We test if investing in only low price-to-book companies can generate outperformance. We tested our hypothesis over 10 years on about 10,000 stocks globally. It seems to work for dirt cheap stocks, but when we adjust for risk the results change.
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The Investor’s Manifesto does a great job of explaining basic finance fundamentals. Bernstein writes no-nonsense advice for his reader’s financial future and drives his points home with precision and directness. For example his argument in favor of saving: “Save as much as you can, and do not stop saving until you die.”
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In the Top 5 this week, discover the myth behind passive investing, the power of prediction markets and why you shouldn’t worry about the odds of another recession coming. All this and more…
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We test if return on assets alone can generate outperformance. We tested our hypothesis over 10 years on about 10,000 stocks globally and couldn’t find support for it. In fact, the results indicate something else.
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Poe Lothongkam is a turnaround champ. Founding two restaurants while still in college before moving into venture cap at Sequoia Capital. Poe then went back to Thailand to take over and lead SVI to what it is today.
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China Mobile is the #1 mobile operator in China, with 63% mobile subscribers and a 69% market share. Yue Li, 56, has been CEO since March 2003 and kept the company’s Profitable Growth rank above average.
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The PE for the Chinese market appears to be cheap relative to the World average. However, if you look at it sector by sector, you’ll find that there are only three sectors trading below the world average on 2016CE* PE. Financials is the reason that China appears cheap on PE, the sector is very cheap and constitutes about one-third of the Chinese market capitalization.
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In the Top 5 this week, discover the behavior gap in your finances, see if you’d pass a finance stress test, and learn the difference between investment management and financial advice. All this and more…
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WH Group Limited is the world’s top pork processor by volume. Profitable Growth has improved since the company went public in 2014, after a really poor performance in 2013.
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This book ranks 3 out of 22 in my personal rank of investing books. I loved the simple style of writing in The Little Book of Common Sense Investing. One of the biggest things I took out of this book was a chart which Bogle produced which broke returns over the last century down into three elements: Dividends, earnings growth, and PE change.
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