top Five Articles from October: Thaler, Trillion-Dollar Coins, Volatility

An unorthodox solution to the US retirement crisis from Sloane Ortel; a discussion of Nobel laureate Richard H. Thaler's contributions to economics by Lauren Foster; and an analysis of the value of self-awareness by Jim Ware, CFA, are among the top EI posts from October.

When Does Volatility Equal Risk?

The right question isn't whether volatility equals risk, says Gary Mishuris, CFA. Rather, the right question to ask is: When does volatility equal risk?

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.

The Active Equity Renaissance, A Case Study: Alpine Capital Research

Active equity managers can outperform their benchmarks, especially if they follow some important guidelines. Alpine Capital Research (ACR) and its CIO, Nicholas Tompras, CFA, provide a case study on how to implement these factors.

Finding Faith in Value after All These Years

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

Book Review: Inside the Investments of Warren Buffett

In four parts, author Yefei Lu covers specific cases from Warren Buffett’s career. Lu digs through old annual reports, Moody’s Investors Service manuals, and partnership letters to provide the reader with the key data points and metrics that Buffett would have seen when he first researched the 20 businesses. This kind of valuation work should be of great interest to equity analysts and value-minded portfolio managers.

Know Your Client: Talking to Women about Investing

If we do not understand how women think about investing, our client conversations may be completely wrong and lead to dramatically different portfolio decisions, says Barbara Stewart, CFA.



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