Grahamian Value Week in Review ― January 29, 2021
“If you are in the right stocks at the wrong time, you may be right but have a long wait; at least you are better off than coming late to the party. You don’t want to be on the dance floor when the music stops.”
— George Goodman
WEEK IN REVIEW
In the past week —
One business returns to the list of Grahamian Value companies.
There have been no material developments at Grahamian Value listed companies.
Friedman Industries, Inc. returns to the Grahamian Value Classic list, most recently explored on December 11, 2020.
Further details are available at GrahamianValue.com/methodology
A BRIEF UPDATE —
We note two classics, each of which aptly describe present circumstances:
The Money Game, Adam Smith (1968)
Business Adventures, John Brooks (1969)
I. WEEK IN REVIEW
This marks our sixteenth consecutive week with no new additions to the Grahamian Value Classic list of companies.
Due to underlying share price movement, Friedman Industries, Inc. (again) meets the valuation requirement for inclusion on the Grahamian Value Classic list. Please refer to December 11, 2020 and November 20, 2020 for further situational background.
II. WEEKEND READING
(…read the full thread for the full details: Direct link)
In appreciation —
III. WEEKEND WATCHING
Courtesy of Bloomberg Front Row: Jeremy Grantham, co-founder and chief investment strategist of Boston’s GMO, believes U.S. stocks have become an epic bubble and will burst in a collapse rivaling the crashes of 1929 and 2000. In this interview, he explains why, discusses the futility of Federal Reserve policy, criticizes the state of American capitalism, and shares his thoughts on gold, Bitcoin, emerging markets and climate change. He spoke exclusively to Bloomberg’s Erik Schatzker. (Recorded January 22, 2021)
IV. WEEKEND LISTENING
The Money Game
By: Adam Smith
Narrated by: David Rapkin
Length: 7 hrs and 5 mins
Publisher's Summary —
Hailed by the New York Times Book Review as “the best book there is about the stock market,” this timeless classic by the creator and host of the Emmy Award-winning TV show Adam Smith's Money World is still relevant more than 40 years later.
This essential book takes listeners to the Street to learn about the intricacies of money and how the stock market impacts every area of our lives. According to the author, the key to making wise, lucrative investments is knowing ourselves. In witty, easily accessible language, he shares pithy insights about the role of intuition and the psychology of guilt, arguing that there is no substitute for information. Smith’s Irregular Rules shatter common myths and misconceptions, revealing why nothing works all the time and illustrating how greed and fear fuel the market. Listeners will learn about the safest types of investing, the key to following market trends, and how to capitalize growth, gleaning tips on stock movers, winners and losers, and much more. Peppered with entertaining and prescient anecdotes, The Money Game analyzes who makes the really big money and explores the meaning of our desire to become rich. From selling short and buying long to Wall Street’s crowd mentality, from what constitutes a random walk to why timing is everything, this is the definitive portrait of the Street, then and now.
ABOUT GRAHAMIAN VALUE
Grahamian Value is a labor of love, centered around our desire to openly share data and perspectives that we find helpful in our pursuit of Benjamin Graham-inspired investment ideas. We appreciate your time, your trust and your readership. Learn more at GrahamianValue.com
Harry Sauers and Shai Dardashti are co-editors of Grahamian Value and, as of the date of this communication, may individually own shares of companies mentioned herein. The publishers do not receive compensation from the companies and people covered in Grahamian Value for such coverage. This communication is for informational purposes only. This is not intended to be investment advice. Seek a duly licensed professional for investment advice.