Nassim Nicholas Taleb: If An Investor Has A Risk Of Terminal Blowup, The “Potential Returns” Of His Strategy Are Totally Inconsequential

Johnny HopkinsNassim Taleb, Stock ScreenerLeave a Comment

Just been re-reading Nassim Taleb’s book – Antifragile: Things that Gain from Disorder, which includes a great passage on risk and a real-life example of how it applies in investing. Here’s an excerpt from the book: Under path dependence, one can no longer separate growth in the economy from risks of … Read More

Seth Klarman – Top 10 Holdings Q1 2019

Johnny HopkinsStock ScreenerLeave a Comment

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

Wall Street’s Endangered Species

Tobias CarlisleStock Screener2 Comments

Twenty years ago in the spring of 1999, Piper Jaffray’s Daniel J. Donoghue, Michael R. Murphy and Mark Buckley*, produced a research report called Wall Street’s Endangered Species (incredibly, the link is still live 20 years later) that was hugely influential on my investment process. The thesis of the paper … Read More

Value portfolios formed on price-to-earnings are underperforming glamour for the longest time *EVER* going back to 1951 — 9 years

Tobias CarlisleStock ScreenerLeave a Comment

The chart below shows the relative performance (blue, left-hand side) and underperformance from the nearest peak (orange, right-hand side) of equal-weighted decile portfolios formed on price-to-earnings from 1951 to April 2019. The blue line (left-hand side) is the cumulative value premium-the outperformance of value over glamour. The blue line is … Read More