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Tuesday, 26 February 2013

JSE ALSI PE

I've updated the JSE ALSI PE as at 26 February 2013...

Posted by Rudi van Niekerk at 01:19 No comments:

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About Me

Rudi van Niekerk: I'm passionate about value investing. My life is a constant treasure hunt for deep-value investing opportunities. Since the "superior returns at lower risk" attributes of value investing have been publicized so widely, one would have thought that the opportunities for value investors belongs to a bygone era. But we are living in the era of greatest opportunity. There is still no cure for the investment follies brought on by behavioral biases. As more and more individuals are flocking to the market, the market itself is getting increasingly irrational. Periods of extreme volatility are on the increase with more frequent episodes of extreme over- or undervaluation. For the patient investor, who applies true value investing principles intelligently, and who always ensures a robust margin of safety, this is the era of long term wealth creation!

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Qualifications

BComm, MBA Cum Laude, CFA

Blog Archive

▼ 2013 (2)
- ► May (1)
- ▼ February (1)
  - JSE ALSI PE

► 2012 (4)
- ► November (1)
- ► June (3)

Books I can recommend

Against the Gods: The Remarkable Story of Risk - by Peter L. Bernstein
Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets - by Nassim Nicholas Taleb
Liar's Poker - by Michael Lewis
Lords of Finance: 1929, The Great Depression, and the Bankers who Broke the World - by Liaquat Ahamed
Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor - by Seth A. Klarman
One Up On Wall Street : How To Use What You Already Know To Make Money In The Market - by Peter Lynch, John Rothchild
Security Analysis: The Classic 1951 Edition - by Benjamin Graham
The Big Short: Inside the Doomsday Machine - by Michael Lewis
The Black Swan: The Impact of the Highly Improbable - by Nassim Nicholas Taleb
The Effective Investor - by Franco Busetti
The Essays of Warren Buffett: Lessons for Corporate America, Second Edition - by Warren E. Buffett, Lawrence A. Cunningham
The Intelligent Investor (Revised Edition) - by Benjamin Graham, Jason Zweig, Warren E. Buffett
The Last Tycoons: The Secret History of Lazard Frères & Co - by William D. Cohan
The Little Book That Beats the Market - by Joel Greenblatt
Value Investing: From Graham to Buffett and Beyond - by Bruce C. N. Greenwald, Judd Kahn, Paul D. Sonkin, Michael van Biema
Value Investing: Tools and Techniques for Intelligent Investment - by James Montier
When Genius Failed: The Rise and Fall of Long-Term Capital Management - by Roger Lowenstein

Academic papers/research I can recommend

Asness, C.S. 1997. The Interaction of Value and Momentum Strategies. Financial Analysts Journal, March/April, 29-36.
Asness, C.S., Moskowitz, T.J. & Pederson, L.H. 2008. Value and Momentum Everywhere. July.
Barberis, N. & Thaler, R. 2003. A Survey of Behavioral Science. Research Paper.
Carhart, M. M. 1997. On Persistence in Mutual Fund Performance. The Journal of Finance, March, 57-82.
Chan, K., Chan, L.K.C., Jegadeesh, N. & Lakonishok, J. 2006. Earnings Quality and Stock Returns. Journal of Business, 79(3), 1041-1082.
Chan, L.K.C. & Lakonishok, J. 2004. Value and Growth Investing: Review and Update. Financial Ananlysts Journal, January-February, 71-86.
Diamonds & Dogs. Cannon Asset Managers. www.cannonassets.co.za
Fama, E.F. & French, K.R. 1995. Size and Book-to-Market Factors in Earnings and Returns. Journal of Finance, 50(1), 131-156.
Fama, E.F. & French, K.R. 1998. Value versus Growth: The International Evidence. Journal of Finance, 53(6), December, 1975-1999.
Fama, E.F. & French, K.R. 2007. The Anatomy of Value and Growth Stock Returns. Financial Analysts Journal, 63(6), November-December, 44-54.
Lakonishok, J., Shleifer, A. & Vishny, R.W. 1994. Contrarian Investment, Extrapolation, and Risk. Journal of Finance, 64(9), December, 1541-1578.
Montier, J. 2008. Is value really riskier than growth? Dream on. Societe General Research Paper, April 21.
Piotroski, J.D. 2000. Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers. Journal of Accounting Research, 38, 1-41.
Rousseau, R. & Van Rensburg, P. 2003. Time and the payoff to value investing. Journal of Asset Management, 4(5), 318-325.
Scher, N. & Muller, C. 2005. Equity style and performance persistence in South African unit trusts. Investment Analysts Journal, 61, 5-16.
Sharpe, W.F. 1991. The Arithmetic of Active Management. Financial Analysts Journal, 47(1), January-February, 7-9.
The Brandes Institute. 2007. Value Investing: Has it Worked in Emerging Markets? Research Paper.
Tweedy, Browne Company LLC. 1992. What has worked in investing: Studies of investment approaches and characteristics associated with exceptional returns. Company Research Paper.

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