Practical analysis for investment professionals

Value Investing


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.

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.



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