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Boris Marjanovic  

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  • Tiffany: The Only Specialty Retailer You Can Hold For Life [View article]
    Very good points, Larry.
    Aug 29, 2015. 02:29 PM | 1 Like Like |Link to Comment
  • Understanding Fair Valuation: A Common Sense Approach To Long-Term Investing Success [View article]
    Wilddave86,

    Graham simply bought the cheapest stocks available in the market. He never attempted to calculate a company's intrinsic value . . . the most he did was try to estimate a company's "liquidation value." There is a difference there.
    Aug 29, 2015. 02:26 PM | 1 Like Like |Link to Comment
  • Understanding Fair Valuation: A Common Sense Approach To Long-Term Investing Success [View article]
    "Fair value or intrinsic value is a mathematical calculation not a vague concept."

    There is nothing "intrinsic" about value. It's not an objective measure at all. Value is a subjective measurement and is based on various arbitrary inputs. Even risk preferences are not static -- they vary from person to person, and even in the same person from time to time. This is why if you have ten different people valuing a company you will probably get ten different intrinsic value estimates. Intrinsic value is in fact a "vague concept."

    Even Ben Graham understood this perfectly well. This is why he ran a quant-style fund by systematically constructing a basket of the (statistically) cheapest stocks available in the market. He never wasted his time trying to figure out the "intrinsic values" of the individual stocks in his portfolio. Graham was a smart man, way ahead of his time.
    Aug 28, 2015. 07:24 PM | 9 Likes Like |Link to Comment
  • What Stocks Stand Out If You Combine Smart Beta With Dividend Growth Investing? Here Are 15 Choices [View article]
    Buyandhold 2012,

    "Once we have a list of stocks that have outperformed the S&P 500 over the long term, then we can buy stocks from that list whenever they appear to be relatively cheap."

    I run a quant fund and we spend an enormous amount of time testing various predictive signals. I can tell you right now that past share price performance is a very weak signal. In other words, it has very little predictive power. However, valuation (which you also mentioned) is a very good predictor of (long-term) future returns.
    Aug 24, 2015. 10:45 PM | 17 Likes Like |Link to Comment
  • Leatt: A Microcap Market Leader With Significant Growth Potential [View article]
    Good article!
    Aug 24, 2015. 11:47 AM | Likes Like |Link to Comment
  • Investing: What's Luck Got To Do With It? [View article]
    I wish I could!
    Aug 23, 2015. 04:59 PM | Likes Like |Link to Comment
  • Investing: What's Luck Got To Do With It? [View article]
    Learner16,

    Never worked with him but I did read his work. I also cited (linked) him in my article.
    Aug 22, 2015. 12:55 PM | Likes Like |Link to Comment
  • The Analysis That Wasn't Worth A Single Cent [View article]
    Calculus,

    "I hope you have a good lawyer. Indeed...you might need an entire legal company."

    You joking, right?
    Aug 19, 2015. 10:10 PM | 4 Likes Like |Link to Comment
  • Selling Apple To Avoid Stagnation And Boost Income [View article]
    Garrrrrlic,

    "I find the Author's lack of faith disturbing."

    Faith means believing in something for which there is no evidence . . . I find that disturbing. Buy AAPL because you have "objective evidence" that suggests it's a good investment, not because you have "blind faith." Faith has never been a profitable long-term investment strategy.
    Aug 17, 2015. 11:11 AM | 7 Likes Like |Link to Comment
  • Something Is Still Ridiculously Wrong [View article]
    thotdoc,

    "I love it when people actually believe they can understand the future."

    I love it when people don't understand the simple point I was trying to make.

    I am not one to pretend that I can understand the future. I can't. All I was trying to say was that if you read about it in the newspaper every day for months on end, you can be pretty sure that it has already been priced into the market.

    Do you seriously think people will wait right up until the day rates rise to react? No! They are reacting now. It's all getting priced in now.
    Aug 14, 2015. 06:18 PM | 4 Likes Like |Link to Comment
  • Something Is Still Ridiculously Wrong [View article]
    All of this fear about a Fed rate hike is ridiculous. There are literally hundreds of stories published daily about how rising rates will affect the stock market. These stories are nothing more than meaningless noise. Anything that could have happened has already been priced in.

    The only people that have to worry are bond investors. The stock market will be largely unaffected. But if, say, the market does crash just because the Fed raised rates by a few "basis points," then it deserves to crash and burn. Personally, I don't think that will happen. Like I said, if you read hundreds of stories about it daily, it's probably been already priced in.
    Aug 13, 2015. 08:04 PM | 63 Likes Like |Link to Comment
  • Warren Buffett And The Art Of Focus Investing [View article]
    slash32is4,

    "If buffett diversified a little more and bought even small stakes in WMT and INTC when he was looking at them his record would be even better."

    As they say, hindsight is always 20/20. Always easier to make decisions based on past information.
    Aug 7, 2015. 04:35 PM | Likes Like |Link to Comment
  • Warren Buffett And The Art Of Focus Investing [View article]
    Dale Roberts,

    "Most do not realize they are essentially indexing when they buy so many companies."

    Well, given the fact that most people underperform market indexes, indexing doesn't sound all that bad to me.
    Aug 7, 2015. 04:32 PM | 1 Like Like |Link to Comment
  • Warren Buffett And The Art Of Focus Investing [View article]
    Ibex Investor,

    "Over the next ten years I'm confident Berkshire will outperform the S&P 500."

    You do realize Buffett is over 80 years old, right? The man is not immortal. Statistically speaking, he'll most likely be dead in less than 10 years.

    Moreover, Berkshire has been underperforming the S&P 500 for some time now. The company is too large to continue generating impressive returns. I'd rather buy the index or ETF that tracks the S&P 500 instead.
    Aug 7, 2015. 04:27 PM | 1 Like Like |Link to Comment
  • Warren Buffett And The Art Of Focus Investing [View article]
    juleman,

    "How can one be so stupid as to invest in a company that was probably teetering bankruptcy. Buffett never pulled such stunts. He only buys into high quality /profitable companies with strong track records; the risks are extremely remote that something will go wrong."

    Enron and WorldCom looked profitable and had strong track records. As we now know, their accounting could NOT be trusted. Numbers are just numbers -- they can always be manipulated. Thousands of very intelligent people lost money with these companies.
    Aug 7, 2015. 04:10 PM | 2 Likes Like |Link to Comment
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