Et Tu, Buffett?

Is alpha dead? 

Why is Warren Buffett, the world’s greatest active investor, telling the public to forego active funds in favor of passive index funds?  Frank explains to students at Columbia Business School how they should interpret Buffett’s remarks.  Should they give up their aspirations of being active managers?  Frank also shares how enterprising entrepreneurs can capitalize on the zeitgeist of these passive times.  A transcript of this speech is available upon request HERE.  

Magic Odds

A neat trick - while it lasts.

Frank teaches students at Columbia Business School how to do a cool card trick – except that it’s not a trick. It merely playing odds that are so good that they’re like magic. It’s an great example of how human nature can create opportunities (and risks) that statisticians miss. (April 6, 2016)

My Biggest Mistake

A case study on Borders Books

Frank shares his biggest mistake, Borders Books, with the Advanced Investment Research class at Columbia Business School.  He discusses lessons learned and suggests a tool that would have likely prevented the mistake: Analysis of Competing Hypotheses (ACH).  (March 30, 2015)

The Truth Map

Analysis of Competing Hypotheses (ACH)

Frank presents the Analysis of Competing Hypotheses (ACH) process to the Investment Management Club at Columbia Business School. He explains how the ACH process can improve the odds of investment success. (April 2015)

The Illusion of Knowledge

Ingenico Case Study

Frank Byrd speaks to the Advanced Value Investing Class at Columbia Business School. Using his work on Ingenico as a case study, Frank explains how analysts can structure their research process to develop a differentiated view and minimize first conclusion bias.  (Oct. 22, 2014)

How to Value a Moat (short version)

What’s a Truly Great Business Truly Worth?

This is an abbreviated 5-minute version of Frank’s 2013 lecture to Columbia Business School on “How to Value a Moat”.  Frank explains why P/E and growth might not matter in determining the intrinsic value of a really great business.

How to Value a Moat

The full length version

Frank’s lecture to the Applied Value Investing class at Columbia Business School (2013).  Learn why return on capital is critical to appraising a firm’s intrinsic value.  Frank also demonstrates why P/E can be misleading, explaining why a 10x P/E can be expensive or a 30x P/E cheap.

House Hunting in China

A tour of 5 Chinese cities

Watch Frank’s tour of real estate during his 2011 visit to five cities in China.  See footage of apartments in third tier cities that cost more than real estate in US cities like Denver or Minneapolis.  (May 2011) 

Inflation: From Hippies to Yuppies to Hipsters

Inflation: Past, Present and Possible Future

Frank’s presentation to students at Columbia Business School in 2010.  He discusses U.S. inflation from an historic perspective from the Great Inflation of the ’60s and ’70s through the Great Moderation from 1982 to 2008.  In conclusion he shares his framework for observing inflation not reflected in CPI statistics.

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Disclaimer:  While the information presented in the above videos is believed to be accurate, Fielder Capital Group LLC (Fielder) makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing therein.  Fielder is under no obligation to notify you of any errors discovered later or of any subsequent changes in opinions.  Nothing in these videos should be construed as a recommendation to buy or sell any of these securities.  It should not be assumed that any of the securities, transactions, or holdings discussed will prove to be profitable in the future or that investment recommendations or decisions Fielder makes in the future will be profitable or will equal the investment performance of the securities discussed.  Fielder or its employees may have an economic interest in securities mentioned herein.

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