Kevin ZatloukalWhat Happened to Value in 2010?Last month was another good one for growth stocks, continuing the trend that started in early 2023. Like many investors, however, I am on…Feb 16, 2024Feb 16, 2024
Kevin ZatloukalReflections on Ben GrahamA couple weeks ago, Ben Claremon of the Compounders podcast wrote an article about his investing journey that started with the approach…Sep 18, 2023Sep 18, 2023
Kevin ZatloukalRevisiting the “Smart Money”Ray Micaletti was recently on the Excess Returns podcast. Ray has written several interesting papers about “relative sentiment”, which…Feb 22, 2023Feb 22, 2023
Kevin ZatloukalSydney and MeIt seems to me that each “AI breakthrough” comes with an equally important revelation about human beings and human behavior.Feb 17, 2023Feb 17, 2023
Kevin ZatloukalDeconstructing Momentum and TrendSometimes I read an article that doesn’t lead to any new portfolio ideas but does do a lot to improve my thinking on some subjects…Feb 9, 2023Feb 9, 2023
Kevin ZatloukalIs It All Just Vol?One thing that struck me in the assortment of finance articles and books I read during fall quarter was the number of different phenomena…Feb 8, 2023Feb 8, 2023
Kevin ZatloukalWhen Bad Things Don’t HappenShortly after the start of the war in Ukraine, when Russian stocks became un-investable and went to zero for US investors, Chinese stocks…Aug 2, 2022Aug 2, 2022
Kevin ZatloukalA Follow-up on the PEG RatioAs I mentioned in my last post, my strategy for the current bear market is to allocate the cash that I had raised into attractively-priced…Jul 21, 20221Jul 21, 20221
Kevin ZatloukalSwimming with the Tide in InvestingThese are unfamiliar and trying times. Markets are also unsettled, lurching wildly day-to-day as they try to find the right expectations to…Jun 11, 2022Jun 11, 2022
Kevin ZatloukalSimple, Quantitative Factor TimingThe value factor timing strategy that I described here continues to perform well. Since I started using it myself, we saw a strong period…Jun 6, 20221Jun 6, 20221
Kevin ZatloukalTrend Following vs Trend ChasingMy previous post returned to a discussion of trend following. This is one of my favorite investing topics, and as a result, ideas related…Mar 13, 2022Mar 13, 2022
Kevin ZatloukalThe Need to Know “Why” and an Update on Trend FollowingOne of my working hypotheses is that most investors have a strong desire to have an explanation for “why” the market is moving as it is. An…Mar 5, 2022Mar 5, 2022
Kevin ZatloukalAdjusting Absolute Returns for Market ExpectationsIn my last post, I contrasted what I think of as the simplest strategies for achieving an absolute return goal versus a relative return…Feb 19, 2022Feb 19, 2022
Kevin ZatloukalMatching Goals with StrategiesPortfolio goals can come in different forms. We could have an absolute return goal of, say, 10% per year. Alternatively, we could have a…Feb 10, 2022Feb 10, 2022
Kevin ZatloukalLies, Damn Lies, and AccountingMy friend, Jake Taylor, on the Value After Hours podcast, had an interesting discussion looking back at Google’s valuation in 2015, trying…Jan 18, 2022Jan 18, 2022
Kevin ZatloukalShrinking the Left TailRule Number 1: never lose money. Rule Number 2: never forget Rule Number 1. — Warren BuffetOct 10, 2021Oct 10, 2021
Kevin ZatloukalCircle of IncompetenceFor many years, Bruce Greenwald has taught value investing courses at Columbia, where Ben Graham himself once taught. In the newest edition…Sep 9, 2021Sep 9, 2021
Kevin ZatloukalMachine Learning and Discretionary InvestingIn my last article, I discussed four ideas that I find especially useful for understanding machine learning (ML) and how it compares to…Jul 28, 2021Jul 28, 2021
