Guide Beyond Folly: A Disciplined Approach to Investing in the Stock Market

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Nygren The Oakmark process focuses on good businesses trading at good prices with capable management teams. Miller A high starting dividend, sustainable dividend growth and dividend reinvestment can result in a large yield on original investment YOI. Dividends Are Still Valuable May by John Buckingham Not only have dividend-paying stocks realized higher long-term returns, they also tend to rise prior to and after an interest rate increase.

Rowe Price Financial Services fund explains how the analysis of banks, insurance companies and investment banking firms differs from companies in other sectors.

Yield Hunting

Gray Altering the profitability variables, adjusting for net equity issuance and seeking operational momentum can improve this value strategy. Jensen, Robert R. Johnson, Luis Garcia-Feijoo Small-cap stocks thrive during periods of expansive monetary policy, while returns for large- and small-cap stocks are lower during restrictive periods. Stock Buybacks: Misunderstood, Misanalyzed and Misdiagnosed March by Aswath Damodaran The benefit or harm of a stock buyback is dependent on several factors, including how it is funded and the alternative uses for the cash.

A Strategy Millennial Investors Can Use to Beat the Market November by Patrick O'Shaughnessy Millennial investors can beat the market by creating portfolios that are different than the markets using five criteria. Weight by Fundamentals, Not by Price October by Charles Rotblut, Robert Arnott Weighting stocks in a portfolio based on their fundamentals prevents the systematic overweighting of the overvalued and underweighting of the undervalued.

Gerken, Thomas C. Gray Individual investors may soon get the opportunity to participate in crowdfunded investments.

The keys to analyzing platforms and investments. Exploiting the Relative Outperformance of Small-Cap Stocks January by John Davenport, Fred Meissner Small-cap stocks outperform large-cap stocks during periods of economic expansion and can deliver excess returns when a sector rotation strategy is used. The Art of Value Investing July by John Heins, Whitney Tilson A compilation of renown value investors sharing their insights on investing in turnarounds, deciding when to sell and avoiding overconfidence.

Using Seasonal and Cyclical Stock Market Patterns June by Jeffrey Hirsch Presidential terms, the calendar month and a basket of January indicators give insight into market direction. Valuations, Inflation and Real Returns June by Charles Rotblut, Robert Shiller The Yale economics professor explains why he looks at 10 years of earnings and the importance of factoring in inflation when valuing assets. Find out how distributions and gains are taxed. These companies have strong growth and high ROE.

Uncovering Opportunities in a Tumultuous Market September by Christine Benz Opportunities exist for investors willing to seek out stocks with discounted valuations and wide business moats. Using Quantitative Strategies to Pick Winning Mid-Cap Stocks September by Charles Rotblut, Brian Peery The co-manager of a top-performing mid-cap mutual fund explains how a quantitative process leads to better stock selection and portfolio management.

Valuing Young Growth Companies December by Aswath Damodaran Valuations for growth companies with limited histories can be performed with this six-step method, but it requires making assumptions about the future. This fund manager explains what to look for when analyzing Asian stocks. Wilcox Stocks may be less expensive than the CAPE cyclically adjusted price-earnings ratio suggests because of the length of the average business cycle and troublesome historical comparisons.

Chasing Dividend Yield for Income: Three Reasons to Be Wary July by Rod Greenshields Declines in overall yields may result in dividend strategies failing to provide adequate levels of income for retirees. Thomsett Four indicators are key to stock analysis and can help evaluate a company relative to both its past and its peers.

Is the Stock Market Efficient? November by Prem C. Jain Warren Buffet does not say beating the market is easy, but his writings have provided tips for achieving above-average returns. Find out what to look for. Quantitative Strategies for Selecting Stocks May by Richard Tortoriello The results of more than 1, backtests found seven basic favorable factors from which Tortoriello gleaned four quantitative strategies for beating the market.

A good example is Berkshire Hathaway, which has interests in several insurers and reinsurers covering a variety of property and casualty risks. How to spot opportunities in the risk business. Direct purchase plans allow you to buy shares directly from the company without a broker. A look at how the plans work and how to find them. Interest rates.

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A look at how they affect stock prices. How to develop a realistic sales-price target--and when it should be revised. The Sell Decision: What to Do After a Severe Market Meltdown November by Donald Cassidy For current investors, the focus now should be on what to do in and after a severe bear market if you are investing your own portfolio of individual stocks. This is backward, since dollars already invested are at more risk than cash not yet invested.

THE BUSINESS OF VALUE INVESTING: 6 ESSENTIAL ELEMENTS TO BUYING COMPANIES LIKE WARREN BUFFETT

How you can implement a disciplined approach to your decisions on whether and when to sell. McClellan A critical part of the investment evaluation process is gauging management effectiveness, quality, and character. Surprisingly, this is often disregarded by Wall Street. What to look for to determine whether management can be trusted. But declining stock prices yield opportunity. Many good banks have been tarred with the same brush as the troubled banks. How do you analyze a bank? A brief look. One approach is to purchase ADRs, certificates that trade on a U. And now, several banks have set up direct purchase plans for their ADR firms.

Beyond Folly: A Disciplined Approach to Investing in the Stock Market

But Dick Davis believes one of the worst things that can happen to long-term investors is to be instantly and totally informed about their stocks. Here's why. Katsenelson A large number of holdings makes it impossible for investors to know their companies well. At the other extreme, holding just a handful of stocks can subject you to unnecessary risk and also impairs your ability to make rational decisions under pressure. Managing these emotional realities is one of the more subjective aspects of risk management through diversification. Cheaper by the Dozen: 12 Wall Street Classics for January by John Deysher Recommended reading for stock investors on a variety of investment topics.

Instead, you should focus on eight fundamental variables.


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A look at how some portfolio managers have been coping--and what it means to investors in general. How can you get in on a piece of the action?

Insights from Sprott

A look at Business Development Companies. Rowe Price suggests that the best days of the small caps may be behind us. But there is one income vehicle that can augment holdings in low-yielding common stocks. A closer look at the preferred stock advantage. You must supply the emotional discipline.

That represents more of an accomplishment than you might think. Whether you achieve outstanding results will depend on the effort and intellect you apply to your invest- ments, as well as on the amplitudes of stock-market folly that pre- vail during your investing career. Follow Graham and you will profit from folly rather than participate in it.

To me, Ben Graham was far more than an author or a teacher. More than any other man except my father, he influenced my life. Although his ideas were powerful, their delivery was unfailingly gentle. Readers of this magazine need no elaboration of his achievements as measured by the standard of creativity. It is rare that the founder of a disci- pline does not find his work eclipsed in rather short order by successors.

But over forty years after publication of the book that brought structure and logic to a disorderly and confused activity, it is difficult to think of pos- sible candidates for even the runner-up position in the field of security analysis. Tapping into our core emotions is rarely the start of a sound investment decision. In contrast, taming them with a disciplined approach to money management is the best way to make progress, whether you do it yourself or hire a professional adviser.

So… have you ever pursued hot stocks, five-star funds or hot fund managers? Studies have found that the brain activity of a person whose investments are making money is indistinguishable from the brain activity of a person who is high on cocaine. Researchers have also found that trading stocks stimulates the same part of the brain as the area associated with sexual desire.

Without a doubt, it feels very good to invest and make money. In fact, research has shown that when people lose money on their investments, the area of the brain linked to fear experiences immense arousal. Flashes of heat. Uncontrollable sweat. The sickening pit in your stomach. Your body is reacting to chemical changes that occur in response to its fear mechanism — a physical manifestation of watching money vanish before your eyes. There is a reason why the devastation of loss is three times more intense — three times more unforgettable — than the joy of gain.

When those chemical reactions in the body respond to fear, the brain creates an indelible memory of that event.

It follows that people can recall frightful memories with greater ease long after they occur. Perhaps this is why investors remain extremely apprehensive putting money back into financial markets long after they have been burned. I often speak with people who abandoned stocks and bonds near the end of the Global Financial Crisis.


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I make no bones about my sentiments. Specifically, the bearish devastation ended in March of , close to seven years ago.