Tuesday, November 18, 2014


Catching up on some things after a few days with limited internet access...

As a reminder, Tony Robbins' book, MONEY Master the Game, is out today. For more, see THIS previous post and article link. James Altucher also just interviewed Robbins about his book, HERE.

Another new investing book mentioned to me by my friend James East, which is more of a book for the value investor and fan of Ben Graham: Brandes on Value: The Independent Investor. As James mentioned in his Amazon review of the book:
All in, if you are willing to spend the time and do the work, whether reading annuals, 10-Ks, 10-Qs, then reading this book will assist you in becoming a better investor. Other references and fine books in the same genre are as follows:

The Intelligent Investor: The Classic Text on Value Investing by Benjamin Graham
The Little Book of Behavioral Investing: How not to be your own worst enemy by James Montier
There's Always Something to Do: The Peter Cundill Investment Approach by Christopher Risso-Gill
The Dhandho Investor: The Low-Risk Value Method to High Returns by Mohnish Pabrai
Value Investing: From Graham to Buffett and Beyond by Bruce C. N. Greenwald
Joel Greenblatt on WealthTrack (video) (LINK)
Related books: The Little Book That Still Beats the Market and You Can Be a Stock Market Genius
Guy Spier Boston College Presentation on October 2nd, 2014 (video) (LINK)
Related book: The Education of a Value Investor
Michael Lewis reviews the book Billionaires: Reflections on the Upper Crust (LINK)

Buffett Thoughts on GEICO in 1976 (LINK)

Steve Romick Q3 FPA Crescent Webcast Slides And Transcript (LINK)

Valuation from All Angles: S&P 500, Russell 2000, and the 10 GICS Sectors (LINK)

Aswath Damodaran: Twitter's Bar Mitzvah! Is Social Media coming of age? (LINK)

Google's Larry Page: The most ambitious CEO in the universe (LINK)

EBITDA Is 'BS' Earnings (LINK) [There's some related EBITDA quotes from Buffett, Munger, and Klarman at the end of THIS post.]

World’s ‘Unbanked’ En Route to Financial Inclusion With Mobile Money (LINK)

Grant Williams interviews Ben Hunt (video) (LINK)

Hussman Weekly Market Comment: These Go to Eleven (LINK)
The current market environment joins the full range of ingredients that have characterized the most extreme market peaks – and preceded the deepest market plunges – in more than a century of history. On the basis of measures that are best correlated with actual subsequent market returns (and plenty of popular measures are not), we observe the richest market valuations in history with the exception of the 2000 peak. Even then, current levels on the best performing measures are only about 15-20% below the 2000 extreme. Current valuations now exceed those observed in 1901, 1929, 1937, 1972, 1987, and 2007. The 5-year market advance from the 2009 low, encouraged by yield-seeking speculation, now places the S&P 500 at more than double the level that we would associate with historically normal returns. Put another way, we presently estimate S&P 500 prospective nominal total returns of just 1.4% annually over the coming decade, with zero or negative average total returns out to roughly 2022. These valuations are coupled with extremely overbought conditions and the most lopsided bullish sentiment since 1987. Bearish sentiment is now down to 14.8% (Investor’s Intelligence), close to the low of 13.3% reached in September. Prior to this year, the last two times sentiment was nearly as lopsided were the April 2011 peak (just before a near-20% dive), and the October 2007 peak.
Mosaics Revealed at Ancient Greek City of Zeugma in Turkey (LINK)