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Warren Buffett on the Stock Market
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Two years ago, following a July 1999 speech by Warren Buffett, chairman of Berkshire Hathaway, on the stock market, a rare subject for him to discuss publicly, FORTUNE ran what he had to say under the title Mr Buffett on the Stock Market (Nov 22, 1999) His main points then concerned two consecutive and amazing periods that American investors had experienced, and his belief that returns from stocks were due to fall dramatically.Abstract:
Two years ago, following a July 1999 speech by Warren Buffett, chairman of Berkshire Hathaway, on the stock market--a rare subject for him to discuss publicly--FORTUNE ran what he had to say under the title Mr Buffett on the Stock Market (Nov 22, 1999) His main points then concerned two consecutive and amazing periods that American investors had experienced, and his belief that returns from stocks were due to fall dramatically Since the Dow Jones Industrial Average was 11194 when he gave his speech and recently was about 9900, no one yet has the goods to argue with himread more
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Book ChapterDOI
The Russell-Yasuda Kasai, InnoALM and related models for pensions, insurance companies and high net worth individuals
TL;DR: In this paper, a discrete-time, multi-period stochastic programming approach is proposed for asset and liability management in the presence of portfolio complexities, such as transaction costs, liquidity, taxes, investor preferences (including downside risk control, policy and other constraints), uncertain returns, and the timing of returns and commitments.
Journal ArticleDOI
Estimating Expected Returns
TL;DR: In this article, simple estimators for the expected returns of stocks and bonds and compare them to the standard historical, or sample mean, estimator are presented, and they show that as a result of a capital gains constraint, the historical estimator can be acutely biased.
Journal ArticleDOI
The Physical Foundation of Economics, Jing Chen. World Scientific Publishing Company (2005), 132 pp., ISBN: 9812563237
Journal ArticleDOI
Managing the Conflicting Interests of Workers and Shareholders: Evidence from Pension-Assumption Manipulations:
TL;DR: In practice, executives must frequently adjudicate the demands of multipl... as discussed by the authors, whereas research on corporate governance typically attends to the conflicting interests between shareholders and executives, in practice executives must often adjudicate these demands of shareholders.
Journal ArticleDOI
Predicting Stock Market Crashes in China
Sebastien Lleo,William T. Ziemba +1 more
TL;DR: In this paper, the authors investigate whether traditional crash predictors, such as price-to-earnings ratio (P/E), cyclically adjusted price to earnings ratio (CAPE), and the bond-stock earnings yield differential model (BSEYD), can predict crashes for the Shanghai Stock Exchange Composite Index and the Shenzhen stock exchange Composite Index in mainland China.