The Best
Investment Writing
Selected Writing From Leading Investors and Authors
Volume 1
Edited by
Meb Faber
HARRIMAN HOUSE LTD
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Petersfield
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First published in Great Britain in 2017
Copyright © Meb Faber
The right of Meb Faber to be identified as the author has been asserted in accordance with the Copyright, Design and Patents Act 1988.
Hardback ISBN: 978-0-85719-619-4
eBook ISBN: 978-0-85719-620-0
British Library Cataloguing in Publication Data
A CIP catalogue record for this book can be obtained from the British Library.
All rights reserved; no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the Publisher. This book may not be lent, resold, hired out or otherwise disposed of by way of trade in any form of binding or cover other than that in which it is published without the prior written consent of the Publisher.
Whilst every effort has been made to ensure that information in this book is accurate, no liability can be accepted for any loss incurred in any way whatsoever by any person relying solely on the information contained herein.
No responsibility for loss occasioned to any person or corporate body acting or refraining to act as a result of reading material in this book can be accepted by the Publisher, by the Author, by the Contributors, or by the employers of the Author or Contributors.
Contents
‘A Portrait of the Investing Columnist as a (Very) Young Man’ by Jason Zweig
‘What You Should Remember About the Markets’ by Gary Antonacci
‘Sustainable Sources of Competitive Advantage’ by Morgan Housel
‘Who’s Being Naïve, Kay?’ by Ben Hunt
‘Five “Must Ask” Due Diligence Questions Before Making Any Investment’ by Todd Tresidder
‘Alpha or Assets’ by Patrick O’Shaughnessy
‘50% Returns Coming for Commodities and Emerging Markets?’ by Meb Faber
Market Conditions, Risks & Returns
‘Estimating Future Stock Returns’ by David Merkel
‘Predicting Stock Market Returns Using Shiller-CAPE and PB’ by Norbert Keimling
‘Risk Parity and the Four Faces of Risk’ by Adam Butler
‘The Biggest Challenge for Hedge Funds in 2017’ by Stan Altshuller
‘Bond Market Knows What Fed Should Do’ by Tom McClellan
‘The Interest Rate Issue’ by Jared Dillian
‘The Frightening Global Rise of Agnotology’ by Barry Ritholtz
‘Bull Market Charges on Regardless of a Growing Revolt’ by Ken Fisher
Pricing & Valuation: from Micro to Macro
‘Price-to-Book’s Growing Blind Spot’ by Chris Meredith
‘The Greatest Bubble of All-Time?’ by Ben Carlson
‘How Illiquid are Bond ETFs, Really?’ by Dave Nadig
‘Everyone is a Closet Technician’ by Josh Brown
The Behavioral Side of Investing
‘Even God Would Get Fired as an Active Investor’ by Wesley R. Gray
‘Outperforming by Underperforming’ by Corey Hoffstein & Justin Sibears
‘The Confounding Bias for Investment Complexity’ by Jason Hsu & John West
‘Would You Bail on Warren Buffett? Investors Make that Mistake all the Time’ by John Reese
‘Thinking Can Hurt Your Investments’ by Larry Swedroe
‘How to Avoid the Problem of Short-Termism’ by Cullen Roche
Personal Finance & Wealth-Building
‘Reflect, Pause and Focus’ by Jonathan Clements