OUTPERFORM
Articles | BALASTONE
What research has BALANSTONE done?
Articles of now and then that tell what we have thought through and done to outperform as well as how carefully distant we were from the crowds fundamentally.
From the big picture to the in-depth company analysis.
Our Thoughts: Warren Buffett Berkshire Hathaway buys stakes in Japan five trading companies
Berkshire Hathaway buys stakes in Japan What do Japanese Trading Companies Do? | Their Business Model and Why They Exist Only in Japan? Sales and marketing outsourcing and procurement outsourcing for domestic and overseas markets Earn intermediate margins from the...
2020 Stock Market Crash | A Letter, March 26, 2020
During the 2020 stock market crash, we let clients know what we thought, asking to keep calm and distant from the market dynamics. The highest priority is not to get caught by the rise in perceived ambiguity due to the significant movement of the market price. It was...
Why Value Investing Lost Mojo and Some Say It Sucks
Why value investing is performing poorly in the last decade? Why value investing lost mojo and some say it sucks. Did something change structurally? The short answer is yes. Then what has changed the course of so-called value investing that used to be...
AI in Investment Management
AI in investment management is approaching? What can a fundamental investment manager learn from machine learning? On the contrary, what can a data scientist learn from the fundamental investment? For both, plenty, it turns out. For the past years, BALANSTONE...
Warren Buffett and IBM
I have been bearish toward IBM for years. However, throughout 2016, Berkshire Hathaway kept remaining as the largest shareholder of IBM. I have a deep respect for Warren Buffet (as I touched on high conviction investing in this article) and IBM is...
What Is Driving The Stock Market
We share our perspectives and present five long term historical charts including return on invested capital using Russell 3000, which is made of 3000 large US companies, as determined by market capitalization. This portfolio of securities represents approximately 98%...
Investment Style and Composition of Total Return
Investment style started to get attention in the mid-90s, and it was used to classify managers' bias by the groups of type of strategic focus. The typical styles include "value vs. growth", "domestic vs. international", and "large-cap vs. small-mid cap". Since then,...
High Conviction Investing
Todd: How are you doing, Roger? Do you have time for a chat? Roger: Yes, of course. Found a new idea and discuss it together? T: No, since I am new here, I was told to report a concentrated portfolio with a high conviction investing approach. I have read various...
Why Equity Research
We are developing a new fundamental investment support framework to make a shortlist of in-depth research candidates. But why equity research? Because it is quite beneficial for professional practitioners of fundamental investing. This framework...