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The 10 Most Recent Messages By mungofitch

Take me back to where I was.
  • Date: 1/21/19 1:16 PM
  • Number: 273155
  • Recommendations: 12
Yeah.....problem is, without the active their *is* no passive.

Even worse.
Without the existence of *dumb* active, you can't do well at *good* active.
Beating the market is a roughly zero sum game, so for me to win that
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  • Date: 1/21/19 10:34 AM
  • Number: 273150
  • Recommendations: 19
But the timing is suspect. He lost his job with Wellington in 1973, and immediately became a convert to passive management.

I suppose.
But you could look at the same event another way.

I gather he got fired from
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  • Date: 1/20/19 5:29 AM
  • Number: 273141
  • Recommendations: 40
What I find most interesting, is I wonder if he is a hypocrite.
In 1960, he trashed the idea of an index fund...


Well, I think "hypocrite" is perhaps a bit harsh.


He thought one thing for a while.
A
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  • Date: 1/18/19 3:41 PM
  • Number: 240609
  • Recommendations: 8
Nice stuff.

I prefer my deeply obscure jokes to be near the one-liner end of the spectrum.

(Continued...)
  • Date: 1/18/19 10:05 AM
  • Number: 273133
  • Recommendations: 0
... 6 slices at a time, potentially up to 6x the trades?

I don't think that's a big worry.
There are only so many choices, and you only do the NET trades.
If one lookback is shifting from US equities to bonds and
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  • Date: 1/18/19 10:02 AM
  • Number: 240604
  • Recommendations: 20
I too was unaware of Mr Kish's death. Sorry to hear about it.
Though I never met him, he was clearly a thoughtful fellow, and generous with sharing those thoughts.

FWIW, here is one of his most beloved posts, written in July 2000
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  • Date: 1/17/19 10:19 AM
  • Number: 273123
  • Recommendations: 11
Nice little article.

I think he's wrong about this family of strategies lacking mean reversion, though.
There are subtly different types of mean reversion one could talk about.

He seems to be making the tacit assumption
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  • Date: 1/16/19 3:25 PM
  • Number: 273119
  • Recommendations: 2
...of probably no interest whatsoever is that BAM shows up deep on both the LOWDV and SHORT_ALTMAN_Z screens.

It's probably worth noting that the Altman Z score isn't meaningful for non-manufacturing firms, and was never
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  • Date: 1/16/19 12:04 PM
  • Number: 240583
  • Recommendations: 33
Does this strike you as a sensible approach? Any other advice?

Well, just buying a lot of stock when it's cheap is not a bad idea.
It's easier, that's for sure.

Have you tested your strategy?
I just
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  • Date: 1/15/19 3:23 PM
  • Number: 273110
  • Recommendations: 5
. How would you screen for particular stocks to meet your safe and underpriced/mispriced goals?

I'm not sure such a screen is possible.
If it is, I'm not sure how you'd do it.
The closest I got was debt less
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Take me back to where I was.
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