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Here’s How Your Investments Can Survive a World of Trouble

Writing about the future of investing in the current global economic climate is an easy way to get depressed. After all, Europe seems on the verge of disintegration; China risks a hard crash-landing; Japan’s debt-bubble could burst at any moment, and emerging economies are too closely linked to China’s fate. Meanwhile in the U.S., GDP […]

This Rocky Stock Market Requires An All-Terrain Portfolio

The bulk of U.S. stock gains in this long-running bull market are due to one variable: the expansion of the price-to-earnings ratio. Earnings for S&P 500 companies have stagnated since 2014. Stock prices have gone up because the Federal Reserve and other central banks have squeezed all investors to the same side of the risk curve. […]

Finding High-Quality Companies Today

This article was featured in John Mauldin’s Outside the Box newsletter. Last week in Outside the Box, Jim Mellon shared some good advice on picking stocks in the Age of the Index Fund. Jim said, [C]ommitted investors should make a list of companies that they really like, know about, and want to own – at […]

What Not to Buy in Today’s Stock Market

Dear reader, if you are overcome with fear of missing out on the next stock market move; if you feel like you have to own stocks no matter the cost; if you tell yourself, “Stocks are expensive, but I am a long-term investor”; then consider this article a public service announcement written just for you. […]

How To Stay Rational In the Irrational World

We only intended to share that presentation publicly for a few weeks and already removed it.  However, we encourage you to subscribe to our 8-email series titled “How to Make Your Investments Succeed in the Long Run.” To receive the emails, follow this link or this http://ima usa.com/receive-manifesto/

Read This Before You Buy Your Next Stock

I want to address an issue that has bothered me for a while now. When I write about stocks my musings are not recommendations but just thoughts on stocks at this point in time. I am usually very clear whether we own a company I am writing about. (I don’t usually write about small companies […]

Trump. Embracing Volatility We Are

It is a new year, and my crystal ball was supposed to have become magically unfogged by the turn of the calendar. Well, I hate to disappoint you, but it hasn’t. Unlike our new president, I lack certitude about the brightness of our future. My thinking is caught between two quotations from Mark Twain. The […]

Searching for Yield? Better to Look for Humility and Patience

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. In an attempt to prevent an unpleasant revisit to the Stone Age, global governments have bailed […]

The Values of Value Investing

This article has been in the works since last November. It started out as a speech I gave to the Swiss CFA Society. To me it is an important framework for understanding value investing. I think the rise of the consulting industry, armed with cheap computing power and an abundance of stock-specific data, has harmed […]

Time for an All-Terrain Investment Portfolio

As investors today we feel something like a traveler preparing to drive across an unknown continent. A look in the rearview mirror tells us we should pick a race car, and if the road continues to be as it has been, then our trip may be fast and uneventful. But what if the road that […]