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Another Lesson From The ENER Trade: Liquidity Management
Further reflection on the ENER trade explored in a recent valueprax “post-mortem” analysis yielded the following: It is vain in some investment circles to be fully invested, or nearly fully invested,...
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Notes – Review – The Intelligent Investor Commentary By Jason Zweig...
The Intelligent Investor (buy on Amazon.com) by Benjamin Graham, Jason Zweig, published 1949, 2003 A “valueprax” review always serves two purposes: to inform the reader, and to remind the writer. The...
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Thoughts On Diversification & Ideal Portfolio Management: Why Are You...
I’d like to talk today about diversification as a strategy within the theory of portfolio management. What is portfolio management? In portfolio management, you have two possible extremes between which...
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Quotes – Taming Creativity With Boundary
When forced to work within a strict framework, the imagination is taxed to its utmost and will produce its richest ideas. Given total freedom, the work is likely to sprawl. ~T.S. Eliot Filed under:...
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Should You Hedge Currency Risk When Investing Internationally? (#forex)
I read a white paper by Tweedy, Browne entitled “How Hedging Can Substantially Reduce Foreign Stock Currency Risk” the other day. I actually find the title of the paper misleading because the way it’s...
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Thoughts On Diversification & Ideal Portfolio Management: A Reply...
I’ve been having a constructive conversation on the topic of diversification (recently covered here at valueprax with the previous post in this now-series) with new friend and fellow value investor...
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Review – The Intelligent Investor (#valueinvesting)
The Intelligent Investor: A Book Of Practical Counsel; The Definitive Book On Value Investing (buy on Amazon.com) by Benjamin Graham, published 1973, 2003, 2006 A “valueprax” review always serves two...
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Notes – 16 Japanese Net-Nets I Put In My Portfolio (#JNets, #NCAV)
Listed below are the 16 Japanese companies that currently compose my “basket” (portfolio-within-the-portfolio) of Japanese net-nets, which I refer to as “JNets”. While most of my picks were classic...
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Notes – How Did I Come Up With My 16 JNets? (#JNets, #NCAV)
A couple days ago someone who follows my Twitter feed asked me what criteria I had used to pick the 16 JNets I talked about in a recent post. He referenced that there were “300+” Japanese companies...
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Notes – Buffett Partnership Letters, 1957-1970 (#valueinvesting)
Recently I sank into my overstuffed armchair (in this situation, “sank” is used derisively to connote frustration and discomfort with regards to ideal reading conditions) with a copy of Buffett’s...
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Notes – Original Issue Discount (OID) Tax Implications, Lessons Learned...
In the process of carrying out the KV Pharmaceuticals capital structure arbitrage trade of 2012, I got caught with my pants down a bit as I didn’t think to sell the convertible notes before they...
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Review – The Art of Execution (@harriman, #investing)
The Art of Execution: How the world’s best investors get it wrong and still make millions (buy on Amazon.com) by Lee Freeman-Shor, published 2015 A “valueprax” review always serves two purposes: to...
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