Practical analysis for investment professionals

Value Investing


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.

Selecting Small- and Mid-Cap International Value Equities

Jonathan Moog, CFA, and the Lizard Investors team concentrate on the international small- to mid-cap space because they believe there are inefficiencies in that market.

What Explains the Oil Crash? Not Reduced Demand

“What drives long-term energy demand growth? People and income,” Jennifer Stevenson explained.

Essential Listening: A Force of Nature

Jack Bogle recalls the origins of Vanguard Group and restaurateur Danny Meyer explains his no-tipping policy in the latest round of Essential Listening podcasts curated by Tadas Viskanta.

A Stock Picker’s Recipe 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.

O Value, Where Art Thou?

Value stocks have underperformed growth stocks for over a decade. How can this be? Aren’t value stocks supposed to deliver higher returns than growth stocks?

Weekend Listening: Listen Widely and Be Curious

Tadas Viskanta curates a selection of finance- and investment-related podcasts — from Barry Ritholtz and Tim Harford, among others — in the premiere edition of the Weekend Listening series on Enterprising Investor.

Weekend Reads for Investors: Merger Mania, Peak Profits, and Value Investing

The burgeoning market for mergers is reflective of a lack of organic growth opportunities, cheap capital, and flush corporate coffers. Additionally, elevated stock prices provide buyers with a strong currency and sellers with a reason to cash in, which helps explain why M&A activity has tended to peak around market tops, most recently in 2007, and before that in 2000. So while the pace of deals may be a sign that CEOs and their boards are more confident about their prospects for growth, investors should be aware that their timing of late has been less than prescient. For those investors tempted to pick the next takeover target, the safer bet may be on the Wall Street bankers who are doing the matchmaking and financing. They always get paid.



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