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Articles
Validea founder John Reese
writes regular articles for several leading financial websites, including
Forbes, TheStreet.com, MSN Investor, NASDAQ.com, and the Globe & Mail newspaper in
Canada. Below are some featured articles from these sources. |
The Globe & Mail, 7/7/2010
I'm not a big believer in "style-box" investing - that is, the practice of dividing up your portfolio into pre-determined portions of certain types of stocks, such as large-cap value or mid-cap growth. To me, the best approach for individual investors is to look for the best values in the market, wherever they may be. View Full Article
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Morningstar, 6/29/2010
While the U.S. government's balance sheet has been getting the lion's share of the attention lately, there's another American balance sheet that deserves investors' attention: Corporate America's. View Full Article
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The Globe & Mail, 6/27/2010
There are a myriad of lessons investors can take away from the financial crisis of 2008, but the greatest of them may be this: Excessive leverage is an incredibly dangerous thing. U.S. corporations, institutions, and individuals spent years borrowing more than they could afford, and in ‘08 it caught up to them in a very painful way. View Full Article
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Forbes, 6/18/2010
There was a time when dividends were king in the stock market. In fact, it wasn't all that long ago that dividends played a much larger role than they have in recent years. From 1975 through 1989, dividend yield was close to 5% for U.S. stocks, according to a recent study by MSCI Barra. View Full Article
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Morningstar, 6/16/2010
We've all heard the reasons to be fearful of stocks right now -- potential spillover from the European debt crisis, questions about the housing recovery's sustainability, a burgeoning national debt and budget deficits. All of those (and more) have been highlighted pretty extensively in the media. View Full Article
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Forbes, 6/14/2010
In the wake of the financial crisis of 2008, a familiar refrain echoed throughout economic discussions: The U.S. consumer is dead, the pundits said, and his and her demise means the economy has one foot in its own grave. View Full Article
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The Globe & Mail, 6/7/2010
With the National Hockey League playoffs coming to a climax, it's the time of year that brings to mind history's greatest Stanley Cup moments. To be sure, it's debatable which of those great moments is, in fact, the greatest. But one that has to be in the running is Bobby Orr's 1970 Cup-clinching goal - a moment the Boston Bruins recently immortalized with the unveiling of a bronze statue of the Hall of Famer, mid-flight in the famous celebratory leap he made after scoring his historic goal. View Full Article
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The Globe & Mail, 6/1/2010
Any time Warren Buffett's Berkshire Hathaway releases its latest list of quarterly holdings, the media will set out to dissect every one of Berkshire's moves to try to glean some insight into what the company - and, by extension, the world's most famous investor - is doing. View Full Article
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Forbes, 5/26/2010
While there was much pain in the financial crisis that shook the economy and markets in 2008 and early 2009, there was at least one silver lining amid the troubles. As fear spread like wildfire through the financial world, businesses got leaner and more efficient, wanting to stay as liquid and flexible as possible. And when financial Armageddon did not occur, many companies were left awash in cash. View Full Article
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Forbes Magazine, 5/20/2010
Oliver Stone's long-awaited Wall Street sequel is set to hit theaters later this year, with Michael Douglas reprising one of the great film characters of the 1980s--corporate raider Gordon Gekko
Gekko, who so famously proclaimed, "Greed is good," is still probably who comes to mind when you picture a big-time stock market player: connected, impeccably dressed and more than willing to step on the little guy to get what he wants. But in reality many of history's best investment minds bear little resemblance to Gekko. Benjamin Graham is a good example. Another worth mentioning is Joseph Piotroski, who is more like one of the little guys than like Gekko. View Full Article
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Morningstar, 5/13/2010
Greece's debt woes and their spillover into other parts of Europe have been bad news for the Euro, and they will surely have long-term economic repercussions for both Greece and the European Union. View Full Article
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NASDAQ.com, 5/4/2010
GMO's Jeremy Grantham, the longtime bear who in late 2008 and early 2009 said stocks had become cheap for the first time in more than two decades, is sounding gloomy again. In his latest quarterly letter, released last week, Grantham says he thinks U.S. stocks have blown past fair value and are now "very overpriced". View Full Article
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The Globe & Mail, 5/3/2010
In the dozen or so years that I've spent researching history's best investment strategies, one of the key things I've learned is that there's not just one way to beat the market. The investment gurus I've studied have used a variety of approaches to produce exceptional long-term returns, each employing a different set of variables and criteria to buy and sell stocks. View Full Article
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The Globe & Mail, 4/22/2010
It's easy to think of history's greatest investors as nearly infallible strategists who rarely make mistakes. After all, if people like Warren Buffett and Peter Lynch and Martin Zweig have amassed hundreds of millions - and in some cases billions - of dollars, they must be correct the vast majority of the time. Right? View Full Article
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Morningstar, 4/15/2010
In his book Contrarian Investment Strategies: The Next Generation, David Dreman says that the stock market is driven by surprises, and that one of the greatest sources of surprises is earnings reports. Dreman found that analysts' estimates of companies' earnings are rarely on the mark, but that Wall Street nevertheless gives their forecasts a lot of credence. That means earnings reporting days often result in reassessments of a company's prospects--which can mean significant shifts in its stock price. View Full Article
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Forbes, 4/13/2010
Names shouldn't matter, and in a rational world they wouldn't. Hatfields and McCoys, Juliet's Capulets and Romeo's Montagues, even Red Sox fans and Yankees fans--all of them would judge each other on their merits, not their monikers. But while names shouldn't matter, they do when you live in a world of emotional, irrational human beings. View Full Article
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NASDAQ.com, 4/2/2010
One of the key parts of my investment approach is finding and learning from strategists who have proven long-term track records, something that can be hard to do in an investment world filled with unproven pundits and talking heads. And, when it comes to a long-term track record, few can match the one compiled by James Simons. View Full Article
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Forbes, 4/1/2010
After recently popping up as a guitar-wielding, long-haired, Axl-Rose-type rocker in Geico's latest commercial, Warren Buffett is doing what most rock stars might do--he's buying booze. Lots of it. View Full Article
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The Globe & Mail, 3/30/2010
As the dust begins to settle after the U.S. adopted its landmark health-care legislation, investors are scrambling to determine which areas of the sector stand to benefit, and which could be harmed. View Full Article
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MSN Money, 3/19/2010
The strategies I base on the writings of investment gurus Ken Fisher and Joel Greenblatt are in agreement on a couple intriguing plays right now View Full Article
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The Globe & Mail, 3/16/2010
In recent years, one of the biggest developments in the investment world has been the internationalization of stock investing. The Internet and online trading platforms have made trading on foreign exchanges more convenient for investors than ever before. View Full Article
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Forbes, 3/9/2010
Selling stocks in the middle of a financial crisis and terrible bear market is never a good idea. But because the crisis of 2008 was one of liquidity, and stocks are a liquid asset, many colleges and universities ended up dumping significant portions of their stock portfolios to free up cash. Among them was the school with the largest endowment in the country, Harvard University, whose U.S.-traded stock holdings fell from almost $2.9 billion at the end of the third quarter of 2008 to just $566 million at the end of the fourth quarter, according to filings with the Securities and Exchange Commission. View Full Article
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The Globe & Mail, 3/2/2010
When the United States plunged into a financial crisis in late 2008, Pacific Investment Management Co. LLC bond guru Bill Gross advised investors to "shake hands with the government." That is, Mr. Gross advocated investing in companies that were getting major support, through bailouts or stimulus packages, from the government. View Full Article
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MSN Money, 3/2/2010
Warren Buffett released his year-end 2009 letter to Berkshire Hathaway shareholders over the weekend, and, as usual, the Oracle of Omaha's comments are filled with a good deal of wit and candor -- where else could you hear a Fortune 500 CEO say he enjoys issuing new stock "about as much as we relish prepping for a colonoscopy"? View Full Article
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Forbes, 2/24/2010
In the decade-plus that I've been studying history's most successful investors, I've noticed some key similarities among the stock market's greatest gurus. View Full Article
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NASDAQ.com, 2/17/2010
Throughout his incredibly successful investing career, Warren Buffett has made money investing in a number of different types of companies. He's found big winners in consumer products firms like Coca-Cola; financials like American Express; food-related companies such as Dairy Queen; insurers like GEICO; and many others. View Full Article
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The Globe & Mail, 2/8/2010
Back on July 22, Morgan Stanley announced dreadful second-quarter 2009 results. Earnings per share were negative for the fourth straight quarter, and revenues were less than half of what they were a year earlier.
That same day, Apple posted glowing second-quarter results, with earnings jumping more than 60 percent and revenue rising almost 30 percent. In part because of those strong figures, Apple's stock went on to return 30.9 per cent in the next three months, about double the broader market's gains. View Full Article
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NASDAQ.com, 2/1/2010
Not long ago, the great Warren Buffett said in an interview that "investing is simple, but it's not easy". If that sounds confusing, all you need to do is look at the investing style of Joel Greenblatt to understand exactly what Buffett means.
Back in 2005, Greenblatt, a successful hedge fund manager, published The Little Book that Beats the Market, a small, concise book that shows how investors can produce market-beating returns using a formula that has two -- and only two -- variables. View Full Article
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The Globe & Mail, 1/19/2010
Intense fear at the time may have obscured the fact for many investors, but it's hard to argue that stocks weren't extremely cheap back at the end of March, 2009. U.S. equities were close to 50 per cent off their highs and selling at their lowest levels in more than a dozen years. Canadian stocks were at levels not seen since 2003. And on top of that, interest rates were at or near historic lows, making stocks even cheaper compared to bonds and fixed-income investments. Even well-known, long-time bears such as Jeremy Grantham and Steven Leuthold were calling equities cheap. View Full Article
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The Globe & Mail, 1/12/2010
With the major U.S. and Canadian indexes between 50 and 80 per cent above their March lows, a rising tide has lifted the vast majority of stock market ships in 2009 - though certain types of stocks have really ridden the wave.
One of those areas: so-called junk stocks - those that have the worst balance sheets and fundamentals. According to some analysis, the lowest-quality stocks (based on factors such as earnings history and debt level) have outperformed the highest-quality issues by a greater than two-to-one margin since March. View Full Article
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Forbes, 12/21/2009
The historically low, near-zero interest rates that the Federal Reserve has kept in effect for the past year or so have been a boon for companies and corporate profits as we emerge from the credit crisis of 2008. Those low rates have a dark side, of course: They've made money market accounts useless for those looking to growth their cash and they've also made it tough to find nice yields among investment grade corporate bonds. View Full Article
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The Globe & Mail, 12/17/2009
The holiday gift-buying season is in full swing, with determined shoppers scouring stores and the Internet to try to find the hot-ticket toys and gizmos at the top of their loved ones' lists.
This annual race for the hottest gifts got me thinking about what Peter Lynch wrote in his classic book One Up on Wall Street.
Mr. Lynch - perhaps the greatest mutual fund manager of all-time - offered a tip that he said could give individual investors an advantage over the big guys: Invest in what you know. View Full Article
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Forbes, 12/4/2009
Just as it has been a good year for stocks, 2009 has also been a solid year for commodities. Since mid-February, oil prices have more than doubled, and in more recent months gold and silver have surged.
A big reason for the bullish run in commodities has, of course, been the anticipation of inflation. With the government deficit skyrocketing, notable investors including hedge fund guru John Paulson and the great Warren Buffett have said they see major inflation on the horizon. View Full Article
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