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The Dangers of Dividend Obsession

in FP: Latest/Stock Analysis by
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By Vitaliy Katsenelson “This is a very bad, incoherent piece.” I received this feedback from a reader concerning my most recent article for Institutional Investor . I don’t expect everyone to agree with me, and I welcome negative feedback because it provides an opportunity to learn. But this stung. If this comment had been about…

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Searching for Yield? Better to Look for Humility and Patience

in FP: Latest/The Process by
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The following is an excerpt from Investment Management Associates’ second-quarter letter to investors. The Great Recession may be over, but seven years later we can still see the deep scars and unhealed wounds it left on the global economy. . These bailouts and subsequent stimuli swelled global government debt, which jumped 75 percent, from $33…

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Why do I torture my kids … with classical music?

in FP: Latest/FP: Life/Life by
Angry_girl

Lately I’ve been pondering on this question. At first, it was a subconscious decision. Somewhat by inertia, I was following in the footsteps of my parents. That’s what they did, and that’s what I’m supposed to do. However, I realized recently that I am re-gifting a gift. Instilling a love of classical music is one…

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For Investors, Discovering Truth Takes Time

in FP: Latest/The Process by
knowinf-difference-value-price

The Roman philosopher, playwright, statesman and occasional satirist Lucius Annaeus Seneca wasn’t talking about the stock market when he wrote that “time discovers truth,” but he could have been. In the long run a stock price will reflect a company’s (true) intrinsic value. In the short run the pricing is basically random. Here are two…

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Jos. A. Bank and the Folly of Quantitative Easing

in FP: Latest/Macro by
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A few years back I wrote an article comparing buy-one-suit-get-three-free sales by Jos. A. Bank to the Federal Reserve’s quantitative easing program. Then Jos. A. Bank’s management did something absolutely brilliant: In March 2014 it sold the company for $1.8 billion to Men’s Wearhouse, its closest competitor (and twice its outfit’s size). Earlier this month…

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Gilead Sciences’ Miracle Drug Combination

in FP: Latest/FP: Stock Analysis/Stock Analysis by
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It was 1986. I was a junior high school student in Soviet Russia. In political information (propaganda) class, the teacher told us that the HIV virus was killing millions of people in the U.S. Though she didn’t say it explicitly, she made it sound like HIV was a just punishment for the U.S.’s flawed economic…

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How Investors Should Deal With The Overwhelming Problem Of Understanding The World Economy

in FP: Latest/FP: The Process/The Process by
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The article is very long. It is long for two reasons: first, it is was originally a two-part article that I folded into one; and second, I am dealing with the very complex topic of investing in today’s global economy. I wrote this article a year ago, and some themes like “be careful of MLPs” are…

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