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Dan Ariely, author of Predictably Irrational: The Hidden Forces That Shape Our Decisions and The Upside of Irrationality: The Unexpected Benefits of Defying Logic at Work and at Home was interviewed by Matthew Taylor for the RSA Journal. The topic was the importance of understanding our weaknesses in order to anticipate and avoid mistakes, which is a topic discussed on this sight in several places (falling under behavioural investing). Matthew Taylor: The UK government has just set . . . The Globe and Mail reported today that companies included in the S&P 500 “bought a total of $79.6-billion (U.S.) worth of their own shares, up from $34.9-billion last year – marking a year-over-year increase of 128 per cent, and a 2.5 per cent increase over the second quarter total.” It is nice to see companies returning value to shareholders. Read the full article here. The New York Times has an excellent article today about a physicist, Geoffrey West, who is wrestling with the fundamental laws that govern cities. The relation to companies is contained near the end, where West compares cities to corporations. Cities are effectively permanent, whereas companies are scarily impermanent. The reasoning has to do with the growth of companies and the increasing cost of bureaucracy – inefficiencies of scale. This raises the obvious question: Why are corporations so fleeting? After buying data . . . Increasingly over the last month, I have been receiving emails from readers about value investing articles and ideas and suggestions about companies I should look into. If you have any ideas or suggestions, contact me here. In response to my post on The Superinvestors of Graham-and-Doddsville, I received an email from David suggesting I look into a study by Gerald Martin and John Puthenpurackal entitled Imitation if the Sincerest Form of Flattery: Warren . . . Lease accounting may not be the sexiest subject, but it appears that recent proposals to overhaul the way in which companies account for their operating leases are gaining steam and will have a major effect on the way investors analyze retailers, ship operators and airlines. Under the current rules, only capital leases are included on a company’s balance sheet, while operating leases are left in a note to the financial statements, undiscounted and clumped together in buckets of years with . . . |
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