´´ Value Links of Interest

Sunday, December 4, 2016

Value Links of Interest

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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