Practical analysis for investment professionals

Value Investing


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.

The Reasons We Honor Irving Kahn, CFA

One of the youngest contributors to Enterprising Investor looks back on the career of the world's oldest professional investor.

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.

Take 15: Success in Value Investing (Video)

Scott M. Black, founder and president of Delphi Management, explains his style of value investing, skills needed for success, what the future may hold for active management, and tips on finding value in the art market.

Keep Looking for Growth

Michael Lipper, CFA, discusses one of his lessons for students of the market; pay more attention to the laggards than the current leaders when searching for future leaders.

Checking in on the Chilling Cohort of Negative Enterprise Value Stocks

The author revisits the historical performance of negative enterprise value stocks.

Best of 2013: Taking Stock of Equities

As 2013 comes to a close, we took a look back at, and highlight below, some of the stories that captured the attention of investors and helped to set the trend for global equity markets over the past 12 months. With the notable exception of emerging markets, it was (as of this writing) a year of impressive gains for most major stock markets, particularly in light of what has been a persistently sluggish economic backdrop.

Entering the Most Dangerous Market Phase: In Three Parts

There are two important axioms about a major stock (and bond) market decline.

Are You Sure Your Money is Worth Anything? Our Interview with Paul Brodsky (Podcast)

In a two-part podcast, Paul Brodsky discusses the shift in the way we exchange and store value.

Returns On Negative Enterprise Value Stocks: Money For Nothing?

Negative Enterprise Value stocks have offered attractive returns over the past 40 years and may be well worth a look.



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