In finance, being short in an asset means investing in such a way that the investor will profit if the value of the asset falls. This is the opposite of a more conventional "long" position, where the investor will profit if the value of the asset rises.
Li Lu is a Chinese-born American value investor, businessman and philanthropist. He is the founder and chairman of Himalaya Capital Management. Prior to immigrating to America, he was one of the student leaders of the 1989 Tiananmen Square student protests. In 2021, he also co-founded The Asian American Foundation and serves as its chairman.
Benjamin Graham was a British-born American economist, professor and investor. He is widely known as the "father of value investing", and wrote two of the founding texts in neoclassical investing: Security Analysis (1934) with David Dodd, and The Intelligent Investor (1949). His investment philosophy stressed investor psychology, minimal debt, buy-and-hold investing, fundamental analysis, concentrated diversification, buying within the margin of safety, activist investing, and contrarian mindsets.
Value investing is an investment paradigm that involves buying securities that appear underpriced by some form of fundamental analysis. The various forms of value investing derive from the investment philosophy first taught by Benjamin Graham and David Dodd at Columbia Business School in 1928, and subsequently developed in their 1934 text Security Analysis.
Contrarian investing is an investment strategy that is characterized by purchasing and selling in contrast to the prevailing sentiment of the time.
Market timing is the strategy of making buying or selling decisions of financial assets by attempting to predict future market price movements. The prediction may be based on an outlook of market or economic conditions resulting from technical or fundamental analysis. This is an investment strategy based on the outlook for an aggregate market rather than for a particular financial asset.
Buy and hold, also called position trading, is an investment strategy whereby an investor buys financial assets or non-financial assets such as real estate, to hold them long term, with the goal of realizing price appreciation, despite volatility.
The Intelligent Investor by Benjamin Graham, first published in 1949, is a widely acclaimed book on value investing. The book provides strategies on how to successfully use value investing in the stock market. Historically, the book has been one of the most popular books on investing and Graham's legacy remains.
Joel Greenblatt is an American academic, hedge fund manager, investor, and writer. He is a value investor, alumnus of the Wharton School of the University of Pennsylvania, and adjunct professor at the Columbia University Graduate School of Business. He runs Gotham Asset Management with his partner, Robert Goldstein. He is the former chairman of the board of Alliant Techsystems (1994–1995) and founder of the New York Securities Auction Corporation. He was a director at Pzena Investment Management, a firm specializing in value investing and asset management for high net worth clients.
Magic formula investing is an investment technique outlined by Joel Greenblatt that uses the principles of value investing.
Michael F. Price was an American value investor and fund manager who ran the hedge fund MFP Investors LLC.
"The Superinvestors of Graham-and-Doddsville" is an article by Warren Buffett promoting value investing, published in the Fall, 1984 issue of Hermes, Columbia Business School magazine. It was based on a speech given on May 17, 1984, at the Columbia University School of Business in honor of the 50th anniversary of the publication of Benjamin Graham and David Dodd's book Security Analysis. The speech and article challenged the idea that equity markets are efficient through a study of nine successful investment funds generating long-term returns above the market index. All these funds were managed by Benjamin Graham's alumni, following the same "Graham-and-Doddsville" value investing strategy but each investing in different assets and stocks.
Amazon Kindle is a series of e-readers designed and marketed by Amazon. Amazon Kindle devices enable users to browse, buy, download, and read e-books, newspapers, magazines and other digital media via wireless networking to the Kindle Store. The hardware platform, which Amazon subsidiary Lab126 developed, began as a single device in 2007. Currently, it comprises a range of devices, including e-readers with E Ink electronic paper displays and Kindle applications on all major computing platforms. All Kindle devices integrate with Windows and macOS file systems and Kindle Store content and, as of March 2018, the store had over six million e-books available in the United States.
Seth Andrew Klarman is an American billionaire investor, hedge fund manager, and author. He is a proponent of value investing. He is the chief executive and portfolio manager of the Baupost Group, a Boston-based private investment partnership he founded in 1982.
Mr. Market is an allegory created by investor Benjamin Graham to describe what he believed were the irrational or contradictory traits of the stock market and the risks of following groupthink. Mr. Market was first introduced in his 1949 book, The Intelligent Investor.
The Baupost Group is a hedge fund founded in 1982 by William Poorvu and partners Howard Stevenson, Jordan Baruch and Isaac Auerbach. Seth Klarman, who was asked by Poorvu to help run the fund, remains at its head today. Baupost Group's investment philosophy emphasizes risk management and is long-only. The firm, one of the largest hedge funds in the world, is a value investing manager. According to Bloomberg L.P., Baupost is ranked 4th in net gains since inception.
Amazon Publishing is Amazon's book publishing unit launched in 2009. It is composed of 15 imprints including AmazonEncore, AmazonCrossing, Montlake Romance, Thomas & Mercer, 47North, and TOPPLE Books.
The Times of Israel is an Israeli multi-language online newspaper that was launched in 2012. It was co-founded by Israeli journalist David Horovitz, who is also the founding editor, and American billionaire investor Seth Klarman. Based in Jerusalem, it "documents developments in Israel, the Middle East and around the Jewish world." Along with its original English site, The Times of Israel publishes in Hebrew, Arabic, French, and Persian. In addition to publishing news reports and analysis, the website hosts a multi-author blog platform.
Howard H. Stevenson is the Sarofim-Rock Baker Foundation Professor Emeritus at Harvard University. Forbes magazine described him as Harvard Business School's "lion of entrepreneurship" in a 2011 article. Howard is credited with defining entrepreneurship as "the pursuit of opportunity beyond the resources you currently control." INC Magazine described Howard's definition of entrepreneurship as "the best answer ever."
The Kindle Store is an online e-book e-commerce store operated by Amazon as part of its retail website and can be accessed from any Amazon Kindle, Fire tablet, or Kindle mobile app. At the launch of the Kindle in November 2007, the store had more than 88,000 digital titles available in the U.S. store. This number increased to more than 275,000 by late 2008 and exceeded 765,000 by August 2011. In July 2014, there were over 2.7 million titles available. As of March 2018, there are over six million titles available in the U.S. Content from the store is purchased online and downloaded using either Wi-Fi or Amazon's Whispernet to bring the content to the user's device. One of the innovations Amazon brought to the store was one-click purchasing which allowed users to quickly purchase an e-book. The Kindle Store uses a recommendation engine that looks at purchase history, browsing history, and reading activity, and then suggests material it thinks the user will like.
