We finished 2025 with Time Weighted Return of 23.5% compared to 17.8% with S&P 500. In the first 4 months of 2026, our portfolio has powered ahead, returning 23.76%. S&P 500 in the same time this year has returned a very respectable 5.7%. The Russell 2000 small cap index has returned 13.21% YTD. We consider […]
YTD 23.76% Total Return Vs 5.7% S&P 500 for Inner Circle Portfolio – May 2, 2026 Read More »
Intrinsic value is the cornerstone of everything I do as a value investor. It is the number I am trying to approximate, not predict with false precision, but approximate well enough to know whether the current market price offers a meaningful discount. Get that wrong, and the rest of your analysis is window dressing. The
How to Calculate Intrinsic Value: 3 Methods Every Investor Should Know Read More »
I lost real money learning most of these lessons. That’s not false modesty, it’s just the truth about how most of us actually learn to invest. I started out believing that cheap stocks were safe stocks. I thought a low P/E ratio was all the protection I needed. I was wrong on multiple counts, and
8 Common Mistakes New Value Investors Make (And How to Avoid Them) Read More »
With the global markets in turmoil and the conflict sprouting up around the world, it is no surprise that many investors are now looking for safe haven assets. Gold and silver have traditionally served as one. For investors in the US, there is a parallel trend of the long term decline in the value of
There is more than one way to be a value investor. The classic value investor is someone like Benjamin Graham, often heralded as the father of the craft, who seeks to invest in companies whose shares are trading at a discount to intrinsic value. Intrinsic value is just another way of referring to a company’s
Distressed Debt Investing: Using Debt Instruments for Value Investing Read More »
Investors are constantly reminded that the markets are efficient and there is no use trying to beat the market as it cannot be done on a consistent basis. In fact, we are told that over 70% of the mutual funds fail to beat the market, presenting this as evidence to somehow imply, in some convoluted
Why the Efficient Market Hypothesis Breaks Down, and Where Smart Investors Still Win Read More »
Checklist investing is a simple process with tremendous benefits. Checklists can protect you from yourself and propel you towards investment success. Atul Gawande is known for writing The Checklist Manifesto – a book where he describes how checklists protect us from our cognitive biases. In 2001, a doctor working at John Hopkins Hospital, Peter Provonost, wanted to
How Checklist Investing Helps You Invest Better? Read More »
Have you ever met an 11-year-old shareholder? That’s what Warren Buffett’s life was about at that age. At the tender age of eleven, the boy who would go on to become the Oracle of Omaha was already fiddling around in the stock market, having bought a few shares of Cities Service. Today, Buffett is one
Evolution of Warren Buffett in 3 Stages Read More »
Small cap stocks generally have a liquidity problem. This is one of the reasons why most investors stay away from small cap stocks. This is also one of the reasons why good undervalued stocks are easier to find in this asset class. The market for highly liquid stocks is also normally highly efficient. The price
Low Liquidity is Not the Problem You Think in Small Cap Stocks Read More »
Cyclical stocks tend to be reliable profit generators in a value investor’s portfolio. Cycles exaggerate the valuations because they cause uncertainty in the market. So arguably, value investing should work very well. In practice, it can be hard to identify the right investment candidates and pick the right time to invest. We all know that
The 4 Phases of Cyclical Stocks: How to Identify Them and Profit Read More »
