Low price/book ratios have always been a primary tool to the value investor. Ben Graham popularized the ratio with his version of “net-net” stocks which were companies trading for less than net liquid assets. In today’s markets, those particular opportunities rarely, if ever present themselves.
Buying low price/book stocks has research to support its effectiveness. Fama [...]
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High P/B Multiples do not Preclude the Notion of “Value” 
Bill William Ackman CNBC 10/30/08 – TGT
William ( Bill ) Ackman of Pershing Square Capital, was on CNBC this morning, October 30th, 2008. Bill Ackman is a value investor who takes huge long positions in companies and then pressures management to create better value for shareholders. He is a great investor so his words shouldn’t be taken lightly.
The best [...]
The Unknown Stock Report
I have decided to start up a paid investment newsletter focusing on individual stocks. I know the landscape is very crowded for such an endeavor, but I will truly strive to be unique and useful to my subscribers. The newsletter will focus on only one stock per issue, with an occasional update on [...]
What is Value Investing? – Part II
I think that it is safe to say that when William Ackman, the renowned Hedge Fund Manager that runs Pershing Square Capital, says that Target is “undervalued,” and when Warren Buffett, the equally renowned value investor says that Burlington Northern is “undervalued,” they mean two very different things. And yet both are very successful at [...]
The Mind of Wall Street
I just started reading a book called “The Mind of Wall Street,” by Leon Levy. Leon Levy was one of the first partners at Oppenheimer and Company. Levy died in 2003, and was a value investor incorporating much behavioral psychology into his investment process.
When I saw the book at the store, I saw [...]
Christopher H. Browne
Christopher H. Browne of Tweedy, Browne & Co. died a few days ago and in memory of this value investor, here are excerpts from a speech he made to the Graham and Dodd Value Investing Center at Columbia University in November 2000.
“A whole body of academic work formed the foundation upon which generations of students [...]
Festival of Stocks #88 – May 12, 2008
My blog is once again the proud host of the Festival of Stocks. If you don’t know anything about the Festival of Stocks go to this link:
Festival of Stocks
It is a great way to promote your blog, so sign up to be a host.
Since it is a Festival of Stocks, we will start of [...]
Investing Carnival # 10
Welcome to the September 2, 2008 edition of the Investing Carnival supported by the members of The Dividend and Value Investing Network – The Div-Net. This is the tenth edition of the Festival.
Stock Analysis
First, we have several posts on individual stocks – all from members of The Div-Net
The DIV-Net presents State Street Corporation [...]
Smart Money – May You Rest in Peace
I don’t mean to rub salt in a wound, since I have had my share of bad investments, but I have always despised the concept of “smart money.” It implies that everyone else is not smart money, but rather is “dumb money.” I also maintain that a belief in this theory promotes a herd [...]
CKX Land Mysterious Price Spike Explained
The mystery of CKX Land has been solved. On Tuesday, CKX Land (CKX) spiked up in price from $13 to $24.50 per share leaving me flabbergasted and a little wealthier. I dumped my entire position and then watched it fall back to the $14 range. So what’s the answer to the mystery? [...]
