Silver as an investment

Category Archives: Ben Graham

Weekend Reading: Oil Slick

Authored by Lance Roberts via, Beginning in December of last year, following the announcement by OPEC of a cut in oil production, I have discussed the “headwinds” that persist against a sustained rise in oil prices. “The supply/demand dynamics currently suggest that oil prices and energy-related investments could find a long-term bottom within the […]

If There Was Ever An Example Of “Reward-Free Risk” This Is It / by Jesse Felder via / Jun 4, 2017 4:50 PM ‘What is the opposite of a “margin of safety”?’ This is a question I’ve been considering because it seems that’s exactly what investors have settled for in passively buying equities today. But first we should probably define “margin of safety” before we can begin to […]

The Deck Is Stacked: Putting Risk & Reward Into Perspective

Authored by 720Global's Michael Lebowitz via, “The individual investor should act consistently as an investor and not as a speculator.“ – Ben Graham. We are frequently told that valuation analysis is irrelevant because fundamentals do not signal turning points in markets. Scoffers of valuation analysis are correct, as there is no fundamental statistic or […]

The Bull Giveth, The Bear Taketh, & You’re Not Passive

Submitted by Lance Roberts via, Over the last several months, in particular, the number of articles discussing the shift from “active management” to “passive indexing” have surged. I get it. The market seems to be immune to decline. It is effectively the final evolution of “bull market psychology” as investors capitulate to the “if […]

Never Invest In These HORRIBLE Things. Ever!

By Chris at A reader asked me some time back what I thought about a particular ETF. I told him I often hate ETFs and promised to provide a more detailed explanation as to why some day. Today is that day. ETFs which simply hold equities or bonds are mostly fine. ETFs with derivatives as their underlying […]

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 the industry, because […]

ZeroHedge: Weekend Reading: Heterogeneous Elucidations

Be prepared for the next great transfer of wealth. Buy physical silver and storable food. Submitted by Lance Roberts via, I was wrong. I wrote last year that the economists in charge of monetary policy at the Fed were the worst economic forecasters on the planet. To wit: “Importantly, while Janet Yellen suggested the […]

ZeroHedge: Weekend Reading: The Bull Is Back?

Be prepared for the next great transfer of wealth. Buy physical silver and storable food. Submitted by Lance Roberts via, That didn’t take much. After a three-day rally, the media is back into “bullish” mode suggesting the bottom is likely in and by the end of this year, it’s all going to be just […]

A Different Perspective On Market Valuations

Submitted by Michael Lebowitz via, Risk is not a number. Risk is simply overpaying for an asset.  Investment managers who avoid overpaying for assets increase their odds of purchasing fruitful investments and limiting their drawdowns when investments turn against them. Shunning overpriced assets helps one generate steadily growing investment returns which has proven to […]

Is It Really Different This Time?

Submitted by Lance Roberts via STA Wealth Management, This morning, as I settled in to begin my morning research routine, I was greeted by an email containing a speech delivered at the University of California. The opening paragraph immediately grabbed my attention: "The stock market has been advancing with only one significant setback throughout the […]