April 16, 2015

An All Time Great

A speech with an all-time great, Stanley Druckenmiller.  Via Businessweek Speech at Lost Tree Club
April 12, 2015


13F week 11…This one is interesting due to the super high concentration.  I don’t follow Lampert with my own $, but I was always curious why investors wouldn’t just buy his stocks and not pay the fees – after all […]
April 5, 2015


Been a bit distracted by getting that last book out but we can continue with the 13F profiles…this week, COBALT! Download PDF Wayne Cooperman entered the hedge fund game with an enviable pedigree. His father is Leon Cooperman, the legendary […]
April 1, 2015

CAP Values

Dah, I hit send too fast.  Sector CAPEs below: Discretionary 39.1 Health Care 31.5 IT 28.8 Staples 25.2 Telecom 24.8 Materials 24.8 Industrials 23.3 Utilities 20.9 Financials 16.8 Energy 13.8
April 1, 2015

CAP Values

Q1 archives updated, and below are all of the CAP values from Ned Davis, and a composite average across all of them.  Not surprising to see Europe still in the lead for cheap countries…As a reminder there will be some variation, […]
March 29, 2015


Next up, Eminence! Download PDF EMINENCE CAPITAL, LLC “Volatility can be a friend of the value investor – it provides more situations where stocks significantly diverge from their intrinsic value and can allow us to turn our capital faster.” By […]
March 21, 2015

Third Point and Greenlight

I used to write a lot about the foreign listed hedge funds, and there was a lot of content in The Ivy Portfolio on the topic.  They’re hard to invest in for US based investors (due to PFIC rules, I *think*, […]
March 18, 2015

4% Taxes

guess the question is, why would I NOT move The Idea Farm to Puerto Rico?  With a 4% corporate tax rate, it seems like a no brainer.  If you really want to save on taxes, you could also move there […]
March 10, 2015

This Market in 97 Percentile

I’ve featured The Macro Trader a few times on The Farm over the years.  It is the only place I know of that tracks the Value Line Median Appreciation Potential chart all the way back to 1968.  Not surprisingly, it’s […]
March 5, 2015

The Last Dictator in Europe

I was grabbing dinner with E.B. Tucker, the author of the linked publication, a few months ago.  We chatted foreign markets over some vegan Thai food (a phrase that sounds funny outside of LA probably).  He has a pretty cool […]
March 1, 2015


Only if you were living under a rock would you not know Buffett’s annual letter was out this weekend. That doesn’t mean it isn’t worth reading. Quote & download: —- BERKSHIRE HATHAWAY INC. ACQUISITION CRITERIA We are eager to hear […]
February 28, 2015

Yale Update

The goal here at The Farm is to only send out high quality research.  That means we may go a week or two with no emails, and then some weeks there will be five.  The good news is there is […]
February 23, 2015

13F Time

t is that time of the year, where each Q we get a peek into what the hedgies are doing.  I now run a private fund starting Jan 1 that tracks my 10 favorite funds (at 2X leverage) with a […]
February 12, 2015

Worst of the Best

I had not seen this before, but it is fascinating!  Value works great but seemingly the cheapest ranked value stocks stink!  I saw this with 13F models though that is somewhat of a different beast. Chart & download: —- —- […]
February 10, 2015

#1 Read of the Year

This is always my #1 read of the year, CSFB Global Investment Returns Yearbook!  This is the annual update to my favorite investment book, Triumph of the Optimists. If you haven’t read every yearly update, do it – it’s like an […]