On June 12-14, my company, IMA, will host the eighth annual VALUEx Vail conference. I borrowed the idea for this conference from my friend Guy Spier after attending his conference in Zurich in 2011. (If you missed my thoughts from his 2019 conference, you can read them here). I must admit that there is a […]
As I get older I value relationships and friendships more and more. I recently read Tuesdays with Morrie for the second time, and I highly recommend it. A dying teacher is sharing life lessons with a student. The core message of the book: nothing matters more than relationships in this life. After I reread the book I even […]
I always look forward to Hendrik Leber’s presentations. Hendrik runs a value investment fund named Acatis Investment out of Frankfurt, but he invests globally. In preparation for the conference, I asked him if he could talk about investing from a European perspective, so he did. Hendrik believes that there is no immediate danger of Europe’s monetary […]
Investing is a peculiar industry because randomness is so deeply embedded in everything we do. I am always fascinated by the investment processes of other successful firms. The outcome of every decision we make results from two inputs: our skill and our luck (randomness, whether good or bad). When you analyze anyone’s investment decisions solely […]
I keep hearing that Canada is in the midst of its own real estate bubble, and I wonder if our northern neighbor will have its own banking crisis soon.
This year James Chanos gave the Valuex Vail attendees an update on the Chinese bubble: It is alive and kicking. Jim estimates that Chinese spending on residential construction is currently running at 20 percent of GDP.
There are lot of similarities between the 1920s and today. In fact Livermore’s quote says it all: “There is never anything new on Wall Street, because speculation is as old as the hills.” Jon talked about how the 1924-1929 bull market was rigged by stock manipulators.
The U.S. oil market, which is going through one of its largest transformations in decades. In fact, watching this market is like watching the invisible hand of a maestro conduct a gigantic orchestra within the constraints imposed by various laws and regulations.
In the four articles to come, I’ll share my detailed thoughts from the conference. (There is no way for me to cover every presentation; therefore I’ll focus on the ones that twitched my writing muse.
I’ve written a series of five articles sharing my thoughts from the VALUEx Vail conference. They will be published over next few week on Institutional Investor. You can view slides from VALUEx Vail 2013 presentations here.