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Are Stocks, Bonds And Real Estate Really At ‘Peak Valuation’?

Are Stocks, Bonds And Real Estate Really At ‘Peak Valuation’?

Benjamin Graham was known for his love of using historic data to analyze companies and historic market trends. Graham like to use long-term data series’, stretching across several decades, to come up with the most reliable figures. Both Deutsche Bank and Credit Suisse have taken a similar approach to data analysis and the two banks put together research documents every year that look at the long-term asset returns. Deutsche Bank released its annual Long-Term Asset Return Study a few days ago. The bank used 200…

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Credit Suisse: Family Run Firms Generally Outperform Over Time

Credit Suisse: Family Run Firms Generally Outperform Over Time

First published at ValueWalk.com Public family controlled firms are always a grey area for investors. In many cases, the minority shareholders have little control over management’s decisions. However, there is evidence to suggest that a controlling family can be a good thing, after all, their fortunes are tied to the success of the company. On the other hand, there have recently been a number of high-profile family-owned corporate collapses and management control concerns have led minority investors to question whether the…

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Ben Graham Lecture Notes

Ben Graham Lecture Notes

I recently stumbled across collection of notes from Benjamin Graham’s lectures when he was a professor at Columbia University. The notes were taken during lectures given in 1946, six years after the 1940 version of “Security Analysis” was published. Actually, the name of the course was “Current Problems in Security Analysis”, and was, in Graham’s words an“attempt to bring our textbook ” Security Analysis” up to date, in the light of the experience of the last six years since the…

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Low Rates Are Not Good For Equity Returns

Low Rates Are Not Good For Equity Returns

With the US economy showing signs of life, the Federal Reserve is widely expected to raise interest rates during 2015 for the first time since the financial crisis. And the market seems to be terrified by the prospect of higher rates. The Fed’s easy money policies have propelled the market higher for much of the past six years, and investors are concerned that if the market loses this support, a correction will follow soon after. However, there’s plenty of evidence…

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