Behavioral research phenomena such as loss-aversion, overconfidence, and
lottery preference, account for the value of
“cheapness” much more directly. These behavioral approaches suggest that
value strategies that focus on undesirable, boring, ugly, and hence,
“cheap” areas like distressed securities deserve special attentions, and
are likely to continue to be successful as long as the underlying
behaviors persist.
Value Investing's Long Run by Bruce Greenwald (Columbia Business School)
In this interview, Kim Shannon, CFA, president of Sionna Investment
Managers, talks with legendary investor Charles H. Brandes,
CFA, chairman of Brandes Investment Partners, L.P., about his
40 years of unwavering global value investing. In addition to key
lessons on implementing a value investing philosophy, Brandes
discusses the current market environment and investment
opportunities.
Enduring Principles of Value Investing by Kim Shannon (Cfapubs.org)
Today’s historically low interest rates and investors’ flight to safety
have combined to raise interest in dividend-paying stocks. While studies
of the efficacy of dividend-investing strategies have been mixed, dividend investing remains a popular strategy.
The Theory of Investment Value: Four Enduring Takeaways on Dividend Investing from John Burr Williams by David Larrabee (Cfainstute.org)
And the reason remains the same. Investors are concerned that the go-go
years in emerging markets, to which Aberdeen is predominately exposed,
are over. China’s stuttering growth and worries about the knock-on
effect of rising US interest rates on the dollar-denominated debts of
emerging market governments and companies are causing investors to pull
their cash.
Why value investing has left Aberdeen in the doldrums by Ben Wright (The Telegraph)
Despite the spectacular growth of index funds — passive investment
vehicles that track market averages and minimize transaction costs —
millions of amateur investors continue to actively buy and sell
securities regularly. This despite overwhelming evidence that even
professional investors are no more likely to beat the market than
monkeys throwing darts at securities listings.
Why We Think We’re Better Investors Than We Are by Gary Belsky (New York Times)
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