International Exposure: A Challenge for Investors

The level of exposure to international stocks is an important issue for investors.  One of our featured sites,  Abnormal Returns has a thoughtful analysis of this question.  A.R. writes: The question is whether this surge in international investment is simply a means of catching up to the commonly recommended 20-40% equity allocation. Or is it […]

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Transocean, Inc. — A Case Study of Risk and Reward

The current issue of Barron’s has a feature story by Andrew Bary, Crude Calculations, that points investors to the group of offshore drillers, two of which, Transocean, Inc.(RIG) and GlobalSantaFe Corporation (GSF), we own both for individual clients and in our funds.  Let us look first to Bary’s observations.  We will then compare that to […]

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When Fundamentals and Perceptions Collide

What action is right when market perceptions conflict with fundamental valuation methods? Let us put aside whether our valuation or the market perception is correct, and turn to the interesting case where there is conflict between the two. For Warren Buffett or other Benjamin Graham followers the question is easy.  They recommend buying businesses that […]

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