Here are some links I have found interesting to read over the last month or so.
They may cover a wide range of topics. Some strategies / aspects of investing that may feature more often here are deep value, activism, LICs, special situation, FIRE, dividends, & global asset allocation.
It’s the first time I have put out something like this in a blog post. It came to mind this year as I was quite impressed recently with some of the articles from other bloggers. That could influence me in a couple of ways. It could inspire me to lift the quality of my own writing. Or I could read more and share the quality work of other writers. I have gone with the latter approach in the short term anyway! Hopefully the former occurs at some point also though.
Another reason was I happened to spend some time in the last month writing on some other sites, so I’ll pop those links at the bottom. Some of these I would normally make into a blog post of my own and send out anyway. So I’m still trying to stick to only a couple of blog posts a month max as I planned. I know these days all the spam mail in your inbox can be annoying.
I am sure some links you may have come across but hopefully there will be some below that will be new to you.
- Explores why perhaps hunting for a certain quality of companies is so popular that finding value amongst them may be difficult. If I was trying to put into words my excuse for why some ugly looking companies may make my portfolio at times then I would refer to this!
- A couple of links coming up that argue for international diversification. Above shows that blending Australia / US stock exposures 50/50 in a portfolio might be attractive.
- This one takes it a bit further and shows the interactions with US stock returns and other global markets. Going international with not only US markets could be a good value play now but also benefit in terms of smoothing out returns in the long run.
- A video presentation from Joel Greenblatt. Doesn’t totally dismiss the possibility that a certain style of screening for value investments could be declining in its effectiveness. Still plenty of well-presented theories to give value investors hope though.
- When investing it is always important I think to spend time thinking about the reasons you may be wrong. This link (from a value investor) argues the case why value investing may be less effective now.
- I actually own some Tribune Resources shares but didn’t post this link so much about that. I could relate to this article as so many times I read management having a large stake in the company means their interests are aligned to shareholders. Like the author here I own plenty of companies where you at least need to question this. I may write a bit more how this relates to my stocks at a later date.
- This article also discusses a holding of mine Joyce Corporation (JYC). The market doesn’t seem to agree with me thus far so perhaps readers can tell me where I have gone wrong on this!
- In some of my own blog posts I had been querying the rationale for paying premiums in old fashioned LICs versus investing in an ETF with similar holdings. This article touches on some similar themes but is far more comprehensive. I think it is worth reading for a more balanced view on the pros and cons. That is, handy to read this in conjunction with some of the Peter Thornhill material which favours LICs, to work out what suits you.
- A piece concerning Aurora Funds Management and Responsible Entity Issues. Should also be read in conjunction with this follow up in the same week. – https://www.afr.com/brand/rear-window/aurora-funds-management-digs-in-over-15m-20190130-h1anzm
- There is a part two also. Some of the free spenders out there may struggle to adapt to this thinking but I thought the post raised issues well about things to keep in mind. That it is ok to plan for the worst with investing (although don’t dwell or stress over it), and be flexible.
- An innovative way for youngsters to get their foot into the Australian property market. A must read about thinking outside of the box.
Finally here are a couple of articles I wrote on other sites that I had planned to put in a blog post.