Idea Lab
The Warren Buffett Strategy: Folklore, Reality and Ideas
With Berkshire Hathaway having just staged its annual meeting, this seems like a good to revisit our Warren Buffett model to see what stocks one who tries to apply his teachings might wind up considering. Such an exercise is always of interest considering who Mr. Buffett is and the wisdom of the approach he advocates. Now, however, it might be more interesting than usual given Buffett's increasing propensity to wind up in the epicenter of today's controversial issues.
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What's Working
Sometimes, We Have To Just Throw Out The Past
By now, we've all heard "past performance is no assurance. . . blah blah blah" so often, it almost sounds liked a nursery rhyme. But it may be time to stop a moment, think about it, and possibly give the saying a new, broader, spin. Usually, the phrase is meant as a warning that cautions us against assuming the future will be as good as the past. Actually, though, this is a two sided coin. We need to also be careful about assuming the future will be as bad as the past.
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Idea Lab
Business Income: What Is It And Who Cares?
We all know the hazards of using data from the past to support assumptions about the future. Less widely discussed, however, are the challenges in using historical data to tell us about the past. My tendency to fuss over a metric I refer to as "Business Income" represents an effort to address this. It's still a work in progress. But efforts like this are important if we are to get databases to tell us what we think they're telling us.
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Idea Lab
New Portfolio123 Ranking Systems
A new collection of Portfolio123 ranking systems is now available. These are style-based models that touch on the major approaches used by most investors who emphasize fundamentals. The collection also includes two comprehensive ranking systems built up by combining the individual style-based models.
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