October 22, 2020

Sounding good or Doing good? A Skeptical Look at ESG September 21, 2020
In my time in corporate finance and valuation, I have seen many "new and revolutionary" ideas emerge, each one marketed as the solution to all of the problems that businesses face. Most of the time, these ideas start by repackaging an existing concept or measure and adding a couple of proprietary tweaks that are less […]
Illusion, Perception and Reality: Stock Splits and Index Inclusions September 1, 2020
After big market movements, we are eager to look for explanations, fundamental reasons why a stock or stocks collectively moved on that day, but the reality is that a great deal of the price movement on a day-to-day basis has nothing to do with earnings, cash flows or risk. On August 31, this reality was […]
A Viral Market Update XIII: The Strong (FANGAM) get stronger! August 20, 2020
When I started these updates on February 26, 2020, about two weeks after the markets went into free fall, my first six posts were titled "Viral Market Meltdowns", reflecting the sell off across the globe. About half way through this series, I changed the title, replacing the word "meltdown" with "update", as markets turned around. […]
From Class Rooms to Class Zooms: Teaching during COVID times! August 5, 2020
As some of you who have visited my website and read my bio know, I describe myself first and foremost as a teacher, and every semester, for the last decade, I have invited anyone who is interested to join in my classes. In December 2019, when I posted my last invite, I fully expected to be teaching corporate […]
A Viral Market Update XII: The Resilience of Private Risk Capital July 23, 2020
In the midst of chaos and confusion, it is human nature to look for order and for a unifying theory that explains the world. As I have navigated my way through this crisis, I have used data from markets to try to come up with explanations for why markets have rebounded as quickly and as […]
A Viral Market Update XI: The Flexibility Premium July 2, 2020
I must confess that when I started these updates in February, I did not expect to be doing them in July, but a crisis is as good a time as any, to learn new lessons and relearn old ones. As the virus makes a comeback, particularly in the United States, it is not surprising that […]
A Viral Market Update X: A Corporate Life Cycle Perspective June 19, 2020
Fear and greed are dueling forces in financial markers at all times, but especially so in periods of uncertainty, when they pull in opposite directions, causing wild market swings and momentum shifts. I think that no matter what your market views are right now, you would agree that we are in a period of intense […]
A Viral Market Update IX: A Do-it-Yourself S&P 500 Valuation June 4, 2020
It has been close to four weeks since my last viral market update, and I could come up with a whole host of excuses for the delay, but the truth is that I have not had much to say that is original, and I am naturally lazy. That said, markets have settled in, mostly with […]
A Viral Market Update VIII: A Crisis Test - Value vs Growth, Active vs Passive, Small Cap vs Large! May 13, 2020
In the weeks since my first update on the crisis on February 26, 2020, the markets have been on a roller coaster ride, as equity markets around the world collectively lost $30 trillion in market cap between February 14, 2020 and March 20, 2020, and then clawed back more than half of the loss in […]

Taxing Capital Gains October 17, 2020
Barron’s published my Letter to the Editor on Joe Biden’s proposal to increase taxes on capital gains for those earning over $1 million. Taxing Capital Gains To the Editor: Concerns about the potential impact...
Year-To-Date Performance of the 5 Largest Stocks (Weekly Update – October 16, 2020) October 17, 2020
The largest 5 stocks by market capitalization are substantially outperforming the S&P 500 and the Dow Jones Industrial Average (DJIA) Year-To-Date (YTD) as of October 16, 2020. The total market capitalization of these 5...
Buffett Inches Toward Wells Fargo Exit October 16, 2020
I am quoted in a Bloomberg article “Buffett Inches Toward Wells Fargo Exit as Scharf Sets Course”. “Clearly Warren Buffett has less confidence in the future course at Wells Fargo, in the perhaps future...
Year-To-Date Performance of 5 Largest Stocks (Weekly Update – October 9, 2020) October 10, 2020
The largest 5 stocks by market capitalization are substantially outperforming the S&P 500 and the Dow Jones Industrial Average (DJIA) Year-To-Date (YTD) as of October 9, 2020. The total market capitalization of these 5...
Year-To-Date Performance of 5 Largest Stocks (Weekly Update – October 2, 2020) October 3, 2020
The largest 5 stocks by market capitalization are substantially outperforming the S&P 500 and the Dow Jones Industrial Average (DJIA) Year-To-Date (YTD) as of October 2, 2020. The total market capitalization of these 5...
CFA Society, Washington DC: “Bull vs. Bear” Debate September 27, 2020
I participated as the “bull” in this CFA Society, Washington, DC “Bull vs. Bear Debate” on September 9, 2020. REVISITING A STOCKS DISCUSSION, IN A VERY DIFFERENT TIME Sep 23, 2020 Finance SMITH BRAIN...
Year-To-Date Performance of 5 Largest Stocks (Weekly Update – September 25, 2020) September 26, 2020
The largest 5 stocks by market capitalization are substantially outperforming the S&P 500 and the Dow Jones Industrial Average (DJIA) Year-To-Date (YTD) as of September 25, 2020. The total market capitalization of these 5...
Berkshire Hathaway to Invest in E.W. Scripps September 25, 2020
In an E.W. Scripps press release yesterday, it was revealed that Berkshire Hathaway was planning to assist in the company’s $2.65 billion acquisition of ION Media: Berkshire Hathaway investment highlights Amount of preferred stock:...
Berkshire Hathaway Sells 5% of Stake in Davita for $193.6 Million September 22, 2020
In a Form 4 SEC filing after the market closed today, Berkshire Hathaway revealed that it had sold 5% of its stake in Davita for $193.6 million apparently as part of a tender offer...

Toys 'R' Us brand may be brought back to life October 3, 2018
Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands.
JCPenney names Jill Soltau as its new CEO October 2, 2018
Read full story for latest details.
S&P downgrades debt-riddled GE and GE Capital October 2, 2018
New General Electric boss Larry Culp just got a fresh reminder of the debt-riddled balance sheet he's inheriting.
Goldman Sachs slants research to help Democrats, top White House adviser says October 2, 2018
Kevin Hassett, President Donald Trump's top economic adviser, suggested Goldman Sachs may be slanting its economic research to help Democrats ahead of the midterm elections.
Meet GE's new boss: Can Larry Culp right the ship? October 1, 2018
General Electric is turning to a outsider to clean up a mess that took decades to create.
Land O'Lakes CEO Beth Ford, from the cornfield to the C-suite October 1, 2018
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files.
GE unexpectedly removes its CEO October 1, 2018
Read full story for latest details.
The next big test for Elon Musk arrives this week September 30, 2018
Read full story for latest details.
The S&P 500 achieves best quarter since 2013 September 28, 2018
The longest bull market in history is back on track.

CDL director Kwek Leng Peck quits due to disagreements with board, management October 21, 2020
CITY Developments Limited (CDL) non-executive and non-independent director Kwek Leng Peck left the property giant on Monday, citing the management of its British hotel arm and the investment in a Chinese firm.
Broker's take: RHB upgrades Venture to 'buy'; share price hits 52-week high October 21, 2020
ELECTRONICS manufacturing services firm Venture Corp's share price hit a 52-week high of S$21.21 on Wednesday morning shortly after RHB upgraded the counter to a "buy" with a revised target price of S$22.60, up from S$20.60.
Keppel Capital gets first closing of US$295m for Alpha Asia Macro Trends Fund IV October 21, 2020
KEPPEL Corp's asset management arm Keppel Capital on Wednesday said it has launched the Alpha Asia Macro Trends Fund IV (AAMTF IV) with a target fund size of US$1 billion and achieved its first closing of US$295 million, including co-investment.
CDLHT sells Brisbane hotel at slight premium, exiting market as challenges loom October 21, 2020
CDL Hospitality Trusts (CDLHT) is selling its 4.5-star hotel Novotel Brisbane in Australia for S$67.9 million (S$66.4 million) to an independent third-party buyer, ADFA Brisbane.
DBS launches solution for businesses to track cross-border collections in real time October 21, 2020
DBS has launched a solution for corporate clients in Singapore and Hong Kong to track cross-border collections in real time, providing them with greater digital convenience.

Singapore stocks rise at open, tracking modest gains on Wall Street; STI up 0.3% October 21, 2020
SINGAPORE shares opened slightly higher on Wednesday after US markets saw modest gains amid renewed hopes for a stimulus package.
Stocks to watch: Keppel, Mapletree Logistics Trust, SIA, Keppel DC Reit, CDLHT October 21, 2020
THE following companies saw new developments that may affect trading of their securities on Wednesday:
Singapore shares track Wall Street losses, with STI sliding 0.59% October 20, 2020
THE Straits Times Index (STI) slid 0.59 per cent or 14.93 points on Tuesday to 2,528.64 points, tracking overnight Wall Street losses due to dwindling hopes for a US stimulus deal.
Amcorp Global gets green light to resume trading October 20, 2020
THE Singapore Exchange (SGX) has no objection to the lifting of the trading suspension in shares of Malaysia-based Amcorp Global, formerly known as Tee Land.
STI tracks Wall Street losses, down 0.59% at 2,528.64 October 20, 2020
THE Straits Times Index (STI) slid 0.59 per cent or 14.93 points on Tuesday to 2,528.64 points, tracking overnight Wall Street's losses due to dwindling hopes for a stimulus deal.

the intelligent investor

Stock selection for the defensive investor

April 19, 2018

Benjamin Graham's thoughts

The Intelligent Investor

Benjamin Graham (1894-1976), the father of value investing, said in his book, The Intelligent Investor, that one choice for the defensive investor in stock selection would be to apply a set of standards to each purchase, to make sure that he obtains (i) a minimum of quality in the past performance and current financial position

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The Intelligent Investor

April 17, 2018

Benjamin Graham's thoughts

Books

The Intelligent Investor

“To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What is needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework.” These words came from legendary investor Warren Buffett, the best known disciple of Benjamin Graham, the

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Are you an intelligent investor?

January 7, 2015

Books

Investment philosophy

One great bonus in reading the revised edition of Benjamin Graham’s The Intelligent Investor book is the accompanying commentary for each chapter and even for the introduction by veteran investment writer Jason Zweig. What exactly does Benjamin Graham mean by an “intelligent” investor? “Back in the first edition of this book (The Intelligent Investor), (Benjamin)

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