Why experience teaches that “You make most of your money in a bear market, you just don’t realize it at the time”
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Free Cash Flow Yield as a Measure of Value (2:13)
The insight that this obscure statistic can reveal about the valuation of a business
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Passive management often buys what's gone up and sells all the way down. Active managers can add real value by doing rigorous company research and bucking the consensus view
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You Always Sound Smarter when You’re Bearish
The vast majority of factors across society and around the world have improved massively for decades. Betting against long term progress is a loser’s game.
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