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Tuesday links: paying for the news

Abnormal Returns

Fund management There is no escaping the math on leveraged ETFs. techcrunch.com) Musk SpaceX could soon be the world's most valuable startup with a $350 billion valuation. techcrunch.com) Musk SpaceX could soon be the world's most valuable startup with a $350 billion valuation.

Math 146
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Avoid the Unforced Investment Errors Even Billionaires Make

The Big Picture

Two managers of a single-family office siphoned off so much money that each became a billionaire. Other than a handful of superstar managers (most of whose funds you cannot get into), the vast majority of these managers fail to justify their costs. Do you hang on every word whenever a famous fund manager shows up on TV?

Investing 266
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Q&A: Your Money Map

The Big Picture

How useful is management guidance? Compounding, Denominator Blindness, Survivorship Bias all affect our abilities to make good decisions about the future when even basic math is involved. I looked at Recession, Profits, Valuations, US Dollar, Geopolitics, Market crashes. Should I care about a stock target of 280/323 (its 230)?

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Buffett vs. Graham vs. Lynch: Whose Strategy Wins Now & Over Time?

Validea

Benjamin Graham – The Deep Value Purist Graham’s approach, considered the bedrock of value investing, focuses on balance sheet strength and low valuation. The Validea Graham model seeks low P/E, low P/B, manageable debt levels, and strong current ratios. Sample picks: Comfort Systems USA ( FIX ): +35.6% Kinsale Capital ( KNSL ): +21.0%

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Multiples Are Not Valuation

The Irrelevant Investor

It's not that valuations don't matter, of course they do. Shaw , a hedge fund that currently employs over 80 PhDs and 25 International Math Olympiad medal holders. Like Michael said, "Multiples are not valuation. Multiples are shorthand for the valuation process." They're begging you to trade based on a ratio.

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Transcript: Heather Brilliant, Diamond Hill

The Big Picture

They are a publicly traded investment manager, stocks symbol DHIL, that have been public since day one since 2016. All of their portfolio managers not only are substantial investors in each of their funds, but they do a disclosure year that shows each manager by name and how much money they have invested in their own fund.

Investing 146
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At the Money: Benefits of Quantitative Investing

The Big Picture

Full transcript below. ~~~ About this week’s guest: Jim O’Shaughnessy, former chairman and founder of O’Shaughnessy Asset Management (now part of Franklin Templeton) and author of the New York Times bestselling book, “What Works on Wall Street” — the first quantitative investing book available to the general public.

Investing 159