This series is one of the better when it comes to understanding what has gone wrong for value investors.
The first looks into whether value is actually cheap.
“The evidence brings us full circle to Arnott’s observation that the problem with the Value Factor has not been the absolute performance of Value stocks. The problem has been shorting the Glamour stocks“.
The second, propose something very intriguing – “that looking through the lens of optionality reveals that the source of excess returns to factors are not a function of the securities themselves, but rather the rules of portfolio construction and the embedded optionality these rules create“
“Wherever there’s a major shift in the American landscape in the past half-decade—be it political or cultural—there, somewhere on the donor list of the political campaign, or among the investors in the controversial technology, is Peter Thiel.“
On investing he says – “It’s really, really, really hard to be a good poker player. And if you’re kicking yourself every time you have a bad hand, the bad habits just simply happen. You just need to be able to have a system that lets you think through the process…“
If you have ever invested in Japanese stocks it can feel like learning all over again.
This is a really great article written by a westerner fluent in Japanese who has spent his whole professional career in Japan including starting a business.
Attached is an interesting table showing operating revenue evolution as well as how the revenue split between matchday, broadcasting and commercial has evolved.
