The Rediscovered Benjamin Graham
This is going to be a long review, but considering many of the words will be quotations from the mouth, or pen, of an icon, perhaps you’ll forgive me.
The Rediscovered Benjamin Graham is a collection of articles and lectures written and given by Benjamin Graham, plus a few interviews with him. It gives insight into [...]
Aga’s blimmin’ pension fund
Despite its monumental cookers, I think the investment case for Aga (AGA) depends on something even more monumental, its defined benefit pension scheme.
Last June Aga’s pension liability was £682m, and although the scheme was in surplus, which means actuaries reckon it has more than enough assets (shares, bonds and property) to pay the pensions of [...]
The great value divide
The market’s reasonably priced for a change, but should investors wait until it gets ludicrously cheap?
Students of the market are tripping over themselves touting obscure measures of value, while erstwhile bears are suddenly bullish.
That’s because after decades of excessive prices the market has fallen to something like fair value. Fair, that is, relative to the [...]
The cheapest six stocks in November
Here are the cheapest six stocks in November, as measured by Dr Keith Anderson’s Naked Price Earnings ratio:
As I’ve described many times, this measure boosts the predictive power of the PE by accounting for a company’s long-term profit record, its size, and its business. In other words, companies with low PE ratios do slightly better than companies [...]
