What is Risk? A Practical Perspective
You and I use the word “risk” frequently in our lives, without really thinking about its definition or knowing whether others around us think of it the same way as us. Not having a specific definition of risk might be acceptable in a non-financial setting; but when it comes to investing, it is critical to […]
Read MoreWatch the Video – Sundeep Bajikar on 5GQ
Many thanks to Jake Taylor at 5GQ for creating this interview with me. Jake certainly does ask 5 Good Questions. Hope you enjoy it. Here are Jake’s excellent questions: 1. If you’re a generalist investor, do you have any business venturing into technology investments? Or are you setting yourself up for failure by venturing […]
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A Reading List for Value Investors
Many of you have asked for my book recommendations, so I decided to publish book reviews after first introducing a reading list for value investors. Value investing is a deeply psychological exercise, one that is usually at odds with the seductive sirens of the stock market as well as society in general, and this is […]
Read MoreWatch the Video – Mohnish Pabrai
Here are some of my takeaways from this wonderful talk given by superinvestor (value investor) Mohnish Pabrai last month (October 2016) to a classroom in China. Every minute of it is worth watching – it is both highly instructional as well as funny at times, and provides clues for why most active managers underperform/fail […]
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Are You a Mindful Investor? acteve vs. Traditional Alternatives
Do the following investment objectives or actions resonate with you? 1. Enrich your financial advisor through high fees and trading commissions 2. Cede full control of investment account to advisor for advisor to “do what she wants” with the account 3. Take comfort in a “black box” investment strategy, having faith that it works, perhaps […]
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Indexing vs. Concentrated Portfolio – What’s Right for You?
Indexing either via Exchange Traded Funds (ETF) or via Robo Advisors is a trend in focus these days, for good reason – the traditional alternative (i.e. mutual funds) has not delivered satisfactory results for the fees charged. So picking indexing ETFs over mutual funds might seem like an easy (and the right) choice for you. […]
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$INFN Path to Recovery
INFN stock is down ~50% YTD driven by sharp YoY declines in revenues and earnings (see chart below). Both company management and investors seem to be surprised at the extent of revenue declines, which after progressively worsening have driven INFN’s EV/S valuation multiple near ~1x. This level of stock decline typically carries with […]
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Can $AMZN be a Value Stock?
I previously wrote about AMZN valuation risk here, and valuation will often be a concern for high-growth companies. Implicit in that view is a concern that revenue growth might decelerate (too soon). What if 1) the target market is measured in trillions of dollars, 2) disruptive business model is working across multiple verticals, 3) earnings […]
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Interpreting the Short Case for $CAVM
$CAVM traded down ~5% the day after the company reported a 3Q16 beat both on earnings and 4Q16 guidance. The chart below suggests short interest in the stock has increased to 17% of float (from 12%) over the last few months, and is up from ~7% about a year ago. This means there is a […]
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