| How flows change factor performance |
| 05/20/25 | | Value Investing |
"What I find particularly interesting, though, is that the study also estimates cross-factor impacts. If more money flows into momentum stocks, the expensive stocks tend to get more expensive while the cheap stocks tend to get cheaper. This should increase the return potential for value investors. Indeed, the chart below shows that if 1% of the total market flows into momentum portfolios, then the return outlook of the value factor increases but 0.6% per year. Similarly, the return outlook for small cap investors increases as well, while quality factor portfolios see their return prospects diminished because quality factor portfolios have large overlaps with momentum factor portfolios."
|
| US value trading at a discount |
| 04/04/25 | | Value Investing |
"While the future is unknowable, the best investors can do is to put the odds in their favor. And current valuations suggest the likelihood that value stocks will outperform over the long term."
|
| Just inside the zone |
| 03/30/25 | | Value Investing |
"In our opinion, the best time to buy a cyclical stock is when the company's profits are in decline and its industry is in recession. In effect, buy during the bust, not the boom. Of course, this is much easier said than done."
|
| Fairfax Week 2025 |
| 03/19/25 | | Value Investing |
"Check out this year's Canadian carnival for capitalists."
|
| Wealth or inflation |
| 01/19/25 | | Value Investing |
"Assuming financial assets remain inflated, we expect more companies will discover the rewards associated with higher-margin premium offerings. As businesses shift their mix to accommodate the higher end, we believe wealthy consumers will increasingly become the economy's price setters. Moreover, additional gains in household financial assets could lead to further increases in home prices and shelter inflation. If the bond market didn't have enough to worry about, we believe the days of booming asset prices coexisting with tame consumer prices are long gone. Asset inflation is leaking."
|
| Simple formulaic investing |
| 01/05/25 | | Value Investing |
"Schwartz and Hanauer demonstrated that simple, easy-to-implement, systematic formula-based investing can still generate market outperformance, providing investors with efficient exposure to well-documented factor premiums."
|
| Bargain, value trap or something in between |
| 12/28/24 | | Value Investing |
"U.S. large value equities are very attractive today - in fact, they have almost never been cheaper relative to the overall market. Their poor trailing returns have primarily been driven by falling relative valuations, not by deterioration in their underlying businesses." [pdf]
|
| Growth is from Mars, value is from Venus |
| 12/16/24 | | Value Investing |
"Today, we have two U.S. stock markets: big growth stocks and everything else. At least, that's the conclusion that comes from studying daily return correlations."
|
| Speed skates |
| 12/16/24 | | Value Investing |
"Value investors often talk about being fearful when others are greedy and greedy when others are fearful. While these are great talking points, from a business perspective it can be easier and more profitable to label yourself as a value manager or contrarian, while avoiding investing like a contrarian. Instead, simply own stocks that are working which are often larger weights in the benchmarks. You know, the feel-good stocks. In our opinion, it's not hard to find and buy stocks that will improve near-term relative performance. Playing along is easy. Investing differently is not."
|
| The small cap amplifier |
| 10/25/24 | | Value Investing |
"Over the first eight decades of recorded US stock market history, from 1926 to 2007, small caps outperformed large firms by a robust 2.5% annualized. The size premium was even stronger among microcaps, which outpaced large firms by 3.2% annualized. Therefore, allocating to microcaps provided incremental value to owning the small cap index, with microcaps delivering an additional 0.7% of return per year."
|
| I love cyclicals |
| 10/25/24 | | Value Investing |
"In summary, the key to making money in cyclical stocks is to own strong balance sheets, normalize earnings, and require an adequate rate of return. Our best results have come from buying when profits are depressed and declining. Rarely, if ever, has it made sense to buy cyclicals near the peak of their profit cycles, even though that's when it's most tempting and exciting to own."
|
| Buybacks for US, dividends for EU |
| 10/21/24 | | Value Investing |
"The net effect of both trends is that total shareholder return can explain forward returns quite well, but how investors reward the composition of shareholder returns differs. In the US, companies with higher buyback yield enjoy higher returns, but higher dividends appear to have negligible impact on forward returns. Internationally, higher dividend yields have a linear relationship with higher returns, and higher buyback yields have directionally higher returns, but the relationship is less monotonic."
|
| An eternal feature of financial markets |
| 10/11/24 | | Value Investing |
"we share the key results from our study of out-of-sample factors over a sizable and economically important sample period. Using the longest sample period to date - 1866 to the 2020s - we dispel concerns about the data mining and performance decay of equity factors. We find that equity factors are robust out-of-sample and have been an ever-present phenomenon in financial markets for more than 150 years."
|
| Pizza Pizza |
| 09/01/24 | | Value Investing |
"While we appreciate the desire to reduce exposure to overvalued large cap stocks, we do not believe blindly rotating into less liquid, and often financially constrained, small cap stocks is the answer. In fact, with valuations still expensive, debt maturities approaching, and buyback bids disappearing, we believe investors currently piling into small cap stocks will ultimately be disappointed."
|
| The superior returns of cyclical stocks |
| 07/14/24 | | Value Investing |
"So now you know what to buy. Cyclical stocks with low valuations. Then hold on to them for a long time. This is really the hard part because value investing is already psychologically demanding, but value investing in highly cyclical companies is a step up from that."
|
| Mean reversion, or extreme aversion? |
| 06/29/24 | | Value Investing |
"In other words, it is the value stocks in Europe which have been hit the hardest. Harder than the growth stocks, and even harder than US value stocks. Much harder, in fact."
|
| Francis Chou talks at Ivey |
| 06/22/24 | | Value Investing |
"Francis Chou talks about value investing and his private company at Ivey" [video]
|
| Valuation multiples |
| 05/09/24 | | Value Investing |
"the multiples of P/E and EV/EBITDA provide a similar signal. But there can be cases where two companies have similar P/Es and dissimilar EV/EBITDA multiples, or dissimilar P/Es and similar EV/EBITDA multiples. These differences are generally attributable to differences in underlying profitability, capital structure, or tax rates." [pdf]
|
| Quality, value, or both |
| 05/09/24 | | Value Investing |
"For investors unwilling to compromise on both value and quality, we believe small caps are likely to present the most compelling opportunities."
|
| Undateable |
| 05/09/24 | | Value Investing |
"The small cap dating scene remains unattractive, in our opinion. However, for many consumer discretionary companies with debt, equity prices have fallen sharply, and valuations have become more attractive. That said, these aren't dream dates! Cyclical companies with debt often come with a lot of baggage and potential drama. Before committing and getting too serious, we recommend stress testing the balance sheet and cash flow by including periods with high unemployment and tightening credit conditions. And if alcohol is needed to stomach the risk, we suggest patience and waiting for a better match."
|
| Noisy factors |
| 03/17/24 | | Value Investing |
"A Nobel laureate's theory supports betting on cheaper stocks and sets a benchmark for money managers. But the numbers keep changing. How much does it matter?"
|
| Japan's orphans |
| 02/25/24 | | Value Investing |
"Abandoned, deep-value micro-caps found sufficient buyers to produce a sizable premium over other strategies, even when the size premium only worked 50% of the time and liquidity levels and relative valuations for Japan were falling."
|
| Valuing Japan's reform |
| 02/03/24 | | Value Investing |
"44% of Japanese companies trade at <1x P/B, but they're almost all microcaps"
|
| Persistence of value and growth |
| 12/23/23 | | Value Investing |
"Growth is neither persistent nor predictable, as evidenced by the relatively high turnover among stocks in the most expensive quartile. Concurrently, the cheapest companies tend to see their multiples revert towards the mean gradually over time. Investors in the cheapest quartiles are compensated with significantly higher dividend yields and the most leverage to rising multiples as sentiment improves."
|
| The Dispersion Delusion |
| 12/15/23 | | Value Investing |
"Our results suggest that the dispersion in private equity can be fully replicated in public markets, provided that investors focus on buying cheap, levered micro-caps and hold them in a concentrated portfolio, similar to the portfolio construction in PE."
|
| The death of small cap |
| 11/19/23 | | Value Investing |
"small caps currently trade at a 40% discount relative to large caps in the US, so its plausible the decline in small cap quality is reflected in lower multiples. But this still leaves the question of why US small caps trade in line with Europe and at a premium to Japan despite lower GP/A."
|
| Terminal valuation multiples |
| 11/12/23 | | Value Investing |
"In short, TEV multiples should revert toward 12.0x, and an analyst should assume that a company retains 60% of its premium or discount to that multiple."
|
| International value |
| 10/07/23 | | Value Investing |
"While value stocks have provided higher returns than growth stocks, like all strategies that invest in risky assets, value investors experience long periods of underperformance. Such periods test investor discipline. Sadly, it is my experience that while economists know that when it comes to risk assets, returns over periods of 10 years or even longer are likely to be just 'noise,' most investors think that three years is a long time to judge performance, five years a very long time, and ten years an eternity. That belief leads them to sell after periods of underperformance. This is even though such periods generally result in asset trading at historically cheap levels."
|
| What Works in Banking |
| 09/24/23 | | Value Investing |
"A strategy that buys cheap, high-quality banks with conservatively managed loan and asset books can be expected to deliver excess returns in the majority of market environments."
|
| More bang for your buck |
| 09/10/23 | | Value Investing |
"Europe offers higher profitability among firms trading at deep discounts."
|
| Seth Klarman on Security Analysis |
| 08/13/23 | | Value Investing |
"An avid coin collector as a kid, Klarman would read everything he could about his hobby. In 1965, the U.S. mint stopped using silver in dimes and quarters, and reduced the amount in half dollars, as the price of silver rose. In 1971, when Klarman was 14 and riding the New York City buses, he befriended the driver, who let him swap a current quarter for the more valuable pre-1965 pure silver coins in the bus's fare box. He was buying the proverbial dollar at a discount."
|
| The Albert Bridge factory |
| 07/23/23 | | Value Investing |
"despite the many short-term headwinds most 'value' investors have experienced over the last few years, that is where we'll have long-term tailwinds."
|
| Alternative value metrics |
| 07/09/23 | | Value Investing |
"The researchers showed that these alternative value metrics indirectly exposed the profitability premium and a sector allocation closer to the U.S. market. For example, the hypothetical P/B portfolio had an allocation to the financial sector of 27%, more than twice as much as the U.S. market. On the other hand, the hypothetical portfolio formed on P/CF had a weighting to financials of 16% compared with the market's 13% weighting."
|
| Value and profitability are complementary |
| 07/02/23 | | Value Investing |
"While sharing a common trading philosophy, we believe the characteristic differences between value and quality mean that they are complementary in a portfolio because they work in different ways and at different times. Both strategies can offer a return premium to the market, with the equal-weight value portfolio outperforming the market by 3 percentage points per year since 1998 and the equal-weight quality portfolio outpacing the market by 2 percentage points per year over the same horizon"
|
| Japan's value mandate |
| 06/16/23 | | Value Investing |
"If the reform catalyst plays out, a rising tide may lift all boats, and one might do quite well investing in Japanese large value. But it is curious to us that the stocks you would expect to be most in demand based on the catalyst criterion (and fundamentals) have seen prices rise the least so far this year as investors got excited about Japan."
|
| Size doesn't matter |
| 06/16/23 | | Value Investing |
"The fact large-cap value and small-cap value stocks earn similar returns may be shocking for investors who have been sold the idea that value investors have to invest in small-caps to capture the value premium. But we need to remember that data/evidence should drive decisions, not stories."
|
| Size and long-only value investing |
| 06/16/23 | | Value Investing |
"Equally weighted large-cap value portfolios have historically earned similar returns as small-cap value portfolios." [pdf]
|
| Concentrating for factors |
| 05/21/23 | | Value Investing |
"How many stocks should you own in a concentrated factor portfolio if the goal is maximizing expected returns or Sharpe ratio?"
|
| Swedish Fish |
| 04/30/23 | | Value Investing |
"Overall, we think that the low valuations in Europe relative to the US warrant a consideration of overweighting Europe in a global asset allocation today. And one doesn't have to enjoy eating fermented herring or ice swimming to be attracted to the historical discounts on offer in countries like Sweden."
|
| Booms and busts in value |
| 04/30/23 | | Value Investing |
"Campbell, Giglio, and Polk also showed that while the classic value strategy bets on the convergence of valuation ratios across and within industries, the intra-industry component of such a bet typically contributes much more to value.s average outperformance. Thus, investors building value-oriented portfolios might want to consider funds that are industry neutral."
|
| America's first value investor |
| 03/25/23 | | Value Investing |
"Hetty Green's accomplishments are extraordinary by any standard, but what makes them even more impressive is that she succeeded despite having none of the advantages afforded to men at the time. Hetty Green could not purchase a seat on the New York Stock Exchange, serve as a director on a corporate board, or even exercise the right to vote."
|
| Value spread expands |
| 03/19/23 | | Value Investing |
"Today's peak seems more like the tech bubble than the financial crisis. Expensive stocks were bid up to unfathomably high prices, while deep value type stocks have just plodded along."
|
| Intangibles and value |
| 03/05/23 | | Value Investing |
"It is worth noting that other value metrics, such as price-to-sales (which is not affected by accounting for intangibles), did not work during the 'dark winter' for value stocks. This shows that the poor performance of the value factor was less about how the worth of a stock was measured and more about the price aspect (growth stocks outperformed because the multiple of earnings investors were willing to pay for them increased dramatically relative to the multiple for value stocks)."
|
| Information in valuation spreads |
| 02/12/23 | | Value Investing |
"For value investors, the above findings are good news. The largest historical drawdown for the value premium from November 2016 through October 2020 led to a dramatic widening of the book-to-market spread between value and growth stocks."
|
| After the darkest hour |
| 02/05/23 | | Value Investing |
"Today, deep value companies in Europe can be purchased at around 5x EV/EBITDA and 0.8x Price/Book"
|
| Tim talks value |
| 01/29/23 | | Value Investing |
Tim McElvaine talks about some of his recent investments. [video]
|
| Valuation risk strikes |
| 01/29/23 | | Value Investing |
"We think there's ample room for continued normalization of multiples that should continue to support small-cap and value stock returns globally in the decade ahead."
|
| The bubble has not popped |
| 01/08/23 | | Value Investing |
"Value spread at 94th percentile"
|
| Vincent Daniel and Porter Collins interview |
| 11/06/22 | | Value Investing |
"Tobi interviews Vincent Daniel and Porter Collins from Seawolf on energy, inflation and the Fed." [video]
|
| Order 66 |
| 11/06/22 | | Value Investing |
"The central truth of the investment business is that investment behavior is driven by career risk. The prime directive ... is first and last to keep your job."
|
| Fair multiples |
| 10/28/22 | | Value Investing |
"Mean reversion of the multiple is so powerful that the only factors other than starting TEV/EBITDA that matter are gross margin, free cash flow conversion and, to a small extent, size and return on capital (EBITDA/assets, this time with the sign in the direction we.d expect)."
|
| Predicting growth |
| 10/23/22 | | Value Investing |
"The data in this chart is counterintuitive. Not because the high growth forecasts are too optimistic, but because they fade so quickly. We suspect that this historical base rate chart is far from what many investors hold in their head. But we also suspect that if we choose to replicate this data 20 years from now, the results will look eerily similar."
|
| Rob Arnott interview |
| 10/01/22 | | Value Investing |
"Arnott shares his outlook on inflation, value stocks, and his cheap diversifiers strategy." [video]
|
| Patience of value investors |
| 09/25/22 | | Value Investing |
"Over the eight-year period 2000-2007, the Fama-French U.S. Value Research Index returned 11.0 percent per annum, outperforming the Fama-French U.S. Growth Research Index return of just 0.4 percent per annum by 10.6 percentage points a year. As you saw in the chart on valuation spreads from AQR, today's valuation spreads are very similar to what they were at the last peak in the 'bubble' in growth stocks. While that isn't a guarantee that value stocks will outperform, and do so by significant margins, it's what the historical evidence suggests is likely."
|
| Abandoning diversification |
| 09/04/22 | | Value Investing |
"Perhaps at the time when many investors are abandoning diversification in favor of putting all their money in the S&P 500, it's time to reconsider - and make the bet - that valuation gaps that have driven wide relative return differences might be strongly mean reverting."
|
| The size factor |
| 08/27/22 | | Value Investing |
"over the full period since 1963, small-cap value has been by far the best-performing corner of the equity markets, according to Ken French's data. And this relationship has been consistent across geographies"
|
| Emerging market cycles |
| 08/19/22 | | Value Investing |
"we see no compelling reasons for an evergreen allocation to EM. However, EM equities perform particularly well during recoveries, when currencies stabilize and earnings and multiples rise."
|
| Value is not an interest rate bet |
| 08/12/22 | | Value Investing |
"It seems obvious to so many that interest rates drive the value trade. After all, growth stocks have much longer-dated cash flows than value stocks and thus should be a 'longer duration' asset and move more with longer-term interest rates, right? 'Growth (or often just 'tech') stocks soar on plunging interest rates' (or vice versa) has become a common wise-sounding observation in the last few years. In fact, this is all taken as an axiomatic given in countless pundit and press observations. However it's not nearly that simple, and mostly it's just not true."
|
| Betting against expensive junk |
| 08/12/22 | | Value Investing |
"For the first six months of this year, long-only investors really couldn't win. Unless you started the year long oil, almost every major asset class produced losses."
|
| Tom Russo interview |
| 08/07/22 | | Value Investing |
"Global value investor Tom Russo says today's investment environment is the most challenging of his 40-year career. He explains why his core companies are up to the challenge." [video]
|
| Value Cray-Cray |
| 08/07/22 | | Value Investing |
"Value Spreads Are Back to Tech Bubble Highs"
|
| Never anything wrong with value |
| 08/01/22 | | Value Investing |
"Keswin and Wellington walked through 60 years of data on value, showing that the average up cycle lasts eight years, while down cycles last two. If investors look beyond what the big indices are showing, it's been no different since 2008"
|
| Keith Smith's Q2 themes |
| 07/17/22 | | Value Investing |
"Bonhoeffer Capital Management's Keith Smith discussed investment themes for Q2 2022, with an emphasis on Asbury Automotive Group and Scipps Networks." [video]
|
| Valuations with and without Tech |
| 05/29/22 | | Value Investing |
"Turns out, the S&P 500 ex-technology is actually more expensive than the S&P 500, suggesting that large-cap tech might be relatively cheap but the devil is in the details."
|
| Value investing is not all about tech |
| 05/29/22 | | Value Investing |
"The within-industry value spread (far closer to what we actually trade) is currently 95th percentile versus its own history and still 90% of the way up from median to its tech bubble peak (the prior peak before the crazy COVID driven 2020-2021 peak). The expensiveness of tech vs. the S&P 500 is 84th percentile versus its own history (so still on the high side but not the stratosphere) but only 17% of the way up from median toward its tech bubble peak."
|
| On European value |
| 05/29/22 | | Value Investing |
"So it stands to reason, or at least consider, that in a more normal market environment, Europe might have a lot of catching up to do - particularly some of the value stocks across the continent."
|
| Good news for large-cap value |
| 05/23/22 | | Value Investing |
"Just as economic theory would predict, over the period 1927-2021, the Fama-French U.S. large-value research index returned an annualized 12.0% versus an annualized return of 14.5% for the Fama-French U.S. small-value index (an outperformance of 2.5% percentage points per annum). Economic theory would also predict, as Vogel demonstrated, that the advantage shrinks if one uses equal weighting for large stocks - it yields a higher average monthly return than value weighting them, resulting in a smaller return spread against the small-cap value portfolio. The reason is simple: Equally weighting large value stocks creates a portfolio with more weight to smaller stocks within the large cap universe."
|
| Crisis investing in Europe |
| 05/23/22 | | Value Investing |
"Just like in the US, European small value stocks outperformed the market consistently and significantly after crises."
|
| Value spread still crazy |
| 05/14/22 | | Value Investing |
Cliff updates his graph ...
|
| EM crisis investing |
| 05/08/22 | | Value Investing |
"The model works so well in large part because it dramatically shifts geographic exposures, as there's almost always an EM crisis happening somewhere."
|
| Using momentum to find value |
| 05/08/22 | | Value Investing |
"The research demonstrates that using multiple measures of value and combining value and momentum in a strategy has produced superior results compared to using either the traditional HML value factor or the traditional momentum factor independently."
|
| Homeland securities |
| 05/01/22 | | Value Investing |
"Reams of studies suggest that consistently holding the cheapest and most thinly traded stocks within a country's market provided investors with a healthy premium in the long haul. Purchasing pessimism (as reflected in low prices) pays off on long horizons. But does the same apply between countries?"
|
| Size does not matter for value |
| 04/17/22 | | Value Investing |
"Based on prior academic research conducted in long/short portfolio analysis, some market participants believe that long-only Value investing works better in small-cap stocks. Our research shows that this is not true in long-only Value investing, which is how most practitioners allocate towards the Value premium. Our primary research finding is that equal-weight large-cap Value portfolios and small-cap Value portfolios are statistically similar from a returns perspective. The data suggests that value investors with a liquidity preference should allocate towards equal-weight large-cap Value portfolios. If nothing else, the data suggests that practitioners should split their Value allocations across the large-cap Value (equal-weighted) and small-cap Value since these portfolios have zero overlap but similar historical returns, highlighting a potential diversification benefit."
|
| Generational dislocation in value stocks |
| 04/17/22 | | Value Investing |
"We often get asked whether value stocks are 'cheap.' The short answer is 'yes', but they have been cheap for a while. This important caveat underscores the fact that valuation tends to be a poor timing mechanism for all but true long-term investors."
|
| Value factor comes back |
| 04/17/22 | | Value Investing |
"Antti's latest book does exactly that. It argues that Value (and Momentum), are still reliable long run sources of return that can (and should) be used to enhance portfolio returns during the current environment of low expected returns."
|
| Drivers of deep value |
| 03/30/22 | | Value Investing |
"As expected, deleveraging and multiple expansion tend to contribute positively to returns in deep value, while earnings growth tends to be a negative contributor over a one-year hold."
|
| Value stocks are still cheap |
| 03/19/22 | | Value Investing |
"Low interest rates might not justify very cheap value vs. growth, but people think they do because they're so extreme in their long-term forecast of growth"
|
| Wise words from Walter Schloss |
| 03/13/22 | | Value Investing |
"A fee structure, by the way, that would make any fund managers squeamish. Schloss believed his pay should be tied to success. So he got 25% of realized gains. But if there were losses, his limited partners were made whole before he earned a cent. He only got paid when his partners made money."
|
| Sector neutral or not? |
| 03/06/22 | | Value Investing |
"But for long only investors - and that is pretty much every traditional fund out there - their research finds that it is highly unlikely that a sector-neutral strategy will perform better than a strategy that incorporate sector bets."
|
| The cross-section of stock returns before 1926 |
| 02/15/22 | | Value Investing |
"We study the cross-section of stock returns using a novel constructed database of U.S. stocks covering 61 years of additional and independent data. Our database contains data on stock prices, dividends and hand-collected market capitalizations for 1,488 major stocks between 1866-1926. Results over this 'pre-CRSP' era reveal a flat relation between market beta and returns, an insignificant size premium, and significant momentum, value and low-risk premiums that are of similar size as over the post-1926 period."
|
| That's it |
| 02/13/22 | | Value Investing |
"Global value spread at 98th percentile"
|
| The size of the value premium |
| 02/04/22 | | Value Investing |
"While there are no crystal balls, there doesn't seem to be any strong evidence supporting the belief that the value premium is dead. And there may not even be any evidence that it was either smaller than Fama and French had originally found or that it is now smaller than it was originally found. The poor performance has been due to changes in what John Bogle called the speculative return (the change in relative valuations)."
|
| Bubble stock meltdown |
| 01/31/22 | | Value Investing |
"This breakdown is significant, especially for growth stocks. Remember, growth stocks trend, and value stocks mean revert. The psychology is simple. People hear about a hot stock that's gone up 3x, they buy some, it goes up 2x, they buy more: the whole attraction of buying a hot growth stock is the historic return trajectory. Value stocks are the opposite: you do well buying them when they're down, as our Crisis Investing piece showed. And so, once the trend gets broken, once the magic of the rising stock prices disappears, it's a long way down until valuation becomes the justification for buying."
|
| Conglomerates worth holding |
| 01/15/22 | | Value Investing |
"Power Corporation of Canada is a great example. The stock is roughly the same price today as it was in 2007. Yet it has grown its book value per share from roughly $17 to $33 during that time, and paid shareholders $18 in cumulative dividends per share to boot. To me, that.s exciting!"
|
| Value investing after the peak |
| 01/01/22 | | Value Investing |
"Overall, the conclusions are the same - the five-year stretch after the valuation peak was another good time to be a value investor. Not nearly as good as after the 1999 peak, but the relative outperformance was around 13% annualized in the U.S. and 8% annualized in international markets"
|
| That's it, that's the blog |
| 12/19/21 | | Value Investing |
"They say a picture is worth 1000 words. I'm embracing the concept in this post, which is just a single graph presenting the value spread constructed using the methodology that most closely reflects how we actually view value at AQR. Spoiler alert: the spread continued to explode higher in 2021. Despite this, we still made some money on value this year, which makes us very excited for 2022 and beyond."
|
| This is the show |
| 12/19/21 | | Value Investing |
"Although it's difficult to know when volatility and opportunities will return, we are closely monitoring newly formed cracks in the small cap market. Specifically, as inflation has forced the Federal Reserve to reduce its bond purchases, we're noticing growing weakness in many of the stocks on our possible buy list. In effect, all boats are no longer rising. Even with the popular stock indices trading near record highs, several of the stocks on our possible buy list are becoming more attractively priced, with a growing number of stocks approaching their 52-week lows."
|
| Building an EBITDA/EV portfolio |
| 12/05/21 | | Value Investing |
"How did the portfolio with the highest EBITDA yielding stocks perform over the recent decade? Terrible compared to the S&P 500, as expensive stocks dramatically outperformed cheap ones, regardless of the chosen valuation metric."
|
| Thomas S. Gayner interview |
| 11/06/21 | | Value Investing |
"Barry Ritholtz speaks with Markel Corp. co-chief executive officer Thomas S. Gayner. Gayner oversees investing activities for the company - which boasts a capital portfolio of $27 billion - as well as the Markel Ventures companies." [audio]
|
| Two sides of the coin |
| 10/30/21 | | Value Investing |
"Profitability and value are two sides of the same coin and ought to be considered as complementary peers or jointly in a combined strategy."
|
| Valuations and interest rates |
| 10/16/21 | | Value Investing |
"Over the full and more recent sample period, we also found that none of the factor premiums had an economically significant exposure to annual yield changes, indicating that any relationship is relatively short-lived. Therefore, we can conclude that most factor premiums do not have a stable or economically material relationship with bond yield changes on an annual basis."
|
| Not dead yet |
| 10/16/21 | | Value Investing |
"Current large-cap growth P/E ratios are higher than they have been over the last ten years and are similar to the ratios of the early 2000s, just before that 'bubble' burst. On the other hand, small-cap value ratios have not changed as significantly over the same period."
|
| How quality works |
| 10/07/21 | | Value Investing |
"The top decile of the value factor delivers returns through change in multiples. The companies have anemic asset growth, and profitability does not improve. But multiples do. This reflects our understanding of how value works. Low multiples often reflect poor earnings. But while earnings may continue to be poor, they are not as bad as was priced, so multiples improve."
|
| Tobias Carlisle interview |
| 09/24/21 | | Value Investing |
"Our discussion with Tobi revolves around: stock market fall of early 2021, valuing digital businesses, quantitative and value Investing, learning from ancient philosophers, separating the message from the messenger, and much more!"
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| Value vs. growth debate |
| 09/19/21 | | Value Investing |
"The opposing view, that a group of stocks whose underperformance is more than explained by their falling relative valuations is actually cheap, seems a far less extraordinary claim. In order for it to be true, we merely need to believe that the future prospects of value stocks are not drastically worse than they have been in either the long term or the relatively recent past."
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| Are value stocks cheap for a reason? |
| 09/05/21 | | Value Investing |
"The value spread remains unusually high, which has led investors to be concerned that value may be cheap for a reason. In this short presentation, our Portfolio Solutions Group (PSG) explains how we evaluate this spread and illustrates our view that the current high value spread is forecasting higher expected returns, and not low fundamental growth rates."
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| The international test |
| 08/29/21 | | Value Investing |
"A few anomalies were strong across regions. Most of these were value anomalies (such as price-to-book, price-to-cash flow, and price-to-earnings). Others included gross profitability, earnings surprise, and new shares issuance."
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| Factors in fixed income |
| 08/29/21 | | Value Investing |
"According to the paper, a global investment-grade strategy that uses quality and value factors generates more yield (1.55 percent) relative to the benchmark (1.33 percent). At the same time, it has a similar level of credit risk as the benchmark."
|
| The impact of goodwill |
| 08/22/21 | | Value Investing |
"Liu, Yin, and Zheng.s findings led them to conclude that the negative return predictability of goodwill is due to the fact that investors underreact to the negative information on the firm value associated with high goodwill. Perhaps the publication of their paper will lead to at least a reduction in the size of the anomaly, as their findings were not limited to small firms where limits to arbitrage can allow mispricings to persist."
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| 22 maxims of Sir John |
| 08/02/21 | | Value Investing |
"The most famous of Templeton's contrarian actions happened in 1939. On the eve of the Second World War, when Templeton was all of 26-years old, he borrowed a then-massive $10,000. He had decided to buy 100 shares in each of 100 companies whose beaten-up stocks cost less than a $1. Templeton judged the market was in headless chicken mode due to fears about the upcoming conflict. He wasn't sure which shares would prosper. But he was convinced they were all trading out of whack. The profits he banked when the markets recovered initiated a lifetime of running money."
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| Dan Rasmussen interview |
| 07/25/21 | | Value Investing |
"Dan then delves into leverage and the value premium, telling us how important this interaction is. He gives us great details on the subject based on a study he was a part of while at Bain Consulting. The takeaway was that roughly 50% of deals done at multiples greater than 10x EBITDA posted 0% returns to investors, net of fees."
|
| Tim Travis on options and financials |
| 07/25/21 | | Value Investing |
"Tim Travis is a veteran deep value investor and money manager with a long history of success in traditional investments, such as stocks and bonds, and deep value investing. He has developed an innovative methodology of combining options and distressed investing with value investing to generate income, reduce risk, and add an element of timing." [video]
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| Location and the value premium |
| 07/11/21 | | Value Investing |
"We investigate the value-growth premium puzzle by merging insights from urban economics and finance that relate firm location to its stock performance. The value-growth premium in locations with high historical house price appreciation is 3.6% larger per year than the premium in areas that experienced little house price appreciation. The link between housing value appreciation and the cross-section of returns supports investment-based models explaining the value premium; moreover we find the house price channel reduces growth firm returns rather than increasing returns of value firms. House price appreciation remains significant after controlling for common explanations of the premium."
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| The value premium |
| 07/11/21 | | Value Investing |
"The poor performance of value stocks versus growth stocks over the past decade has led to the belief that the value premium is dead. This, however, seems to be more a U.S. market phenomenon. The Canadian value premium persists, particularly for stocks with low prices."
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| Maintaining the flame |
| 06/20/21 | | Value Investing |
"As absolute return investors, we're empathetic to the challenges of maintaining discipline throughout an entire market cycle. While refusing to overpay and protecting capital during periods of excessive overvaluation sounds easy, it is not. It's one of the most difficult duties required by a portfolio manager and fiduciary. And while it's never been easy, the current market cycle's duration and extremes have made it the most challenging cycle of our careers."
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| Combining value and profitability |
| 06/13/21 | | Value Investing |
"When viewed in combination with similar such evidence from the US, the data suggest important benefits to targeting value and profitability jointly rather than piecemeal."
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| Value and momentum investing |
| 05/30/21 | | Value Investing |
"This article examined a common question - for Value and Momentum Investing, what is the best way to combine factors? While not the first article on the topic, we provide another set of insights. When examining mid-cap and large-cap stocks in both the U.S. and international markets, and keeping the number of stocks in the portfolio the same, more concentrated portfolios historically had higher returns in the 'Separate, then combined' Portfolio as opposed to the 'Combined-signal Portfolio.' In the U.S., as one adds more stocks, the return differential gets smaller. Last, from a risk-adjusted returns perspective, there is no clear-cut winner/loser."
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| Value's turn |
| 05/23/21 | | Value Investing |
"Value's pain should eventually be rewarded just like it was in the period after 1999, when finally the performance and valuation disparity turned. Fundamentals started mattering and the market began rationally pricing assets. For a 7-year period after 1999, Value went on to trounce Growth by over 14% annually."
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| Predictability of the value premium |
| 05/23/21 | | Value Investing |
"Consider that in December 1994 (shortly after the publication by Gene Fama and Ken French of their seminal paper 'The Cross-section of Expected Stock Returns'), the relative price-to-book ratio of value stocks versus growth stocks was 2.1. Using Vanguard's Value ETF (VTV) and their Growth ETF (VUG), at the end of April 2021 that ratio had widened to 3.2 (52 percent wider), predicting a much larger value premium than Fama-French had found. We see the same pattern when looking at small value and growth stocks. At the end of 1994, the spread was 1.5. Using Vanguard's Small-Cap Value ETF (VBR) and their Small-Cap Growth ETF (VBK), the spread had widened to 2.3 (53 percent wider). Once again, the widening of the spread predicts a larger value premium than Fama-French had found. In other words, in terms of expected returns, the data suggests that the outperformance of value since April 2021 is likely to continue, as Yara, Boons, and Tamoni found that the spread has a strong predictive value two years out."
|
| Wise words from Lou Simpson |
| 05/23/21 | | Value Investing |
"Lou Simpson is largely unknown, even among investors. Yet, he quietly racked up a track record that bested the S&P 500 by 6.8%."
|
| Value still beats growth |
| 05/16/21 | | Value Investing |
"The analysis above shows that a very simplistic split using the P/E multiple generated about a 2.5% spread between Value and Growth over a 40+ year period. When using Quintiles, the spread was about 5.75%. For deciles, the spread was about 7.4%."
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| You needn't hold your winners |
| 05/16/21 | | Value Investing |
"If stock performances showed higher persistence than would occur through chance, then the odds would favor investors who follow Baillie Gifford's advice to keep those that got you here. But they do not."
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| U.K. dividend value since 1800 |
| 05/09/21 | | Value Investing |
"I explore the U.K. Value factor, by showing its previously unseen history extended back to 1800, and illustrating the similarity between its recent drawdown and bounce back as compared to the U.S. value factor."
|
| Resurrecting the value premium |
| 05/09/21 | | Value Investing |
"They sought to show that the value premium could be restored through the use of a number of simple alterations that have been long used by many practitioners, as well as academics. They augment the book-to-market ratio with three alternative value signals, which have in common that instead of relying on balance sheet information, like book-to-market (or HmL) they are more based on earnings and cash-flows."
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| Berkshire Hathaway meeting |
| 05/02/21 | | Value Investing |
"Berkshire Hathaway Chairman and CEO Warren Buffett was joined by Vice Chairman Charlie Munger, and both shared their unscripted views on Berkshire Hathaway, the markets, the economy, corporate governance, and a lot more." [video]
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| Value stocks are poised to outperform |
| 05/02/21 | | Value Investing |
"We expect value to outperform growth over the next ten years by five to seven percentage points, annualized, and perhaps by an even wider margin over the next five years."
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| Meb talks to Dan |
| 03/21/21 | | Value Investing |
"In today's episode, we start with an update on Dan's private equity replication thesis and hear about the rise of private credit in the past few years. Then we dive into his recent paper on emerging markets crisis investing. While buy and hold investors in emerging markets have experienced higher volatility for disappointing returns, Dan believes learning to navigate these EM crises can provide the ability to reap excess returns. He walks us through the differences between global and idiosyncratic crises and what performs best between both debt and equity in each case."
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| Joel Greenblatt and Rich Pzena talk value investing |
| 03/14/21 | | Value Investing |
"Legendary investors and long-time friends Joel Greenblatt (Gotham Funds) and Rich Pzena (Pzena Investment Management) recently sat down with investment strategist Steve Galbraith for a masterclass in value investing. The three long-time friends discussed a host of topics - including quality, momentum, interest rates, financials, ESG, disruption, parallels to the internet bubble, and their current positioning - along with the basics of how they define value." [video]
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| Good versus bad value stocks |
| 03/07/21 | | Value Investing |
"In this short research note, we will contrast Value & High Quality versus Value & Low Quality across stock markets."
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| UK value is extremely promising |
| 02/20/21 | | Value Investing |
"While we still like our last named trade of the decade, emerging markets value stocks, the UK equity market, and UK value stocks in particular, are now even cheaper."
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| Tiny titans strategy |
| 12/19/20 | | Value Investing |
"O'Shaughnessy Tiny Titans screen looks for the 25 companies with the highest price strength over the last year after applying the market cap and value filters"
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| Q3 2020 GMO letter |
| 12/12/20 | | Value Investing |
"No matter how we define cheap stocks - whether on book, or free cashflow, or forward earnings - they look attractive relative to history. Ten of the eleven definitions of Value presented are cheaper than they've been in at least 90% of months since 1971"
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| Tobias Carlisle interview |
| 12/12/20 | | Value Investing |
"Tobias Carlisle is a well known author. He's written extensively about value investing. In our view, Deep Value is one of the best investment books ever written."
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| Horses for courses |
| 11/14/20 | | Value Investing |
"Had you bet on large growth in the early '60s after it had built up a lead on small value over half a decade, you would have missed one of the best opportunities to bet on the opposite horse. Had you done it again in 1974 when large growth had really pulled ahead by double digits, you would have missed out again. Same for the early '90s and, of course, March of 2000. Today, large growth is way ahead of small value."
|
| Value waves the white flag |
| 11/01/20 | | Value Investing |
"I'm not giving up. My principles have a strong theory behind them. My efforts are not just value, but deep value, and I have gotten my share of kicks to the gut as a result. At some point the tide will turn, even if it is private equity absorbing value stocks out of the market. The investment math is hard to break. If companies are cheap on net worth and earnings, they will appreciate."
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| Combining value and profitability |
| 11/01/20 | | Value Investing |
"Adding profitability on top of a value strategy reduces the strategy's overall volatility."
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| CROIC, CFROI, CROCI, and CROCS |
| 09/19/20 | | Value Investing |
"Running a Value fund is somewhat like being stranded on a tiny tropical island out in the ocean. You can't really run away and are exposed to the harsh forces of nature. If you're lucky, there might be a coconut tree or big rock providing some shade. But it will still be hot most of the day, regardless of where you're sitting, and often you have to watch out for falling coconuts."
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| The value premium in Canadian stocks |
| 08/30/20 | | Value Investing |
"The value premium is also strong for low-price stocks, varying from 11 per cent to 12 per cent during the period from 1983 to 2000, to between 5 per cent and 8 per cent from 2001 to 2018. Low-price stocks tend to be more obscure, are followed by fewer analysts and are typically less liquid than high-price stocks."
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| 2 decades of value with Chris Mittleman |
| 08/22/20 | | Value Investing |
"Chris Mittleman runs Mittleman Investment Management, an SEC-registered investment adviser. MIM employs a concentrated, long-term investment approach, typically holding between 10 and 20 positions." [video]
|
| Times that try stock-pickers' souls |
| 08/14/20 | | Value Investing |
"As maddening as this behavior is, it is typical of investor psychology at peaks and troughs; and consequently, the 'price' of growth is higher than it has ever been."
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| Death and the demand for growth |
| 08/09/20 | | Value Investing |
"If history is any guide, 10 years from now, among seasoned (i.e., not recently IPO-ed) firms, approximately 1.4% of large firms and 19% of small firms will have died a bad death"
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| Stranger things |
| 08/01/20 | | Value Investing |
"The stock market is noisy, and strange things can happen over three, five, even ten years. But over the long haul, investors eventually get what they pay for. Those who buy expensive equities at low yields usually realize low returns over the long run. And investors who buy cheap stocks at high yields can realize high returns - provided they stick with the strategy over the long haul."
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| Nate Tobik talks to Tobias Carlisle |
| 08/01/20 | | Value Investing |
"Nate Tobik is the Founder of CompleteBankData, author of the Bank Investors Handbook, and writes about deep value stocks in the Oddball Stocks Newsletter" [video]
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| Handling the crisis |
| 07/18/20 | | Value Investing |
"Of the firms we surveyed, 56% took measures to shore-up their liquidity position, 44% adjusted their workforce, and 16% adjusted wages and compensation."
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| Value in recessions and recoveries |
| 07/04/20 | | Value Investing |
"Value, quality, and small-cap strategies all tend to perform well during recoveries regardless of the catalyst for the bear market and recession."
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| Beyond the zero bound |
| 07/04/20 | | Value Investing |
"Perhaps the most significant conclusion to draw from Japan's experience during ZIRP therefore is not about the special impact of a low-rate environment. As we see it, interest rates were relevant in predicting bond returns and the poor performance of bank stocks, but other asset classes were better predicted by relying on entry valuations and yields."
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| Grandpa stocks |
| 06/26/20 | | Value Investing |
"With a 30% FCF yield, grandpa doesn't have to live another lifetime to add a great deal of value to a portfolio."
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| Room to run |
| 06/26/20 | | Value Investing |
"The market today is a tale of two cities. Growth stocks are trading at very rich valuations as their prices have shrugged off any economic effects of coronavirus, whereas value stocks are trading at deeply discounted valuations that reflect significant fear about the pandemic's economic impact."
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| 5 factor investing tips |
| 06/12/20 | | Value Investing |
"Value, generally represented by portfolios of cheap stocks, holds up well in the analysis. Enterprise multiples and price-to-earnings generate some of the strongest results, however, the practitioner favorite - book-to-market - while able to be replicated, certainly doesn.t yield the strongest results."
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| Two centuries of value and momentum |
| 06/06/20 | | Value Investing |
"Both Value and Momentum have crawled out of even deeper drawdowns in the past."
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| Volatility and value |
| 05/31/20 | | Value Investing |
"Historically, as uncertainty abates, and spreads contract, value outperforms"
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| Value and interest rates |
| 05/23/20 | | Value Investing |
"We find no evidence that links the size of the value premium to the level of interest rates, and therefore our results do not support assertions that a change in interest rate environment is a necessary condition for value's recovery from the last decade. Neither do our results support assertions that interest rates or the yield curve have been a major driver of value underperformance during the sharp drawdown from 2017 to 2019 or over the past decade."
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| Trend following in growth and value |
| 05/15/20 | | Value Investing |
"Value returns appear to be inversely correlated to historic returns: the worse value's recent performance, the higher the expected return. Growth appears to be the opposite: the better the historic return, the higher the expected future return. Value is mean reverting. Growth trends."
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| Value investing is not dead |
| 05/09/20 | | Value Investing |
"We think the medium-term odds are now, rather dramatically, on the side of value, with no 'this time is different' explanation we can find (and we've tested a lot of them!) holding a drop of water and no other period in the 50+ year history matching today."
|
| Rob Arnott interview |
| 05/03/20 | | Value Investing |
"I had a chance to connect with Research Affiliates Founding Chairman Rob Arnott to talk about his most recent presentation, which deals with the economy, falling stock prices, valuations and the death of value investing." [video]
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| Tobias Carlisle talks micro |
| 05/03/20 | | Value Investing |
"Q&A with Tobias Carlisle, Acquirer's Fund at the Planet MicroCap Showcase Virtual Investor Conference 2020." [video]
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| Historic opportunity in small caps |
| 04/24/20 | | Value Investing |
"Following extreme periods like this historically, small value outperformed large growth by 16.8% annualized over the following 10 years."
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| Dan Rasmussen on microcaps |
| 04/24/20 | | Value Investing |
"Dan Rasmussen talks about microcaps and value" [video]
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| Yesterday's profits |
| 04/17/20 | | Value Investing |
"Unless you were concentrated in extremely high-expectation large growth stocks, we believe it was a very bad call to get out of equities because earnings were forecasted to disappoint."
|
| Cheap winners vs boring winners |
| 04/17/20 | | Value Investing |
"Should investors prefer boring over cheap winners? Based on this analysis, there is no clear answer. The Low Volatility factor had significantly lower drawdowns than Value, but both feature low correlations to Momentum, which creates attractive multi-factor portfolios. Cheap stocks have not performed well over the last decade, but are cheaper, per definition, and low-risk stocks exhibit interest rate-sensitivity."
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| Small Cap Value |
| 04/12/20 | | Value Investing |
"You can see the returns coming out of a crisis tend to be far stronger in small value stocks than their large cap brethren. In fact, the numbers have been substantially higher."
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| Priced In |
| 04/11/20 | | Value Investing |
"In our view, it's buying cheap securities that likely won't experience bankruptcy. In debt, we think the place to do that is higher-quality high yield. In equity, we think the place to do that is deep-value equities that are also statistically unlikely to go bankrupt."
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| The valuesburg address |
| 03/06/20 | | Value Investing |
"It is for us the survivors, rather, to be dedicated here to the unfinished work which those who invested in cheap stocks (and the truly fallen who shorted expensive ones) have thus far so nobly advanced."
|
| Dan Rasmussen interview |
| 02/21/20 | | Value Investing |
Dan Rasmussen talks private equity and value [audio]
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| Venial sin punished quickly |
| 02/21/20 | | Value Investing |
"The point is a simple one. Value has started 2020 with an extremely severe loss versus very long-term history, and, defined in a wide variety of ways, the worst loss yet (examining all of the same 6-week length periods) over the entire long 2010-2020 value drawdown."
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| Crisis investing |
| 02/15/20 | | Value Investing |
"We have spent the past year studying every financial crisis in the US since 1970. We have done this work for your benefit, so that you will keep your head when all about you are losing theirs. When weak hands fold, when forced sellers liquidate, we hope this research will help you make good decisions."
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| Historical value |
| 02/15/20 | | Value Investing |
"While they may not have been known by the same names, many modern investment factors have historical roots stretching back centuries."
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| Liquidity and factor returns |
| 02/07/20 | | Value Investing |
"We observe that the performance of the factor decreased consistently as the minimum liquidity constraints increased. This result can be explained by cheap stocks frequently being small stocks, i.e. having exposure to the Size factor. Removing these small and cheap stocks led to lower factor performance."
|
| VAH:Value vs Glamour |
| 02/01/20 | | Value Investing |
"How HEI ran 47,500%; Anti-FOMO Starter Size Rules; and Value vs Glamour" [video]
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| Value's death exaggerated |
| 01/17/20 | | Value Investing |
"Over the last 12 years, the relative valuation of value and growth moved from the 21st percentile to the 97th percentile. This revaluation explains most of value's underperformance. Today, the relative valuation level is close to the most attractive valuation level in history at the peak of the tech bubble in 2000."
|
| VAH: Akre |
| 01/17/20 | | Value Investing |
"S02 E02 Akre Never Sells, What Buffett Should Buy and Damodaran's Market Delusion" [video]
|
| O'Shaughnessy Q4 2019 letter |
| 01/17/20 | | Value Investing |
"our updated in-house 10-year point estimate for the U.S. market's nominal total return fell during the year, and now sits at ~1.5% annualized, which would mean a ~16% total return over the next decade."
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| Value's underperformance |
| 01/10/20 | | Value Investing |
"Critics of value investing have declared the death of value. However, the empirical analysis suggests it is unlikely because the size of the current drawdown, while painful, is not an outlier, and the pre- and post-2007 data suggest there have been no statistically significant changes in the two drivers of the value premium - migration and profitability. The simple explanation for value's underperformance is the relative increase in the valuations of growth stocks."
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| Value after hours |
| 12/27/19 | | Value Investing |
| The presumed end of value |
| 12/16/19 | | Value Investing |
| Improving deep value strategies |
| 12/16/19 | | Value Investing |
| Unit economics |
| 12/03/19 | | Value Investing |
| Floyd Odlum |
| 12/03/19 | | Value Investing |
| Long-only factors |
| 11/26/19 | | Value Investing |
| Value after hours |
| 11/26/19 | | Value Investing |
| Dr. George's paper |
| 11/22/19 | | Value Investing |
| Time for a venial value-timing sin |
| 11/08/19 | | Value Investing |
| Ian Cassel interviews Tobias Carlisle |
| 11/08/19 | | Value Investing |
| Compounding machines |
| 11/08/19 | | Value Investing |
| Jack Forehand on applied value |
| 11/01/19 | | Value Investing |
| Costs and returns from factor portfolios |
| 10/22/19 | | Value Investing |
| O'Shaughnessy's Q3 2019 |
| 10/18/19 | | Value Investing |
| Owner managers |
| 10/18/19 | | Value Investing |
| Graham's Net-Nets |
| 10/11/19 | | Value Investing |
| Beyond the 500 |
| 10/11/19 | | Value Investing |
| Jim Mitchell on microcaps |
| 09/24/19 | | Value Investing |
| Why value investing works |
| 09/17/19 | | Value Investing |
| Thomas Braziel on distressed activism |
| 09/17/19 | | Value Investing |
| Value and the yield curve |
| 09/06/19 | | Value Investing |
| Factor investing works |
| 08/31/19 | | Value Investing |
| Contrarian investing in commodity cyclicals |
| 08/31/19 | | Value Investing |
| Bye-bye net-net |
| 08/31/19 | | Value Investing |
| How painful can factor investing get? |
| 08/19/19 | | Value Investing |
| Fraud spotting |
| 07/31/19 | | Value Investing |
| Vol can be improved |
| 07/31/19 | | Value Investing |
| Tobias Carlisle talks to Tim Melvin |
| 07/26/19 | | Value Investing |
| Value investing and concentration |
| 07/26/19 | | Value Investing |
| Long live value |
| 07/26/19 | | Value Investing |
| Eric Cinnamond interview |
| 07/07/19 | | Value Investing |
| On the value factor |
| 06/26/19 | | Value Investing |
| Tobias Carlisle talks to Dan Rasmussen |
| 06/26/19 | | Value Investing |
| Curious Chuck Akre |
| 06/21/19 | | Value Investing |
| Tobias Carlisle talks to Peter Rabover |
| 06/21/19 | | Value Investing |
| What works |
| 06/15/19 | | Value Investing |
| Is value overcrowded? |
| 06/15/19 | | Value Investing |
| Indigo to go private? |
| 06/15/19 | | Value Investing |
| Jim O'Shaughnessy talks to Tobias Carlisle |
| 06/06/19 | | Value Investing |
| F Score in Australia |
| 06/06/19 | | Value Investing |
| Interest rates and returns |
| 05/20/19 | | Value Investing |
| Valuation horse race |
| 05/01/19 | | Value Investing |
| Concentration is cool |
| 04/21/19 | | Value Investing |
| Fairfax Lollapalooza 2019 |
| 04/03/19 | | Value Investing |
| Forward vs trailing price to earnings |
| 04/03/19 | | Value Investing |
| Guy Gottfried talks at Ivey |
| 03/18/19 | | Value Investing |
| Growth at a reasonable price works |
| 03/11/19 | | Value Investing |
| Guy Gottfried at Ivey |
| 03/11/19 | | Value Investing |
| The dirty little secret of value funds |
| 02/20/19 | | Value Investing |
| Why most active managers fail |
| 02/20/19 | | Value Investing |
| Time varying factor premiums |
| 02/20/19 | | Value Investing |
| Looking for the intuition |
| 02/12/19 | | Value Investing |
| Where is the Value |
| 02/05/19 | | Value Investing |
| Bob Robotti's blog |
| 01/28/19 | | Value Investing |
| Battle for Stuart Olson |
| 01/16/19 | | Value Investing |
| Humans love a narrative |
| 12/10/18 | | Value Investing |
| Alpha within factors |
| 11/05/18 | | Value Investing |
| Size matters |
| 11/05/18 | | Value Investing |
| Tom Gayner interview |
| 11/01/18 | | Value Investing |
| O'Shaughnessy Q3 2018 letter |
| 10/22/18 | | Value Investing |
| The odds of value |
| 10/15/18 | | Value Investing |
| Micro and small cap factor investing |
| 10/09/18 | | Value Investing |
| 3 shades of value |
| 09/29/18 | | Value Investing |
| Go small value |
| 09/24/18 | | Value Investing |
| Bruce J. Flatt talk |
| 09/06/18 | | Value Investing |
| Share buybacks: a global perspective |
| 07/23/18 | | Value Investing |
| Deconstructing the low vol anomaly |
| 07/23/18 | | Value Investing |
| O'Shaughnessy letter |
| 07/23/18 | | Value Investing |
| Lessons from Jim O'Shaughnessy |
| 07/23/18 | | Value Investing |
| Long live value |
| 07/23/18 | | Value Investing |
| The art of catching falling knives |
| 07/09/18 | | Value Investing |
| In defense of the value premium |
| 06/25/18 | | Value Investing |
| Lou Simpson wisdom |
| 06/04/18 | | Value Investing |
| Factors from scratch |
| 06/04/18 | | Value Investing |
| Replicating in Europe |
| 05/23/18 | | Value Investing |
| Graham & Doddsville: Spring 2018 |
| 05/07/18 | | Value Investing |
| The process matters |
| 05/07/18 | | Value Investing |
| Factor investing: art and science |
| 04/30/18 | | Value Investing |
| Joel Greenblatt talks to Barry Ritholtz |
| 04/22/18 | | Value Investing |
| Martin J. Whitman dies at 93 |
| 04/22/18 | | Value Investing |
| High conviction buybacks |
| 03/19/18 | | Value Investing |
| Simple value strategies win |
| 03/19/18 | | Value Investing |
| Capex darlings and the myth of long-termism |
| 03/19/18 | | Value Investing |
| Sequential models |
| 03/05/18 | | Value Investing |
| Thomas Russo talks at Google |
| 02/26/18 | | Value Investing |
| High-debt value |
| 01/29/18 | | Value Investing |
| Value and momentum portfolio construction |
| 01/22/18 | | Value Investing |
| Fundamentals of value investing |
| 01/22/18 | | Value Investing |
| Graham & Doddsville Winter 2017 |
| 12/24/17 | | Value Investing |
| Wes Gray on QVAL |
| 12/18/17 | | Value Investing |
| Bill Nygren Talks at Google |
| 12/18/17 | | Value Investing |
| Countering the narrative about value |
| 12/04/17 | | Value Investing |
| Factor investing and trading costs |
| 12/04/17 | | Value Investing |
| Going deep on contrarian factor timing |
| 12/04/17 | | Value Investing |
| Microcap as an alternative to private equity |
| 11/27/17 | | Value Investing |
| Fairfax vs. Berkshire Hathaway |
| 11/20/17 | | Value Investing |
| Lou Simpson interview |
| 11/11/17 | | Value Investing |
| Joel Tillinghast interview |
| 11/06/17 | | Value Investing |
| Tobias Carlisle interview |
| 10/30/17 | | Value Investing |
| Graham and Doddsville: Fall 2017 |
| 10/23/17 | | Value Investing |
| Value stock returns |
| 10/07/17 | | Value Investing |
| The death of value |
| 10/01/17 | | Value Investing |
| Value in the value factor |
| 09/17/17 | | Value Investing |
| Value investing is difficult |
| 09/17/17 | | Value Investing |
| Finding takeover candidates |
| 09/17/17 | | Value Investing |
| Tim's letter |
| 09/11/17 | | Value Investing |
| Seth returns cash |
| 09/11/17 | | Value Investing |
| Tom Russo on global investing |
| 08/30/17 | | Value Investing |
| Buying moats |
| 08/28/17 | | Value Investing |
| Investing in floppy disks |
| 08/28/17 | | Value Investing |
| The August of our discontent |
| 08/07/17 | | Value Investing |
| Robert Robotti Interview |
| 07/30/17 | | Value Investing |
| Compound your face off |
| 07/30/17 | | Value Investing |
| Valuation showdown |
| 07/23/17 | | Value Investing |
| Thomas Russo interview |
| 07/16/17 | | Value Investing |
| Canadian Net Net |
| 07/16/17 | | Value Investing |
| PB blind spot |
| 06/26/17 | | Value Investing |
| The Canadian Acquirer's Multiple |
| 06/26/17 | | Value Investing |
| Whiplash: Value vs. Growth |
| 06/18/17 | | Value Investing |
| Graham and Doddsville Spring 2017 |
| 05/14/17 | | Value Investing |
| Alt-facts about formulaic value investing |
| 04/23/17 | | Value Investing |
| Joel Greenblatt talks at Google |
| 04/09/17 | | Value Investing |
| Jim O'Shaughnessy talks at Google |
| 04/09/17 | | Value Investing |
| Factor timing is hard |
| 03/19/17 | | Value Investing |
| Chuck Akre talks at Google |
| 03/12/17 | | Value Investing |
| Klarman's letter |
| 02/12/17 | | Value Investing |
| Factor investing art and science |
| 02/05/17 | | Value Investing |
| Charles de Vaulx interview |
| 01/22/17 | | Value Investing |
| And that's OK |
| 01/22/17 | | Value Investing |
| Cash cows of the Dow |
| 01/15/17 | | Value Investing |
| Absolute vs. relative value |
| 01/15/17 | | Value Investing |
| CAPE works |
| 12/04/16 | | Value Investing |
| Why moats are essential |
| 11/20/16 | | Value Investing |
| Is value investing broken? |
| 11/20/16 | | Value Investing |
| Bill Miller interview |
| 11/06/16 | | Value Investing |
| Investors must be contrarians to outperform |
| 11/06/16 | | Value Investing |
| Sarah Ketterer on value |
| 10/23/16 | | Value Investing |
| Berkowitz interview |
| 10/02/16 | | Value Investing |
| 12 lessons from Howard Marks |
| 09/25/16 | | Value Investing |
| The discipline of value investing |
| 09/17/16 | | Value Investing |
| Has P/B become a bad measure of value? |
| 08/06/16 | | Value Investing |
| MiB: Wes Gray |
| 06/25/16 | | Value Investing |
| Timing buyback yield |
| 06/25/16 | | Value Investing |
| Concentrated value |
| 06/16/16 | | Value Investing |
| Norway's Warren Buffett |
| 06/11/16 | | Value Investing |
| Chuck Akre: compounding machine |
| 05/14/16 | | Value Investing |
| Chris Davis: compounding machines |
| 05/14/16 | | Value Investing |
| The cost of dividends |
| 05/08/16 | | Value Investing |
| Shrinkage vs. growth |
| 05/08/16 | | Value Investing |
| Seth Glickenhaus dies at 102 |
| 04/24/16 | | Value Investing |
| Chou Funds letter |
| 04/10/16 | | Value Investing |
| Alpha or assets |
| 04/10/16 | | Value Investing |
| Is value coming back? |
| 03/20/16 | | Value Investing |
| Valuable losses |
| 02/28/16 | | Value Investing |
| A gambler or the house |
| 02/21/16 | | Value Investing |
| Kleinschmidt interview |
| 02/07/16 | | Value Investing |
| Meb Faber interview |
| 01/31/16 | | Value Investing |
| Dorfman's robot |
| 01/22/16 | | Value Investing |
| The robot portfolio |
| 01/22/16 | | Value Investing |
| Mohnish Pabrai lecture |
| 01/16/16 | | Value Investing |
| 3 investors meet in a bar |
| 01/02/16 | | Value Investing |
| Factors that launched 1,000 ETFs |
| 12/26/15 | | Value Investing |
| William Smead interview |
| 12/18/15 | | Value Investing |
| International enterprise multiple |
| 12/13/15 | | Value Investing |
| Consider net-net stocks |
| 12/13/15 | | Value Investing |
| Patrick O'Shaughnessy interview |
| 12/13/15 | | Value Investing |
| T. Boone Pickens talks with Carl Icahn |
| 12/05/15 | | Value Investing |
| Carl Icahn on activist investing |
| 11/07/15 | | Value Investing |
| Value Investing is difficult |
| 11/07/15 | | Value Investing |
| James O'Shaughnessy interview |
| 11/07/15 | | Value Investing |
| Fall 2015 Graham & Doddsville |
| 10/18/15 | | Value Investing |
| Buybacks and debt |
| 10/10/15 | | Value Investing |
| Thomas Russo on global value |
| 10/10/15 | | Value Investing |
| Building optimal value portfolios |
| 10/03/15 | | Value Investing |
| How to beat activist investors |
| 09/27/15 | | Value Investing |
| Charlie Dreifus interview |
| 09/25/15 | | Value Investing |
| The prejudices of Mr. Market |
| 09/12/15 | | Value Investing |
| Can it work if everyone knows about it? |
| 09/05/15 | | Value Investing |
| The capacity to suffer |
| 09/05/15 | | Value Investing |
| Chou Semi-Annual 2015 |
| 09/02/15 | | Value Investing |
| A value asset allocation strategy |
| 07/25/15 | | Value Investing |
| Why people repeat financial errors |
| 07/25/15 | | Value Investing |
| High conviction buybacks |
| 07/18/15 | | Value Investing |
| O-score and distress risk |
| 07/12/15 | | Value Investing |
| The evolution of a value investor |
| 07/04/15 | | Value Investing |
| Dividend stocks and value investing |
| 06/20/15 | | Value Investing |
| Buyback extravaganza |
| 06/20/15 | | Value Investing |
| Lessons from market extremes |
| 06/13/15 | | Value Investing |
| Woe betide the value investor |
| 06/06/15 | | Value Investing |
| History of price-to-sales |
| 05/31/15 | | Value Investing |
| Tobias Carlisle talks at Harvard |
| 05/31/15 | | Value Investing |
| Using the price-to-book ratio |
| 05/27/15 | | Value Investing |
| The original value factor |
| 05/23/15 | | Value Investing |
| Russo on long-term value |
| 05/23/15 | | Value Investing |
| The O'Doul's of value investing |
| 05/15/15 | | Value Investing |
| Combining value and momentum 2 |
| 05/09/15 | | Value Investing |
| Methods to improve the Piotroski F-Score |
| 05/04/15 | | Value Investing |
| Frank Martin speaks in Toronto |
| 04/27/15 | | Value Investing |
| Russell Napier speaks in Toronto |
| 04/27/15 | | Value Investing |
| Ben Graham Centre conference slides |
| 04/19/15 | | Value Investing |
| Take heart, value investors |
| 04/17/15 | | Value Investing |
| Joel Greenblatt speaks with Howard Marks |
| 04/12/15 | | Value Investing |
| How to combine value and momentum |
| 04/04/15 | | Value Investing |
| Howard Marks talks at Google |
| 04/04/15 | | Value Investing |
| The power of share repurchases |
| 04/04/15 | | Value Investing |
| Mohnish Pabrai and Guy Spier |
| 03/28/15 | | Value Investing |
| Third Avenue Funds letter |
| 03/14/15 | | Value Investing |
| Fairfax 2014 letter |
| 03/14/15 | | Value Investing |
| Sequoia Fund 2014 report |
| 03/14/15 | | Value Investing |
| Tobias Carlisle interview |
| 03/07/15 | | Value Investing |
| Piotroski Score Backtest Part 2 |
| 02/14/15 | | Value Investing |
| Concentrated P/B does badly |
| 02/14/15 | | Value Investing |
| Eveillard: Legendary Value Investor |
| 02/07/15 | | Value Investing |
| Piotroski F-Score backtest |
| 02/07/15 | | Value Investing |
| Buy the most despised company |
| 01/18/15 | | Value Investing |
| Pat Dorsey Lecture |
| 01/18/15 | | Value Investing |
| Tobias Carlisle and Deep Value |
| 12/27/14 | | Value Investing |
| Patient investing |
| 12/13/14 | | Value Investing |
| Digging manager graveyards |
| 12/12/14 | | Value Investing |
| The dangers of reacting to short-term volatility |
| 12/06/14 | | Value Investing |
| Value Investing by Bruce |
| 11/29/14 | | Value Investing |
| Price-to-book value ratios |
| 11/23/14 | | Value Investing |
| Joel Greenblatt on WealthTrack |
| 11/23/14 | | Value Investing |
| Joe Rosenfield's remarkable story |
| 11/15/14 | | Value Investing |
| Concentrated value |
| 11/08/14 | | Value Investing |
| Graham and Doddsville: Fall 2014 |
| 11/01/14 | | Value Investing |
| Value investors see few bargains |
| 10/26/14 | | Value Investing |
| Low volatility and value |
| 10/19/14 | | Value Investing |
| Is value investing a hoax? |
| 10/04/14 | | Value Investing |
| The large-stock value premium |
| 09/19/14 | | Value Investing |
| A few cheap stocks |
| 09/13/14 | | Value Investing |
| Barry Ritholtz interviews James O'Shaugnessy |
| 08/30/14 | | Value Investing |
| Tobias Carlisle at Deep Value Summit 2013 |
| 08/29/14 | | Value Investing |
| Tobias Carlisle interview |
| 08/29/14 | | Value Investing |
| 108-year-old investor |
| 08/24/14 | | Value Investing |
| The moneyball of quality investing |
| 08/24/14 | | Value Investing |
| Valuing community banks |
| 07/25/14 | | Value Investing |
| Value combo |
| 06/29/14 | | Value Investing |
| Price to sales ratio backtest |
| 06/07/14 | | Value Investing |
| Price to free cash flow ratio backtest |
| 06/07/14 | | Value Investing |
| Value vs the market since 2008 |
| 05/25/14 | | Value Investing |
| Chou's 2013 letter |
| 03/30/14 | | Value Investing |
| David Winters interview |
| 03/30/14 | | Value Investing |
| Investment principles and habits |
| 02/16/14 | | Value Investing |
| Mohnish Pabrai's Boston College talk |
| 01/12/14 | | Value Investing |
| Casting a wide net for deep value |
| 01/05/14 | | Value Investing |
| Words of wisdom to value investors |
| 12/29/13 | | Value Investing |
| Why a cheap stock can be a bad buy |
| 12/15/13 | | Value Investing |
| Key new findings on stock selection |
| 12/02/13 | | Value Investing |
| Treasure hunters of the financial crisis |
| 11/10/13 | | Value Investing |
| Prem Watsa the Canadian Warren Buffett |
| 11/03/13 | | Value Investing |
| Cliff Asness |
| 10/27/13 | | Value Investing |
| Market underestimates BlackBerry |
| 09/29/13 | | Value Investing |
| It doesn't work all the time |
| 09/22/13 | | Value Investing |
| Francis Chou seminar |
| 09/05/13 | | Value Investing |
| Last Leucadia letter |
| 06/25/13 | | Value Investing |
| The importance of expectations |
| 06/16/13 | | Value Investing |
| Value around the world |
| 06/16/13 | | Value Investing |
| Chou's 2012 letter |
| 03/30/13 | | Value Investing |
| Fishing for value |
| 03/30/13 | | Value Investing |
| The best stock-picker |
| 03/30/13 | | Value Investing |
| Mohnish Pabrai interview |
| 02/24/13 | | Value Investing |
| Tough times for classic value investors |
| 02/24/13 | | Value Investing |
| Francis Chou on value |
| 02/03/13 | | Value Investing |
| Net-nets are not for faint of heart |
| 01/09/13 | | Value Investing |
| Ryan Morris, activist value investor |
| 12/21/12 | | Value Investing |
| Simple but not easy |
| 11/24/12 | | Value Investing |
| Mohnish Pabrai and Guy Spier talk |
| 08/23/12 | | Value Investing |
| Global Value: 10 Year CAPE |
| 08/22/12 | | Value Investing |
| Tim McElvaine's conference |
| 08/22/12 | | Value Investing |
| Why does financial strength forecast stock returns? |
| 08/18/12 | | Value Investing |
| Lonely puppies |
| 07/28/12 | | Value Investing |
| Howard Marks interview |
| 07/16/12 | | Value Investing |
| Why value stocks lag |
| 05/26/12 | | Value Investing |
| Buy Low, Sell High |
| 05/13/12 | | Value Investing |
| The devil in HML's details |
| 05/11/12 | | Value Investing |
| Which price ratio outperforms the EM? |
| 05/01/12 | | Value Investing |
| Which price ratio best identifies value stocks? |
| 05/01/12 | | Value Investing |
| Howard Marks at NYSSA |
| 04/14/12 | | Value Investing |
| Leucadia Letter |
| 04/13/12 | | Value Investing |
| Stocks are a little pricey: Schiller |
| 03/27/12 | | Value Investing |
| Chou Annual |
| 03/27/12 | | Value Investing |
| Mohnish Pabrai lecture |
| 03/07/12 | | Value Investing |
| RIP: Walter Schloss |
| 02/20/12 | | Value Investing |
| Is the Value Effect Seasonal? |
| 01/26/12 | | Value Investing |
| Invest like a legend: David Dreman |
| 01/26/12 | | Value Investing |
| Scouring the market's bargain bin |
| 01/03/12 | | Value Investing |
| A market that even a skeptic can like |
| 12/31/11 | | Value Investing |
| Cutting buffett helps sequoia fund |
| 12/29/11 | | Value Investing |
| 106-year-old stockbroker talks shop |
| 12/26/11 | | Value Investing |
| Buying a dollar for fifty cents |
| 12/03/11 | | Value Investing |
| Charlie Rose interviews Seth Klarman |
| 11/26/11 | | Value Investing |
| Longleaf Q3 |
| 10/14/11 | | Value Investing |
| The Indian who bailed out Bank of Ireland |
| 09/08/11 | | Value Investing |
| A value investor's best friend in China |
| 09/01/11 | | Value Investing |
| Advice from Irving Kahn |
| 08/23/11 | | Value Investing |
| Watsa sees dirty thirties pain ahead |
| 08/10/11 | | Value Investing |
| Bob Rodriguez's perspective |
| 06/06/11 | | Value Investing |
| Seven takeover targets |
| 05/23/11 | | Value Investing |
| Is value compensation for distress risk? |
| 05/20/11 | | Value Investing |
| Think big and go broke |
| 05/06/11 | | Value Investing |
| Why this value investor holds cash |
| 03/17/11 | | Value Investing |
| Tim McElvaine talk |
| 02/16/11 | | Value Investing |
| Follow the Cash |
| 01/30/11 | | Value Investing |
| Peter Cundill's last interview |
| 01/27/11 | | Value Investing |
| Hedge Fund Analyst Checklist |
| 01/23/11 | | Value Investing |
| Prem Watsa sees commodity bubble |
| 12/02/10 | | Value Investing |
| Neosho Capital Q3-10 commentary |
| 11/27/10 | | Value Investing |
| Life and investing after Buffett |
| 11/21/10 | | Value Investing |
| You Can't Be Too Thin |
| 11/06/10 | | Value Investing |
| Patient Capital 2010 Q3 |
| 11/01/10 | | Value Investing |
| Enduring Values, Enduring Value |
| 10/31/10 | | Value Investing |
| Darwin's darlings |
| 08/25/10 | | Value Investing |
| Tim's 2010 Conference |
| 08/02/10 | | Value Investing |
| Mr. Market refuses |
| 07/25/10 | | Value Investing |
| Sticking to what works |
| 07/06/10 | | Value Investing |
| Gross profitability as a predictor |
| 05/12/10 | | Value Investing |
| Meeting notes |
| 05/11/10 | | Value Investing |
| Graham and Doddsville spring 2010 |
| 05/09/10 | | Value Investing |
| Winters lecture |
| 04/28/10 | | Value Investing |
| Mohnish Pabrai interview |
| 04/12/10 | | Value Investing |
| Chou's 2009 letter |
| 03/26/10 | | Value Investing |
| Sir John's prophetic memo |
| 03/25/10 | | Value Investing |
| Could investors use a little magic? |
| 03/12/10 | | Value Investing |
| Sears letter |
| 03/08/10 | | Value Investing |
| McElvaine annual |
| 03/06/10 | | Value Investing |
| Patient Capital Q4 letter |
| 03/06/10 | | Value Investing |
| Buying earnings and book value |
| 03/02/10 | | Value Investing |
| Betting on the blind side |
| 03/02/10 | | Value Investing |
| Vito Maida Interview |
| 02/08/10 | | Value Investing |
| Chanticleer's Q4 |
| 01/27/10 | | Value Investing |
| 7 of 10 robot picks beat market |
| 12/29/09 | | Value Investing |
| Rodriguez flouts 'small mind' investor rules |
| 12/04/09 | | Value Investing |
| Think like Buffett |
| 12/03/09 | | Value Investing |
| Has market got ahead of itself? |
| 11/12/09 | | Value Investing |
| Patient Capital Q3 |
| 11/12/09 | | Value Investing |
| Cheap and ugly can be beautiful |
| 10/21/09 | | Value Investing |
| Solid investor Howson hands off reins |
| 10/04/09 | | Value Investing |
| Kahn's top picks |
| 10/04/09 | | Value Investing |
| Jean-Marie Eveillard interview |
| 09/14/09 | | Value Investing |
| A superb fund rebounds |
| 06/02/09 | | Value Investing |
| Reflections and outrage |
| 06/02/09 | | Value Investing |
| Patient Capital May 2009 letter |
| 05/25/09 | | Value Investing |
| Longleaf annual presentation |
| 05/25/09 | | Value Investing |
| Mohnish Pabrai at Columbia |
| 05/23/09 | | Value Investing |
| David Winters interview |
| 05/20/09 | | Value Investing |
| Fairholme OID interview |
| 04/16/09 | | Value Investing |
| Depression survivors weigh in |
| 04/10/09 | | Value Investing |
| Chou 2008 letter |
| 04/02/09 | | Value Investing |
| Will value investors win the day? |
| 03/04/09 | | Value Investing |
| Value investors can't beat this bear |
| 03/02/09 | | Value Investing |
| Piotroski profits |
| 02/23/09 | | Value Investing |
| Markets in 19th century Britain |
| 02/16/09 | | Value Investing |
| Patience pays off |
| 02/11/09 | | Value Investing |
| The relative cash holdings premium |
| 02/11/09 | | Value Investing |
| Patient Capital Q4 2008 |
| 02/10/09 | | Value Investing |
| Longleaf Q4 2008 |
| 02/06/09 | | Value Investing |
| Using the price-to-book ratio |
| 02/06/09 | | Value Investing |
| Value investing comes back into vogue |
| 02/06/09 | | Value Investing |
| Money for nothing |
| 01/20/09 | | Value Investing |
| Fundamental value investors |
| 01/15/09 | | Value Investing |
| Leucadia's unmined potential |
| 12/06/08 | | Value Investing |
| Patient Capital Q3 |
| 11/20/08 | | Value Investing |
| We're not dead yet |
| 11/19/08 | | Value Investing |
| Q3 2008 Oakmark commentary |
| 10/18/08 | | Value Investing |
| Concentrated value investing |
| 10/18/08 | | Value Investing |
| America for sale: price reduced |
| 10/13/08 | | Value Investing |
| Think long |
| 10/12/08 | | Value Investing |
| The market's silver linings |
| 10/12/08 | | Value Investing |
| Eveillard proteges prowl for bargains |
| 10/09/08 | | Value Investing |
| A contrarian gets the last laugh |
| 10/01/08 | | Value Investing |
| Ways to gauge value |
| 09/10/08 | | Value Investing |
| Longleaf Partners Q2 2008 letter |
| 08/14/08 | | Value Investing |
| Value stock losers Buffett, Miller poised as winners |
| 08/11/08 | | Value Investing |
| CanWest woes may force Fairfax's hand |
| 08/09/08 | | Value Investing |
| Robert Tattersall |
| 08/09/08 | | Value Investing |
| Value funds may be poised for comeback |
| 08/09/08 | | Value Investing |
| Patient Capital Q2 2008 |
| 08/04/08 | | Value Investing |
| Fairfax Financial beats bad markets |
| 07/28/08 | | Value Investing |
| The marks of a great value investor |
| 07/23/08 | | Value Investing |
| John Templeton |
| 07/18/08 | | Value Investing |
| Eveillard takes dim view of U.S. stocks |
| 06/27/08 | | Value Investing |
| Value investors: Beware the value trap |
| 06/23/08 | | Value Investing |
| Rising from the stock market rubble |
| 06/21/08 | | Value Investing |
| Credit crunch prepares feast for value hunters |
| 06/15/08 | | Value Investing |
| Value strategies reward patience |
| 06/02/08 | | Value Investing |
| Conventional wisdom, foiled again |
| 06/02/08 | | Value Investing |
| Patient Capital Q1 |
| 05/26/08 | | Value Investing |
| Fixes for bad timing |
| 05/14/08 | | Value Investing |
| Doubling down in financials |
| 04/24/08 | | Value Investing |
| Sequoia fund to reopen |
| 04/24/08 | | Value Investing |
| Leucadia's 2007 letter |
| 04/21/08 | | Value Investing |
| Feast with the vultures |
| 04/05/08 | | Value Investing |
| Crossing the rubicon |
| 04/04/08 | | Value Investing |
| How fund manager didn't lose a bundle |
| 04/03/08 | | Value Investing |
| Miscalculating the risks |
| 02/23/08 | | Value Investing |
| Watsa says credit squeeze still in 'early days' |
| 02/22/08 | | Value Investing |
| Seth Klarman's talk at MIT |
| 02/14/08 | | Value Investing |
| Patient Capital Q4 |
| 02/08/08 | | Value Investing |
| Why it's fair weather for Fairfax investors |
| 01/21/08 | | Value Investing |
| The prince of value |
| 12/05/07 | | Value Investing |
| He has never been more bearish |
| 11/23/07 | | Value Investing |
| A seasoned pro scoops up mortgage stocks |
| 11/11/07 | | Value Investing |
| Accounting for leverage |
| 11/11/07 | | Value Investing |
| Patient Capital Management's Q3 2007 letter |
| 10/30/07 | | Value Investing |
| The lone raider |
| 09/29/07 | | Value Investing |
| Absence of fear |
| 09/24/07 | | Value Investing |
| Take-home lessons on value investing |
| 08/31/07 | | Value Investing |
| Why disciplined value investing is so difficult |
| 08/29/07 | | Value Investing |
| The evolution of the idea of 'value investing' |
| 08/21/07 | | Value Investing |
| In the risk-reward game, Hartco worth holding |
| 08/12/07 | | Value Investing |
| Prem Watsa Intelligent Investing Lecture |
| 08/05/07 | | Value Investing |
| The value of Fundamental Indexing |
| 07/25/07 | | Value Investing |
| The bargain basement isn't empty |
| 07/01/07 | | Value Investing |
| Tight times for deep value investing |
| 06/22/07 | | Value Investing |
| Eveillard: A value maestro's encore |
| 06/19/07 | | Value Investing |
| In a rocky stock market, play it safe |
| 06/18/07 | | Value Investing |
| Some 'value' stocks are just losers |
| 06/17/07 | | Value Investing |
| Fairfax braces for meltdown |
| 05/27/07 | | Value Investing |
| Patient Capital Q1 2007 |
| 05/15/07 | | Value Investing |
| Watsa's foray at Torstar |
| 05/07/07 | | Value Investing |
| Aegis Fund overcomes 'worst stock pick' |
| 04/12/07 | | Value Investing |
| Top funds stand by subprime bet |
| 03/09/07 | | Value Investing |
| Master of the turnaround |
| 03/07/07 | | Value Investing |
| Are good companies bad investments? |
| 02/26/07 | | Value Investing |
| Patient Capital Management Q4 |
| 02/16/07 | | Value Investing |
| A wing and a prayer |
| 02/16/07 | | Value Investing |
| Undervalued airline came in top of class |
| 01/20/07 | | Value Investing |
| Arnold Van Den Berg interview |
| 01/01/07 | | Value Investing |
| 10 mutt stocks that will shine in 2007 |
| 12/19/06 | | Value Investing |
| Steal this column |
| 11/29/06 | | Value Investing |
| A bullish bet on joe consumer |
| 11/28/06 | | Value Investing |
| Pattison goes deeper into the woods |
| 11/18/06 | | Value Investing |
| Browne searches for value: why don't you? |
| 11/16/06 | | Value Investing |
| NYSSA honors Walter Schloss |
| 11/10/06 | | Value Investing |
| The Dodge & Cox mystique |
| 11/04/06 | | Value Investing |
| Patient Capital Management Q3 |
| 10/27/06 | | Value Investing |
| Bill Miller's Q3 letter |
| 10/26/06 | | Value Investing |
| 10 hated stocks you'll love in 2007 |
| 10/20/06 | | Value Investing |
| Old growth as value? |
| 10/20/06 | | Value Investing |
| Noise reduction |
| 10/04/06 | | Value Investing |
| Interview Charles de Vaulx |
| 09/28/06 | | Value Investing |
| Seminar in value investing |
| 09/17/06 | | Value Investing |
| Value veteran dances to his own tune |
| 09/02/06 | | Value Investing |
| Value vs. glamour stock returns |
| 08/18/06 | | Value Investing |
| Miller says fund 'clearly wrong' |
| 08/06/06 | | Value Investing |
| Weitz Q2 |
| 07/23/06 | | Value Investing |
| 5-star stocks from the Markel portfolio |
| 06/23/06 | | Value Investing |
| Deep value |
| 06/21/06 | | Value Investing |
| Miller, Hodges bet on housing slump end |
| 06/15/06 | | Value Investing |
| Weighing options with Robert Olstein |
| 06/12/06 | | Value Investing |
| The magic money machine |
| 06/09/06 | | Value Investing |
| Muhlenkamp's methods |
| 06/09/06 | | Value Investing |
| Book value bargains |
| 06/06/06 | | Value Investing |
| Value vs Glamour |
| 05/29/06 | | Value Investing |
| FPA Annual |
| 05/26/06 | | Value Investing |
| Global bargain hunter |
| 05/23/06 | | Value Investing |
| Value investors speak out |
| 05/15/06 | | Value Investing |
| Patient Capital Management Q1 |
| 05/03/06 | | Value Investing |
| Leucadia letter |
| 04/23/06 | | Value Investing |
| Traditions in value investing |
| 03/14/06 | | Value Investing |
| Talking panic buying with Joe Feshbach |
| 03/14/06 | | Value Investing |
| 5 key lessons from Bill Nygren |
| 03/01/06 | | Value Investing |
| The price of victory |
| 02/23/06 | | Value Investing |
| A meeting with Mr. Greenblatt |
| 02/15/06 | | Value Investing |
| The magic money machine |
| 02/15/06 | | Value Investing |
| The best investor of his generation |
| 02/12/06 | | Value Investing |
| How Eddie Lampert picks his stocks |
| 02/12/06 | | Value Investing |
| Patient Capital Management Q4 |
| 02/09/06 | | Value Investing |
| Templeton's Mobius outlasts critics |
| 02/05/06 | | Value Investing |
| Value investing and the business cycle |
| 01/22/06 | | Value Investing |
| The little essay that beats the market |
| 12/27/05 | | Value Investing |
| Peter Cundill in 1998 |
| 12/27/05 | | Value Investing |
| Still going strong |
| 12/19/05 | | Value Investing |
| Few bargains left |
| 12/16/05 | | Value Investing |
| Web site suggests financial planners |
| 12/04/05 | | Value Investing |
| Audio interview with Irwin Michael |
| 11/26/05 | | Value Investing |
| Patient Capital Q3 |
| 11/11/05 | | Value Investing |
| Disentangling size and value |
| 11/11/05 | | Value Investing |
| 5 Dow dogs about to have their days |
| 11/09/05 | | Value Investing |
| Better than Buffett |
| 11/07/05 | | Value Investing |
| Investing 'cult' could use more members |
| 10/31/05 | | Value Investing |
| Digging for deep value |
| 10/28/05 | | Value Investing |
| Bill's bad bet |
| 10/18/05 | | Value Investing |
| Weitz buys Wal-Mart, Tyco |
| 10/06/05 | | Value Investing |
| FPA's Robert Rodriguez likes cash |
| 09/20/05 | | Value Investing |
| Betting against the crowd |
| 09/20/05 | | Value Investing |
| Omaha's other oracle |
| 09/18/05 | | Value Investing |
| Olstein Annual |
| 09/13/05 | | Value Investing |
| Clipper Semi-Annual |
| 09/08/05 | | Value Investing |
| Cash is trash |
| 09/03/05 | | Value Investing |
| Sequoia Fund shareholders' meeting |
| 08/30/05 | | Value Investing |
| Jeremy Siegel's buy list |
| 07/22/05 | | Value Investing |
| A born gambler rolls the dice at 88 |
| 06/10/05 | | Value Investing |
| Patient Capital Management Q1 |
| 06/03/05 | | Value Investing |
| Clipper Fund's Q1 |
| 05/01/05 | | Value Investing |
| Find your investing edge |
| 04/14/05 | | Value Investing |
| The nature of risk |
| 04/12/05 | | Value Investing |
| The hunt for intrinsic value |
| 04/10/05 | | Value Investing |
| Jeremy Siegel's buy list |
| 04/06/05 | | Value Investing |
| Bargain hunter |
| 03/28/05 | | Value Investing |
| Are big cash stakes bad for four prominent funds? |
| 03/24/05 | | Value Investing |
| Small-cap contender |
| 03/23/05 | | Value Investing |
| Big stocks could have big year |
| 03/20/05 | | Value Investing |
| Market phobia? Try value investing |
| 03/13/05 | | Value Investing |
| Century Management Q4 |
| 03/05/05 | | Value Investing |
| If past bubbles are any indication... |
| 03/05/05 | | Value Investing |
| Sequoia Fund Q4 |
| 03/03/05 | | Value Investing |
| Whither the value investors? |
| 03/02/05 | | Value Investing |
| Clipper Q4 |
| 03/01/05 | | Value Investing |
| Sir John Templeton reveals the future |
| 02/24/05 | | Value Investing |
| A worthy successor's worldly views |
| 02/22/05 | | Value Investing |
| Dull, but worthy |
| 02/17/05 | | Value Investing |
| Emotion, neuroscience and investing |
| 02/02/05 | | Value Investing |
| Fund manager focuses on worn stocks with potential |
| 02/01/05 | | Value Investing |
| Interview with Tim McElvaine |
| 01/21/05 | | Value Investing |
| Manager Monitor: Richard Howson |
| 01/21/05 | | Value Investing |
| Legg Mason Forum |
| 01/20/05 | | Value Investing |
| Oakmark Q4 commentary |
| 01/13/05 | | Value Investing |
| Tastes, distress, and jocks |
| 01/13/05 | | Value Investing |
| Requiem for a brewer |
| 01/06/05 | | Value Investing |
| Schloss archives for value investing |
| 01/05/05 | | Value Investing |
| Fund legend Gabelli shares insights, lessons |
| 12/07/04 | | Value Investing |
| Pickings remain slim for FPA's Rodriguez |
| 12/01/04 | | Value Investing |
| Value skeptics |
| 11/30/04 | | Value Investing |
| The Third Avenue Management investor conference |
| 11/23/04 | | Value Investing |
| Oddball investing |
| 11/18/04 | | Value Investing |
| Veteran value manager took a big risk |
| 11/15/04 | | Value Investing |
| Patient Capital Management Q3 |
| 11/09/04 | | Value Investing |
| The best way to buy dividends |
| 11/07/04 | | Value Investing |
| Unorthodox approach builds a winner |
| 10/23/04 | | Value Investing |
| Searching for rational investors in a perfect storm |
| 10/21/04 | | Value Investing |
| Interlopers on the value-stocks turf |
| 10/19/04 | | Value Investing |
| Value Hunting |
| 10/09/04 | | Value Investing |
| Why the sidelines are looking good to managers |
| 08/15/04 | | Value Investing |
| Identifying franchises |
| 08/13/04 | | Value Investing |
| Patient Capital Management Q2 |
| 08/09/04 | | Value Investing |
| Value Investing 101 |
| 08/09/04 | | Value Investing |
| Lots of cash, little to buy |
| 07/22/04 | | Value Investing |
| Keep your eye on a few basics |
| 07/03/04 | | Value Investing |
| Insights from the monsters of stock |
| 05/13/04 | | Value Investing |
| In defence of dividends |
| 04/27/04 | | Value Investing |
| Why legendary investors are drowning in cash |
| 04/19/04 | | Value Investing |
| Russell gains are no small thing |
| 04/10/04 | | Value Investing |
| Value stocks become more difficult to find |
| 03/31/04 | | Value Investing |
| The herd mentality - and how to avoid it |
| 03/28/04 | | Value Investing |
| Clipper annual: amnesia in action |
| 03/26/04 | | Value Investing |
| Spring training for value investors |
| 03/26/04 | | Value Investing |
| Some fund managers seek 'deep value' |
| 03/17/04 | | Value Investing |
| A walk on the wild side |
| 03/16/04 | | Value Investing |
| Third Avenue Funds shareholder letters |
| 03/14/04 | | Value Investing |
| Patient Capital Management Q4 |
| 03/11/04 | | Value Investing |
| Maida one heretic worth heeding |
| 03/10/04 | | Value Investing |
| Dinner and tips |
| 02/28/04 | | Value Investing |
| Investors can be their own worst enemy |
| 01/25/04 | | Value Investing |
| Buffettesque Superinvestors |
| 01/24/04 | | Value Investing |
| Dig deep for hidden value |
| 01/17/04 | | Value Investing |
| A scary time for stocks |
| 01/09/04 | | Value Investing |
| Value Investing by Damodaran |
| 01/03/04 | | Value Investing |
| Value Investing overview by Damodaran |
| 01/03/04 | | Value Investing |
| A value investor's secret |
| 12/21/03 | | Value Investing |
| Is there still value in the book-to-market ratio? |
| 12/11/03 | | Value Investing |
| The value view |
| 12/02/03 | | Value Investing |
| Market prices right |
| 11/27/03 | | Value Investing |
| To sell or not to sell |
| 11/25/03 | | Value Investing |
| Munger on human misjudgments |
| 11/25/03 | | Value Investing |
| Avoiding value traps |
| 11/25/03 | | Value Investing |
| The bull is back! |
| 11/10/03 | | Value Investing |
| Dividend policy and market movements |
| 10/22/03 | | Value Investing |
| Tweedy, Browne Annual |
| 05/23/03 | | Value Investing |
| Patient Capital Management Q1 |
| 05/22/03 | | Value Investing |
| Strong selling point |
| 04/27/03 | | Value Investing |
| A conversation with Marty Whitman |
| 02/21/03 | | Value Investing |
| Patient Capital Q4 |
| 02/19/03 | | Value Investing |
| Buying the wrong stock for the right reason |
| 02/03/03 | | Value Investing |
| The ABC perspective |
| 01/09/03 | | Value Investing |
| Patient Capital Management Q3 |
| 12/14/02 | | Value Investing |
| Private Capital Management Q3 |
| 11/29/02 | | Value Investing |
| High dividends are now a predictor of growth |
| 11/19/02 | | Value Investing |
| Patient Capital 1st Quarter |
| 11/14/02 | | Value Investing |
| Running with the 'Dogs of the Dow' |
| 11/07/02 | | Value Investing |
| Cognitive biases in market forecasts |
| 11/01/02 | | Value Investing |
| Boeing's set to fly solo |
| 09/27/02 | | Value Investing |
| Third Avenue's 3rd Quarter Report |
| 09/23/02 | | Value Investing |
| Computer buff follows value faith |
| 08/12/02 | | Value Investing |
| Asset allocation is key for retired chemist |
| 08/12/02 | | Value Investing |
| Long live dividend yield |
| 07/23/02 | | Value Investing |
| Buffett's emergency quiz |
| 07/22/02 | | Value Investing |
| Double whammy |
| 07/04/02 | | Value Investing |
| Boom-era valuations are creating fake stock bargains |
| 06/21/02 | | Value Investing |
| Third Avenue's semi-annual report |
| 06/05/02 | | Value Investing |
| Dividends do matter |
| 04/25/02 | | Value Investing |
| Third Avenue Funds Q1 Report |
| 04/11/02 | | Value Investing |
| Loving the unloved |
| 04/11/02 | | Value Investing |
| Study links profit to dividends |
| 02/25/02 | | Value Investing |
| The great eight |
| 01/25/02 | | Value Investing |
| Ten lectures by Benjamin Graham |
| 11/27/01 | | Value Investing |
| The virtues of value investing |
| 11/16/01 | | Value Investing |
| The allure of dividends |
| 11/02/01 | | Value Investing |
| Value investing guide |
| 10/18/01 | | Value Investing |
