What the Past Can Teach Us: Record Valuations, Rock Bottom Interest Rates & Bull Market Peaks. Surviving a Bear Market. Legendary writer and investor Dennis Gartman is fond of saying that the person who loses the least money in bear markets wins.
Past Performance Does Not Guarantee Future Results…. Particularly the RECENT Past. This paper makes the following three points: 1) The mean reversion in the 2500 benchmarks will continue, with growth falling sharply relative to value, 2) The reason for this is painfully simple in our view and 3) Allocators should move from index funds to active managers in the R2500G sector
This continues our piece yesterday covering the first 9 chapters of Bethany McLean and Peter Elkinds’ luminous book on Enron. While we believe our take-aways from Chapters 10 - 22 of the book below are helpful reminders...
Summary of Enron Smartest Guys in the Room:
Bethany McLean and Peter Elkind wrote the national bestseller “The Smartest Guys in the Room.” The book catalogues the rise of Enron, the financial crisis that would eventually consume it and exposes the subsequent accounting scandal. We do not write this missive to celebrate the devastating losses created by Enron Corporation...
Many Academics believe in Market Inefficiency In 2000 Andrei Shleifer published “Inefficient Markets.” The book brings together some of the best research in Behavioral Finance. Dr. Shleifer’s “Acknowledgements” section ...
A Short History of Financial Euphoria by John Kenneth Galbraith Introduction to an Investing Classic: John Kenneth Galbraith is an intellectual celebrity. As an economist, Harvard faculty member, and ...
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