“Alternative” Facts about Formulaic Value Investing

By |2017-08-18T17:12:00-04:00April 22nd, 2017|Research Insights, Key Research, Behavioral Finance, Value Investing Research, $vlue, $brk-a|

A new paper, "Facts about Formulaic Value Investing," is making the rounds and professes to plunge a dagger directly into the heart of systematic value investors. Half of my inbox is filled with questions regarding this [...]

Charlie Munger on “Loading Up,” Tracking Error, and Value Investing

By |2017-08-18T17:08:15-04:00June 29th, 2015|$SPY, $brk-a|

Back in 1994, Charlie Munger gave a talk to students at the USC Business School (a copy is here), covering topics ranging from mathematics and behavioral psychology, to pari-mutuel systems and investment management. As usual, [...]

Buffett and Hedge Funds Share a Trait: No Alpha

By |2017-08-18T17:08:55-04:00March 3rd, 2015|Guest Posts, Tactical Asset Allocation Research, $SPY, $brk-a|

Aaron Seager, a portfolio manager at Arbor Hill Advisors, offered up the following charts showing alpha over the past 15 years for Warren Buffett and an index of Hedge Funds. Humbling to say the least... Warren [...]

Did Warren Buffett Move the Goalposts in the Latest Letter?

By |2017-08-18T17:06:52-04:00February 28th, 2015|$SPY, $vlue, $brk-a|

It appears even the Oracle of Omaha may be vulnerable to short term performance pressures. The Berkshire report came out today, and it has magically changed formats to deemphasize the fact the book value per share [...]