Practical analysis for investment professionals

Value Investing

James Montier Applies His Seven Immutable Laws of Investing to Europe

Noted behavioralist and value investor James Montier addressed the prospect of investing in European stocks through the framework of his Seven Immutable Laws of Investing — a set of common sense, value-based principles that are too often violated by the typical investor.

Take 15: Value Manager Focused on Free Cash Flow (Video)

Sam Peters, CFA, chief investment officer at Legg Mason Capital Management, and portfolio manager at its flagship Value Trust mutual fund, discusses his firm’s free cash flow-based approach to valuation, and the challenges and opportunities in today’s stock market.

Value Investing Congress Recap: Einhorn, Ackman, and Mauldin’s “Trade of the Decade”

Professional investors gathered in New York City earlier this week to hear their peers, including Bill Ackman and David Einhorn, share long and short ideas at the 8th Annual New York Value Investing Congress.

Will the “Value Investing Challenge” Yield the Next Great Investment Idea?

Yesterday the Value Investing Challenge, a partnership between the Value Investing Congress and SumZero, announced the three finalists for its inaugural investment idea contest, from which a winner will be announced at the 8th Annual New York Value Investing Congress, to be held October 1–2, 2012 in New York City. The winner will also be asked to present at the conference, which will also feature presentations by headliners David Einhorn and Bill Ackman.

Chasing Warren Buffett’s Alpha

From 1976 to 2011, Warren Buffett delivered an average annual return of 19% in excess of the Treasury bill rate, versus a 6.1% excess return for the stock market. A new paper by a trio of money managers at AQR Capital Management aims to explain how he does it.

Aswath Damodaran: How Does Growth Investing Measure Up?

In a recently published paper, noted valuation authority Aswath Damodaran examines the discipline of growth investing and, in so doing, challenges the notion that growth investors are simply risk seekers who ignore valuation.

The Feuding Tribes of Practitioners (and Theorists) in Investment Management

Amidst the worst financial crisis in a generation, polarizations between proponents of quantitative approaches and those who favor classical fundamental analysis and behavioral finance pose a hindrance to solving the practical challenges we face as investors. Can this chasm be bridged?

From the 2012 Financial Analysts Seminar in Chicago: A Short-Seller’s World Tour Starring Jim Chanos

The famed short-seller and his colleagues recently analyzed their investment track record and discovered, to their surprise, that the firm's most successful investments turned out to be “value traps.”

Book Review: Ben Graham Was a Quant

The roots of value investing can be traced back to the 1934 publication of Benjamin Graham and David Dodd’s classic, Security Analysis. Graham later disseminated his views to the general public in the highly regarded book The Intelligent Investor. The influence of Graham’s methodology is indisputable. His disciples represent a virtual who’s who of value investors, including Warren Buffett, Bill Ruane, and Walter Schloss. As a measure of his enduring impact on the field, a search of “Benjamin Graham” on yields more than 900 results concerning Graham’s writings and works about his investment philosophy. Given the success of the master and his students, it is no wonder that Graham remains an investor of immense interest to practitioners.

Take 15: Superior Risk Management through Value Investing

Charles K. Bobrinskoy describes how Ariel Investments puts Buffett value investing principles to work.

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