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Mixing Momentum and Value: A Winning Combination?
Combining Value and Momentum Fisher, Shah and Titman (2014) A version of the paper can be found here. Want a summary of academic papers with alpha? Check out our Academic Research Recap Category!...
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Value Investing: Never Buy Expensive Stocks. Period.
We did a recent internal simulation study on the performance of cheap and expensive stocks based on a variety of valuation metrics. We looked at all our favorites from our JPM paper “Analyzing...
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The Quantitative Value Investing Philosophy
The Quantitative Value Investing Philosophy Buy the Cheapest, Highest Quality Value Stocks Author: Wesley R. Gray, Ph.D. PDF version Executive Summary: Benjamin Graham, who first established the idea...
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Value Investing Research: Simple Methods to Improve the Piotroski F-Score
This article was posted on AAII.com. Click here to read the original version. I’ll be speaking at the 2015 AAII Investor Conference this fall; go to www.aaii.com/conference for more details. Executive...
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Value Investing in a Honda Civic–and proud of it…
Last week I had the privilege of being on CNBC to talk about value investing. A big shout out to Josh Brown, who introduced me to the Halftime Report producer. (video is below). Obviously, being on TV...
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Private Equity Replication with Leveraged Small-Cap Value Stocks
Of the major asset classes, private equity has recently had the best absolute returns. According to Cambridge Associates, the 25-year return on private equity was 13.5%, relative to 9.75% for the...
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Expensive Junk Stocks are Killing High-Quality Value Stocks, YTD
In general, investors focused on affordable stocks with strong fundamentals have been taken to the cleaners year-to-date. Meanwhile, expensive stocks with poor fundamentals have been rocking! Some...
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A Live Lesson in Value-Investing: The Energy Meltdown
We sat down and did a quick and dirty analysis of the S&P sector ETFs on a YTD basis and over the past 2 months. Here are the sector portfolios we used for our analysis: XLE Energy XLF Financials...
View ArticleBen Carlson on Active Investing, Value Investing, and Garage Sales
Yesterday we posted a review on Ben’s new book, A Wealth of Common Sense. We reached out to Ben and conducted a follow up Q&A. — Ben, in your book, you talk a lot about simplicity and minimizing...
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Value Investing Research: O-Score and Distress Risk
Book-to-Market Equity, Distress Risk, and Stock Returns, by Griffin and Lemmon (2002 Journal of Finance) investigate the relationship between value premiums and distress risk. There are two schools of...
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How to Make Money in Markets: Understanding Expectation Errors
A new working paper from Gennaili, Ma, and the one-the-only Andrei Shleifer. Expectations and Investment Using micro data from Duke University quarterly survey of Chief Financial Officers, we show that...
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High Dividend Stocks and Value Investing
Barron’s recently ran an article (written by Research Affiliates), which is titled “Get Smart About Picking Dividend-Rich Stocks.” The article highlights that high-quality high-dividend-paying stocks...
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Using Profitability as a Factor? Perhaps You Should Think Twice…
Many investors are getting excited about the so-called “profitability factor,” originally posed by Novy-Marx (here is an alternative story) . Larry Swedroe has a high-level piece advocating the concept...
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Book Review – Competition Demystified: a Radically Simplified Approach to...
We’ve spent a lot of time these days thinking about how to identify economic moat, or a firm’s ability to defend against competitive forces in the marketplace. In our search for better understanding we...
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How to Combine Value Investing and Momentum Investing (Part 2/2)
A few weeks ago I wrote an article talking about ways to combine value investing and momentum investing. The high level takeaway from that article was to keep value and momentum as separate exposures....
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Is Passive Perfect? High Active Share Long-Term Investing Works Better
Patient Capital Outperformance Cremers and Pareek A version of the paper can be found here. Want a summary of academic papers with alpha? Check out our Academic Research Recap Category. Abstract: This...
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International Value Investing: Looks Like a Reasonable Bet
A Value Investing Premium, Everywhere? A rich body of literature has shown that value investing, or buying stocks that are “cheap” based on a variety of valuation metrics, is robust across different...
View ArticleValue Investing: 2014 Value Stock Research Recap
The success and failure of value investing can be boiled down into two components: Buy Cheap Stuff Avoid Behavioral Bias Buy Cheap Stuff Ben Graham outlined the first point in his 1976 article...
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The Most Important Decision When Selecting a Value Investing Fund
The Best Investment with the Worst Performance We are huge believers in value investing. I personally started off as a fundamental value guy, spending twenty-plus years trying to pick stocks. I...
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Are Value Investing and Momentum Investing Robust Anomalies?
Beating a Dead Horse: Value investing and momentum investing work At this stage in our lives we’ve essentially memorized the CRSP/Compustat database. Name an anomaly and we can probably tell you the...
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