This webcast is from CFA Institute. In this webcast, Jason Zweig discusses the following:
This webcast comprises a 51-minute presentation and an 11-minute question-and-answer session.
Webcast Link.
"Conversation with a Money Master" - Bill Miller , CFA with Fred H. Speece Jr., CFA from Global Perspectives on Investment Management 2006.
"On Value Investing" John B. Neff, CFA with Fred H. Speece, Jr., CFA from From the 2006 Financial Analysts Seminar.
This webcast link is from CFA Institute. In this webcast, Michael J. Mauboussin discusses the following:
This webcast comprises a 51-minute presentation and a 9-minute question-and-answer session.
This podcast link is from CFA Institute. In this podcast, James Grant discusses the following:
2007 Thought Leader Forum on Sep. 26-27, 2007 :
Whitney Tilson on housing, Fox Biz News, 12/18/07.
Video Link - Whitney Tilson on housing or watch directly below.
Thomas Jefferson once said that banks are more dangerous than standing armies. Certainly with Chairman Alan Greenspan at the helm of the Federal Reserve this was the case. Under his leadership the Fed was instrumental in creating two bubbles. The dot-com bubble of 1995--99 was followed by a grand loosening of credit that resulted in a second bubble, the housing mania of 2001--05. Still, when a bubble implodes there are always good opportunities for folks who have the courage to take risks.
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For all my recommendations in this column, I advise acquiring positions gradually. Who knows how close we are to the bottom of this very jumpy market? Still, those who buy bank stocks should be well rewarded over the next couple of years.
David Winters appeared on Bloomberg TV on Dec. 3, 2007. He talked about U.S. and Asian economies, his investment strategy and recommendation of Swire Pacific Ltd.
Video Link - David Winters on Bloomberg.
Bill Nygren's update on Oakmark Select Fund:
I wish I had better news to report, but The Oakmark Select Fund’s investment losses have continued since I last corresponded with you in September. Given this weak performance, I thought that reviewing why we own what we own might be helpful since many of you use year end as a time to re-evaluate your investments.
Investment News editors talked to Bruce Berkowitz about his outlook for the economy, stock selection criteria, portfolio construction formula, favorite stocks and more on December 11, 2007.
Bruce Berkowitz is president of Fairholme Capital Management LLC and manager of the $4.6 billion Fairholme Fund. He has recently been named a contender to win the Morningstar Mutual Fund Manager of the Year award in the Domestic-Stock Manager category.
Here is audio link or you can listen directly below.
Michael Mauboussin's latest article about "Fat Tails and Nonlinearity : Diversity Breakdowns and Invisible Vulnerability".
Diversity Breakdowns and Invisible Vulnerability. For he who is acquainted with the paths of nature, will more readily observe her deviations; and, vice versa, he who has learned her deviations will be able more …
Century Management's 2007 Client Update was held on November 10, 2007. Here is Arnold Van Den Berg's presentation :
A rare look inside the mind of one of this nation's most storied investors, with CNBC's Erin Burnett. He talked about capital infusion, MBIA, RDN etc.
Video Link - Marty Whitman's Big Bets.
Here are CNBC Warren Buffett Watch's "Eight for '08" .. and beyond.
Great digest from From Poor Charlie's Almanack:
Mark Sellers's latest article on FT's Inside Curve column. Here are a few more things Mr. Sellers have learnt about the stock market.
Michael Mauboussin's article about "ROIC Patterns: Luck, Persistence, and What to Do About It".
Michael Price, the billionaire value fund manager, raised his Sallie Mae stake after the company cut its profit forecast and said another buyer may emerge now that private-equity firm J.C. Flowers & Co. has ruled out a new bid.
"I remember that the effects can take some time to work their way through, but when they do, they act like a cancer - starting in one area and then slowly spreading to others. I would expect the contagion to seep into most stock markets."
Emil Lee: How does your firm go about researching an investment idea?Mark Sellers: The first thing we do is figure out what the problem is. Ninety percent of making money in stocks is not losing money, which has to do with knowing what the problem is and how it can be solved. Every company we buy has a problem with it, otherwise it wouldn't be cheap.
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Lee: Do you have any other advice on how to judge a management team?
Sellers: If a company puts out a press release saying "Company XYZ Beats Guidance," then that company may be too promotional and too focused on "beating" earnings estimates. If another company puts out a press release saying, "XYZ Reports Third-Quarter Earnings," they're not being too promotional. You can tell a lot from just observing and reading.
Markets may be in a turmoil, but hedge fund veteran Leon Cooperman still thinks equities are a buy, and shares some of his best picks.
In the days leading up to the August credit crunch, stock prices fell and prognosticators said the bull market had run its course. But Leon Cooperman wrote in an article for Fortune: "I view this market drop as a long overdue correction rather than the end of the bull market."
John Keeley Jr. of Chicago's Keeley Asset Management and Bob Olstein of Olstein Funds were on this Roundtable.
"We like to look under rocks — where no one else is looking," says Keeley, whose three sons help him run $6 billion in four funds.
Warren Buffett In San Francisco - video clips & transcripts :
Hear perspectives on some of the most timely issues facing the industry from our leading global investment managers.
Two up-and-coming investment stars talk about their unusual routes to money management. Bridgeway Funds founder John Montgomery explains his quant approach and unusual corporate culture and value investor Whitney Tilson of the Tilson Funds discusses following Warren Buffett's style.
Whitney Tilson's latest article on FT's Inside Curve column.
- To say that in the current environment shares of companies in the financial sector are “oversold” or “already discounting a recession” or “poised to fall much further” is a simplistic view that doesn’t reflect the diversity of businesses, companies and risks present among financial firms.
- In times of uncertainty, the less discriminating the market is of such differences, the more opportunity for smart investors to take advantage.
- “I’m not Warren Buffett and neither are you,” Lisa Rapuanosaid. “You have to think for yourself, be original, use your particular talents and learn.”
Christopher Browne traces his investing approach directly back to Warren Buffett's guru, Ben Graham. Guess what? It still works.
...Graham's buy-cheap discipline kept value funds, including Tweedy Browne's, out of tech stocks during the dotcom bubble; and while value funds have lagged lately, they still have the best five-year return of the major investing styles.
In a recent chat with managing editor Eric Schurenberg, Browne explained why.
Two unconventional thinkers help us to become better investors. Consuelo Mack talks to Nassim Taleb, author of the bestseller, The Black Swan, a must-read among Wall Streeters; and Jason Zweig, author of Your Money and Your Brain about the new field of neuroeconomics.
I consolidate some valuable links about the 3rd Annual New York Value Investing Congress on November 28 & 29, 2007.
The Weitz Funds Conference Call Transcript - November 14, 2007.
This is Wally. I'm here with Brad Hinton and Tom Carney, and we welcome you to the call. I hear there are 48 people at this point. It's been a while since we did one of these calls. I think we felt like we got to the point where we didn't have much to say a year or two ago and now there does seem to be more to talk about and we invited questions. We got quite a few and the three of us will spend, we haven't timed this, but maybe 15 minutes or so talking about the things that seem to be of most interest. Strangely enough there is one stock that seemed to dominate the questions and most of them were politely worded.
At any rate, we're going to start right in with Countrywide Financial (CFC). I wrote some about it in the third quarter letter to shareholders. Things change daily in the mortgage world these days though, so here is a summary of where we are and how we got where we are and what we plan to do going forward.
Eddie Lampert's Letter to Sears Associates :
November 30, 2007
To our Associates:
Yesterday, Sears Holdings announced our results for the third quarter of 2007. While we were not pleased with these results, much of the commentary in the media and on Wall Street following the results ignores the strength of our company and the progress that we have made. In fact, over the past several years, we are one of the few retail companies that have actually reduced our overall debt levels, while at the same time investing over $1 billion on capital expenditures, making investments in inventory for our customers, contributing significantly to our pension plans for our past and future retirees and repurchasing over $3 billion of our shares.
Warren Buffett Going Global Series - video clips & transcripts :
Justin Fuller of Morningstar met with the CIO of the Matrix Advisors Value Fund, David Katz, to discuss some of his stock picks, spin-offs, thesis on the nation's three large money center banks, and one large-cap name etc.
Video Links :
On November 15 in Manhattan, the editor of Grant's spoke before the Center for Jewish History on the topic, "My Hero, Benjamin Grossbaum." Following is the edited text of his remarks.
It is a pleasure to be here this evening. I am under strict instructions from the rector of Grace Church, Brooklyn, not to let down the Episcopal side. Uphold the highest standards of the Episcopalian intellectual tradition, he told me. What that tradition might be, he couldn't say, and neither can I. But I'll do my level best.
My subject is Benjamin Graham: his life, his investment philosophy, his writings and his Jewishness. About his love life, I will say little, as my time this evening is limited—just three hours, I believe. Some years ago, Fortune Magazine, in a squib it published on the occasion of Graham's induction into the U.S. Business Hall of Fame, said that the thrice-married father of value investing "leaped from blonde to blonde like an Alpine goat springing from peak to peak."
I am a frankly worshipful admirer of Graham's. I love him for his heart as much as for his head. Between 1929 and 1932, his investment partnership lost 70% of its value. Not until 1936 did it recoup all it relinquished since the Crash. Yet Graham persevered and, along with his partner, Jerry Newman, went on to achieve a brilliant long-term investment record—not excluding those three disastrous years. We have all heard the platitude, "The first rule of investing is not to lose money and the second rule is not to forget the first." Very helpful. Well, Graham shows that a debilitating loss is no reason to give up. . . . Never quit.
The odds of beating the S&P 500 Index for 15 years running has been pegged 2.3 million to one. Bill Miller is the one.
NEVER, EVER TELL BILL MILLER HE'S a legend of Wall Street. He doesn't want to hear the word, think about it, or talk about it. "I am well aware, having been in the business a long time, that those sorts of labels can change very rapidly-from 'legend' to 'has-been,'" he says.
