Industry Ranks February 2012
I’m working on my quarterly reshaping — where I choose new companies to enter my portfolio. The first part of this is industry analysis. My main industry model is illustrated in the graphic. Green industries are cold. Red industries are hot. If you like to play momentum, look at the red zone, and ask the...
We Eat Dollar Weighted Returns — III
Somebody notify the Bogleheads, they will like this one, or at least Jack will. Yo, Jack, I met you over 15 years ago at a Philadelphia Financial Analysts Society meeting. How bad are individual investors at investing? Bad, very bad. But what if we limit it to a passive vehicle like the Grandaddy of all...
A Book on Value Investing
A medium-sized publisher has approached me to write a book on value investing. I might do it, or I might not. I also might try to do it with another publisher, or I might do it through Amazon. I solicit advice from my readers on the prospect. Anyway, I thought about what the book might...
On Corporate Cash
In human terms, we are most often best off with the via media, that is, the middle way. So it is with corporate cash. The first article I wrote on the internet (in 2003) argued for the value of excess cash in the hands of intelligent management teams. But there is a limit to that,...
On Corporate Cash
In human terms, we are most often best off with the via media, that is, the middle way. So it is with corporate cash. The first article I wrote on the internet (in 2003) argued for the value of excess cash in the hands of intelligent management teams. But there is a limit to that,...
Recent Tweets
Probable RT @moorehn: Because I’m pretty sure John Reed was super-excited to bust Glass-Steagall until Sandy Weill outsmarted him. Jan 31, 2012 RE: @finadd I think the US has two possible ways out with $AIG. Take control, break it up, and auction off the piece… http://t.co/RjjxqMpG Jan 31, 2012 Modern version of the Roman Empire:...
Post 1700
Every 100 posts, I breathe a deep breath and try to catch up on where we have been. It’s not always easy for me; I write about so many different issues, and I shift in response to changes in the markets. So, where have we been? Discussing finding jobs in the shrinking field of finance...
Recent Tweets
Stinks RT @s_m_i: RT @hedgefundinvest: RT @financialpost: Twitter to censor content in some countries http://t.co/zhnzV1Qo Jan 27, 2012 When the Reps win, wants 2b FedChair RT @pdacosta: Fed activism harms US growth, former Fed board governor Warsh says http://t.co/Tht5YyHi Jan 27, 2012 I’m different. I gained my net worth little by little through investing, and...
On Junk Bonds
If someone were to ask me my opinion on Junk Bonds at present, fool that he would be to ask me because I know real experts elsewhere, I would say this: They are good for a speculative trade, but dumb money has arrived. Be ready to sell when the momentum fails. High yield ETFs sell...
On Opaque Transparency
There are two things that I want to comment on Fed policy this evening: Transparency is overrated, and Bernanke does not understand savings. Transparency is Overrated Ever heard of the phrase “data overload?” Greenspan would do that verbally in his testimony to Congress, providing them with more data than they needed, and occasionally contradictory so...
Recent Tweets
@The_Analyst does Hempton do Twitter? Bright guy. Jan 26, 2012 RE: @SoberLook It’s not a pledge, indeed, but it is an estimate. The bond market has reacted quite strongly to the e… http://t.co/crpU3QpH Jan 26, 2012 RE: @SoberLook Does this post from Alea change your opinion at all? http://t.co/2hs1LTyN… http://t.co/p3Plmjnb Jan 26, 2012 MF Customers...
Redacted Version of the January 2012 FOMC Statement
December 2011 January 2012 Comments Information received since the Federal Open Market Committee met in November suggests that the economy has been expanding moderately, notwithstanding some apparent slowing in global growth. Information received since the Federal Open Market Committee met in December suggests that the economy has been expanding moderately, notwithstanding some slowing in global...
