Investing & trading: April - June 2014 articles archive home
 
Over several decades...
…at Merrill Lynch & Co., Bob Farrell had a front-row seat to the go-go markets of the late 1960s, mid-1980s and late 1990s, the bear market of 1973-74, and October 1987’s crash.
Tuesday, June 24, 2014 ... more
 
 
From Benjamin Graham
The concept of earning power has a definite and important place in investment theory. It combines a statement of actual earnings, shown over a period of years, with a reasonable expectation that these will be approximated in the future, unless extraordinary conditions supervene.
Tuesday, June 10, 2014 ... more
 
 
Casually incompetent
In most serious undertakings, the barriers to entry rise and fall with the complexity of the task. No one becomes an airline pilot merely by pinning a pair of plastic wings to his lapel.
Tuesday, June 3, 2014 ... more
 
 
What works
Most investments in Tweedy Browne portfolios have had, and continue to have, at the time of purchase one or more of the following characteristics:
Tuesday, May 27, 2014 ... more
 
 
A short introduction
A short introduction to Investing from AboveTheMarket.com:

“Investing successfully is really hard.” (Tadas Viskanta). # Manage risk first. # “In the shorter-term, markets are voting machines; in the longer-term, they are weighing machines.” (Warren Buffett).
Tuesday, May 20, 2014 ... more
 
 
David Merkel …
… runs an asset management firm in the U.S. called Aleph Investments. He recently wrote a piece on The Aleph Blog in which he looks at the importance of learning to live with doubt - which he sees as the hallmark of a good investor.
Tuesday, May 13, 2014 ... more
 
 
Moats
A moat is, for all intents and purposes, the same thing as having tangible assets on the balance sheet that could be liquidated.
Tuesday, May 6, 2014 ... more
 
 
We all love to know why ...
... the reason that things happen. But market participants that are overly keen to find the why of an outcome run the risk of jamming square pegs into round holes. Markets are an insanely complicated machine prone to a range of common misunderstandings.
Tuesday, April 22, 2014 ... more
 
 
From Warren Buffett
You don’t need to be an expert in order to achieve satisfactory investment returns. But if you aren’t, you must recognize your limitations and follow a course certain to work reasonably well.
Tuesday, April 15, 2014 ... more
 
 
When investors…
…are thinking about how much they’re paying for a company, they tend to think in terms of a multiple of earnings (profit) per share, the PE ratio.
Tuesday, April 8, 2014 ... more
 
 
What & where
When Charlie and I buy stocks we first have to decide whether we can sensibly estimate an earnings range for five years out, or more.
Tuesday, April 1, 2014 ... more
 
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