Stock Analysis

Innovation is Alive and Well at Apple

Innovation is Alive and Well at Apple

Can Apple still come up with breakthrough innovations? In September Apple introduced an iPhone with 3-D touch, Apple TV that has been turned into a gaming device and a larger iPad with a stylus that will take the tech giant into new niches.

Manifesto - The Values of Value Investing

Manifesto – The Values of Value Investing

I rarely share letters we write to IMA’s clients, but I decided to share this “Value Investor’s Manifesto”.

The Apple Watch Is More Than a Cool Gadget

The Apple Watch Is More Than a Cool Gadget

“You know how difficult it is to explain to a nonparent the joy of having kids? The Apple Watch is the same thing. It’s hard to explain how great it is to someone who has never worn one.”

The Conn’s Paradox, or the Synergy of Awful

The Conn’s Paradox, or the Synergy of Awful

I expected to see inverse synergy at Conn’s when we started analyzing it; after all, the company consists of two pretty awful businesses.

How Emotional Intelligence Can Make You a Better Investor

How Emotional Intelligence Can Make You a Better Investor

Investors enjoy the unique luxury of choosing problems that let them maximize the use of not just their IQ but also their EQ — emotional intelligence.

Unraveling the Mystery of Oil and the Swiss Franc

Unraveling the Mystery of Oil and the Swiss Franc

The collapse of oil prices and jump in the Swiss franc have forced me to puzzle over these weighty questions.

Buffett Buying Heinz - Not As Expensive as Appears

Buying Warren Buffett, Richard Branson and Steve Jobs at a Discount

What would you get if you crossed Warren Buffett, Richard Branson and Steve Jobs? Answer: Masayoshi Son, the Korean-Japanese, University of California, Berkeley–educated founder of one of Japan’s most successful companies, SoftBank Corp.

Bad News at Tesco Could Be Good News for Investors

Bad News at Tesco Could Be Good News for Investors

Although Tesco’s business is doing worse today than it was even six months ago, things are not as bad as you’d infer from the stock price or from reading the financial press.

Putin’s World: Why Russia’s Showdown with the West Will Worsen

Putin’s World: Why Russia’s Showdown with the West Will Worsen

I was perplexed by how the Russian people could possibly support and not be outraged by Russia’s invasion of Ukraine.

Investment Lessons Learned from the Poker Table

Investment Lessons Learned from the Poker Table

“I don’t know.” These three words don’t inspire a lot of confidence in the messenger and probably will not get me invited onto CNBC, but that is exactly what I think about the topic I am about to discuss.

Making Money by Agreeing to Disagree

Making Money by Agreeing to Disagree

It is very comfortable and enjoyable to own a company everyone loves. You can brag about it to your neighbor, bring it up at social gatherings.

To Infinity and Beyond? Don’t Be Surprised If the U.S. Stock Market Cracks

To Infinity and Beyond? Don’t Be Surprised If the U.S. Stock Market Cracks

In 1986 Jeremy Grantham started to warn his firm’s clients about the eventual bursting of the Japanese stock bubble.

The True Value of Macro Forecasting

The True Value of Macro Forecasting

How much time a value investor should spend on macro forecasting? Usually macro forecasting is frowned upon in the value investing community.

The Apple Brand

The Apple Brand

Apple’s research and development expense was up 27% last quarter. Annualized, it is running at $5.7 billion.

Warren Buffett, Coca-Cola and the Not-So-American Dream

Warren Buffett, Coca-Cola and the Not-So-American Dream

I am going to Omaha for the Berkshire Hathaway annual meeting. But this is the first time that I find myself respecting Mr. Buffett a little bit less than the year before.

Behind the Ugly Red Door: Finding Value in an Overpriced Market

Behind the Ugly Red Door: Finding Value in an Overpriced Market

The difference in valuation between the cheapest stocks and the rest of the market is the smallest in more than 20 years, the market is overpriced.

Will Russia Go to War Over Ukraine? Don’t Bet on It

Will Russia Go to War Over Ukraine? Don’t Bet on It

It is hard for me to see a full-blown war between Russia and Ukraine. There are so few cultural differences between these two countries.

How I Bought the Internet — and You Can Too

How I Bought the Internet — and You Can Too

A few months ago my firm bought the Internet. Let me explain: When people think about the Internet, they imagine an enormous network of millions of servers.

Additional Thoughts on The Fed Model and Profit Margins

Additional Thoughts on The Fed Model and Profit Margins

The Fed Model is extremely important, because I vividly remember how low interest rates and the Fed Model were used as propaganda tool.

The Not-So-Big Picture on Financial Models

The Not-So-Big Picture on Financial Models

Rarely do I disagree with fellow investor and financial blogger Barry Ritholtz, but the time has finally come. Last week Barry wrote a column for Bloomberg View.

Practitioners, Prognosticators and Portfolio Pain

Practitioners, Prognosticators and Portfolio Pain

I spend a lot of time looking for new stocks, either by screen or by reading or talking to other value investors. We are all having a hard time finding many stocks of interest.