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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

Listen on: iTunes | Google Podcasts | Online The Importance of “I Don’t Know” The vast majority of U.S. stock gains in this long-running bull market are due to one variable: the expansion of the price-to-earnings ratio. Stock prices since the last recession have gone up because the Federal Reserve and other central banks have squeezed all investors to the […]

Finding High-Quality Companies Today

Listen on: iTunes | Google Podcasts | Online While originally written in 2017, this article rings just as true today. We are having a hard time finding high-quality companies at attractive valuations. For us, this is not an academic frustration. We are constantly looking for new stocks by running stock screens, endlessly reading (blogs, research, magazines, newspapers), looking at holdings […]

What Not to Buy in Today’s Stock Market

Listen on: iTunes | Google Podcasts | Online I originally wrote this piece in 2017, but it continues to be relevant to this day. 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 […]

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?

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

Listen on: iTunes | Google Podcasts | Online I organize a conference every summer called VALUEx Vail. Vail is a quaint, beautiful, ritzy ski resort town tucked away in the gorgeous Rocky Mountains, about 100 miles from Denver. One day I received an email from a reader asking why I — a value investor — would have a conference in […]

Time for an All-Terrain Investment Portfolio

Listen on: iTunes | Google Podcasts | Online 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 […]