August 16, 2015


Last one of the first list… Download PDF CHAPTER 23 – YACKTMAN ASSET MANAGEMENT When he’s researching a company for possible investment, value investor Donald Yacktman reads everything he can get his hands or his computer terminal on. What he doesn’t […]
August 11, 2015

All the ETFs in the World

Below is a monster Excel download with info on all the ETFs in existence.  Super interesting for some, meaningless for others. Courtesy AAII. Download Excel Sheet Websites Get a Free Subscription! If you send me an email with a […]
August 9, 2015


Only a few more to go….this week, ValueAct! Download PDF CHAPTER 22 – VALUEACT CAPITAL “My father tells me the reason I generate the returns I do is that I see things other people don’t see. But that’s not exactly […]
August 6, 2015

Two for Thursday

No charts and quotes this time but a couple of academic papers to skim.  The first is on how to try and replicate private equity returns through factor based small caps: Leveraged Small Value Equities (and commentary by Wes here) The second is […]
August 2, 2015


Everybody knows this guy. Download PDF CHAPTER 19 – THIRD POINT MANAGEMENT When it comes to corporate management, Daniel Loeb is rarely at a loss for words, and they are frequently not very nice words. As founder and CEO of Third […]
July 26, 2015

13F: SPO

Another solid performer, SPO Advisory. Download PDF CHAPTER 21 – SPO ADVISORY CORP Back a few decades ago, if you were serious about studying economics and finance, one of the places to get plugged into the latest thinking was Stanford […]
July 23, 2015

Market Timing with CAPE and Trend (and both!)

Wes & Jack do great work.  Here he shows how using simple timing models based on valuation can either increase return and/or reduce vol and drawdown.  Simple works! Chart, then link. —- —- Link Website Get a Free […]
July 21, 2015

It Won’t Mean a Thing in 100 Years

This piece reminds me of that old Blues Traveler Song. Chart, then download. —- —- Download PDF Are Stocks Overvalued? Website Get a Free Subscription! If you send me an email with a link or attachment to a piece […]
July 19, 2015

13F: Pennant

3F Sunday, and today, Pennant! Download PDF CHAPTER 16 – Pennant Capital Management In his book, The Big Short, about the subprime mortgage mess that led to the financial meltdown, author Michael Lewis tells the story of how a handful of money managers […]
July 17, 2015

Global Small Cap CAPE Ratios

Another feature from Norbert at Star Capital, great work! Just a chart, no download. —- —- Website Get a Free Subscription! If you send me an email with a link or attachment to a piece you think readers would […]
July 16, 2015

Fun Speech

Here is a transcript with charts from a speech Romick gave tp CFA Society of Chicago in June.  Lots of fun quotes and charts, including an interesting arbitrage trade near the end. Quotes then download: —- “Back then, plenty of […]
July 14, 2015


Below is the first piece of research I am sending that rewards readers for passing on good research ($100). This piece talks about diversification across CTAs (and stocks) from Kaminski (who happens to have a new book out on trendfollowing and […]
July 12, 2015


More 13F – what firm might Buffett suggest to follow? Download PDF CHAPTER 20 – RUANNE, CUNIFF & GOLDFARB Followers of modern value investing trace its roots back to a course taught at Columbia University in the 1950s by author and instructor […]
July 7, 2015

CAP, One More Time

Thanks to a reader for one tiny correction.  Doesn’t change much but I hate seeing anything incorrect. MSCI Standard Indices CAPE CAPD CAPCF CAPB Average Rank Greece 2.10 5.00 1.20 0.30 1.00 Portugal 8.10 13.40 3.40 1.00 3.75 Russia 4.90 […]
July 6, 2015

CAP Valuation Updates

This time with headings for the tables… I was reading a nice research piece by the folks at Star Capital, a German hedge fund, on the CAPE ratio.  (Star and Research Affiliates are the only two other shops that publish CAPE […]