Demand Media IPO
I usually comment only on British companies (as investments, that is), but I also like to keep an eye on tech and internet companies, and on anything that illustrates a point. Demand Media falls in to booth categories. (more…)
Great crash and credit crunch similarities.
I have been reading Galbraith’s The Great Crash of 1929 and a lot of similarities have struck me, not all of which seem to have been noticed by everyone. (more…)
Gold is not an investment
Richard Beddard has been annoying the gold bugs. This puts me in the unusual position of agreeing with him. (more…)
Google’s “concession” to Murdoch
Everyone seems to be interpreting the changes made by Google News as a victory for Murdoch and others who are trying t extract payments from Google in return for making their content searchable through Google. I disagree, and think it is designed to make life more difficult for those putting up pay walls. (more…)
How to fix the banking system
This is a bit less ambitious than my plan to reform capitalism, but the principles are the same.
Too big to fail is too big to exist
Big banks create too much systemic risk, and are far too much of a strain on government finances when they need to be bailed out. (more…)
Peak Google?
Alan Patrick is sticking his neck out and calling the top on Google’s growth. I am not convinced, and there are specific points that I have comments on. (more…)
The market is just inefficient enough
Richard Beddard’s extensive comments on my last post on efficient markets deserve a full reply. He is correct that I did not make it clear that the paper says that a behavioural explanation of the abnormal returns is possible. (more…)
Evidence for market efficiency
A working paper that is nicely summarised on the Empirical Finance Research Blog shows how markets react to information rapidly, that they are not perfectly efficient, and how those setting the efficient market price are rewarded. (more…)
Time for growth investing
I am hardly the first person to recommend switching to growth investing. There has recently been crop of strategists arguing that we are at the point in the cycle where growth is likely to out-perform, as economic growth returns. (more…)
Value investing, efficient markets and CAPM
The value effect, does not cast doubt on the efficient market hypothesis (as Richard Beddard suggests), but on CAPM. Nonetheless, I still think investors should use CAPM, or something very like it. (more…)
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