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Tweedy, Browne
Tweedy, Browne Company LLC is an American investment advisory and fund management firm founded in 1920 and headquartered in Stamford, CT. As of December 2012, it managed approximately 13 billion dollars in separate accounts and four mutual funds. History The company was started in 1920 by Forest Berwind "Bill" Tweedy, who initially focused on what are known as "thinly traded" shares of smaller companies, often family owned, that traded in lower numbers and lower volume than larger company stock. This niche allowed him to buy stocks at a significant discount due to the limited options for sellers. Tweedy's focus on buying shares at a discount caught the attention of Benjamin Graham, the father of value investing who was in the 1920s and '30s formalizing his theories. Tweedy and Graham eventually became friends and worked out of the same New York City office building. After decades working solo, Tweedy was joined by Howard Browne and Joe Reilly in 1945. Walter Schloss had a close ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutual Fund
A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investment company with variable capital') and open-ended investment company (OEIC) in the UK. Mutual funds are often classified by their principal investments: money market funds, bond or fixed income funds, stock or equity funds, or hybrid funds. Funds may also be categorized as index funds, which are passively managed funds that track the performance of an index, such as a stock market index or bond market index, or actively managed funds, which seek to outperform stock market indices but generally charge higher fees. Primary structures of mutual funds are open-end funds, closed-end funds, unit investment trusts. Open-end funds are purchased from or sold to the issuer at the net asset value of each share as of the close ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
S&P 500
The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 large companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices. As of December 31, 2020, more than $5.4 trillion was invested in assets tied to the performance of the index. The S&P 500 index is a free-float weighted/capitalization-weighted index. As of August 31, 2022, the nine largest companies on the list of S&P 500 companies accounted for 27.8% of the market capitalization of the index and were, in order of highest to lowest weighting: Apple, Microsoft, Alphabet (including both class A & C shares), Amazon.com, Tesla, Berkshire Hathaway, UnitedHealth Group, Johnson & Johnson and ExxonMobil. The components that have increased their dividends in 25 consecutive years are known as the S&P 500 Dividend Aristocrats. The index is one of the factors in computation of the Conference Board Leading Economic Index ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Capitalization
Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders. Market capitalization is equal to the market price per common share multiplied by the number of common shares outstanding. Since outstanding stock is bought and sold in public markets, capitalization could be used as an indicator of public opinion of a company's net worth and is a determining factor in some forms of stock valuation. Description Market capitalization is sometimes used to rank the size of companies. It measures only the equity component of a company's capital structure, and does not reflect management's decision as to how much debt (or leverage) is used to finance the firm. A more comprehensive measure of a firm's size is enterprise value (EV), which gives effect to outstanding debt, preferred stock, and other factors. For insurance firms, a value called the embedded value (EV) has been used. It is also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price To Earnings Ratio
A price is the (usually not negative) quantity of payment or compensation given by one party to another in return for goods or services. In some situations, the price of production has a different name. If the product is a "good" in the commercial exchange, the payment for this product will likely be called its "price". However, if the product is "service", there will be other possible names for this product's name. For example, the graph on the bottom will show some situations A good's price is influenced by production costs, supply of the desired item, and demand for the product. A price may be determined by a monopolist or may be imposed on the firm by market conditions. Price can be quoted to currency, quantities of goods or vouchers. * In modern economies, prices are generally expressed in units of some form of currency. (More specifically, for raw materials they are expressed as currency per unit weight, e.g. euros per kilogram or Rands per KG.) * Although prices ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price To Book
The price-to-book ratio, or P/B ratio, is a financial ratio used to compare a company's current market value to its book value (where ''book value'' is the value of all assets minus liabilities owned by a company). The calculation can be performed in two ways, but the result should be the same. In the first way, the company's market capitalization can be divided by the company's total book value from its balance sheet. The second way, using per-share values, is to divide the company's current share price by the book value per share (i.e. its book value divided by the number of outstanding shares). It is also known as the market-to-book ratio and the price-to-equity ratio (which should not be confused with the price-to-earnings ratio), and its inverse is called the book-to-market ratio. As with most ratios, it varies a fair amount by industry. Industries that require more infrastructure capital (for each dollar of profit) will usually trade at P/B ratios much lower than, for example ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Investing
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''. The early value opportunities identified by Graham and Dodd included stock in public companies trading at discounts to book value or tangible book value, those with high dividend yields, and those having low price-to-earning multiples, or low price-to-book ratios. High-profile proponents of value investing, including Berkshire Hathaway chairman Warren Buffett, have argued that the essence of value investing is buying stocks at less than their intrinsic value. The discount of the market price to the intrinsic value is what Benjamin Graham called the " margin of safety". For the last 25 years, under the influence of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Little Book Of Value Investing
Christopher H. Browne (1946 – December 13, 2009) was a famous value investor, and longtime director at the firm Tweedy, Browne. Browne was often known as one of the best value investors ever. Biography Early life He graduated from the University of Pennsylvania in 1969 with a B.A. in history. Career He started his career at the firm Tweedy, Browne, co-founded by his father Howard Browne and a favorite brokerage firm among prominent value investors like Benjamin Graham and Warren Buffett. His success as an investor and shareholder, who held business management accountable, was renowned. For example, both Tweedy, Browne's Value and Global Value Funds outperformed market averages between 1993 and 2009. In 2003, Browne was the first to publicly speak up about irregularities in Conrad Black's management of Hollinger, reporting Black to the Securities and Exchange Commission. Black was forced out later that year and ultimately convicted of fraud. In 2006 Browne authored a book, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Christopher H
Christopher is the English version of a Europe-wide name derived from the Greek name Χριστόφορος (''Christophoros'' or '' Christoforos''). The constituent parts are Χριστός (''Christós''), "Christ" or "Anointed", and φέρειν (''phérein''), "to bear"; hence the "Christ-bearer". As a given name, 'Christopher' has been in use since the 10th century. In English, Christopher may be abbreviated as "Chris", "Topher", and sometimes " Kit". It was frequently the most popular male first name in the United Kingdom, having been in the top twenty in England and Wales from the 1940s until 1995, although it has since dropped out of the top 100. The name is most common in England and not so common in Wales, Scotland, or Ireland. People with the given name Antiquity and Middle Ages * Saint Christopher (died 251), saint venerated by Catholics and Orthodox Christians * Christopher (Domestic of the Schools) (fl. 870s), Byzantine general * Christopher Lekapenos (died 931) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Affiliated Managers Group
Affiliated Managers Group, Inc. (NYSE: AMG) is a strategic partner to independent investment management firms globally, with equity stakes in a number of partner-owned traditional investment managers, hedge funds, and specialized private equity firms which it calls “Affiliates.” The company has principal offices in West Palm Beach, Florida; Prides Crossing, Massachusetts; Stamford, Connecticut; and London, United Kingdom. The company was founded in December 1993 by William J. Nutt in Boston, Massachusetts, as a privately owned company with initial backing from TA Associates; Its initial public offering on the New York Stock Exchange occurred in November 1997. Today, AMG’s Affiliates manage $651 billion in assets in aggregate. AMG’s strategy is to generate value by investing in an array of independent firms and supporting their long-term growth, through an approach in which significant equity ownership is retained by the management partners of each Affiliate, and each Aff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Holding Company
A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies to form a corporate group. In some jurisdictions around the world, holding companies are called parent companies, which, besides holding stock in other companies, can conduct trade and other business activities themselves. Holding companies reduce risk for the shareholders, and can permit the ownership and control of a number of different companies. ''The New York Times'' also refers to the term as ''parent holding company.'' Holding companies are also created to hold assets such as intellectual property or trade secrets, that are protected from the operating company. That creates a smaller risk when it comes to Lawsuit, litigation. In the United States, 80% of stock, in voting and value, must be owned before tax consolidation benefits s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dow Jones Industrial Average
The Dow Jones Industrial Average (DJIA), Dow Jones, or simply the Dow (), is a stock market index of 30 prominent companies listed on stock exchanges in the United States. The DJIA is one of the oldest and most commonly followed equity indexes. Many professionals consider it to be an inadequate representation of the overall U.S. stock market compared to a broader market index such as the S&P 500. The DJIA includes only 30 large companies. It is price-weighted, unlike stock indices which use market capitalization. Furthermore, the DJIA does not use a weighted arithmetic mean. The value of the index can also be calculated as the sum of the stock prices of the companies included in the index, divided by a factor which is currently () approximately 0.152. The factor is changed whenever a constituent company undergoes a stock split so that the value of the index is unaffected by the stock split. First calculated on May 26, 1896, the index is the second-oldest among U.S. market ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stamford, CT
Stamford () is a city in the U.S. state of Connecticut, outside of Manhattan. It is Connecticut's second-most populous city, behind Bridgeport. With a population of 135,470, Stamford passed Hartford and New Haven in population as of the 2020 census. It is in the Bridgeport-Stamford-Norwalk-Danbury metropolitan statistical area, which is part of the New York City metropolitan area (specifically, the New York–Newark, NY–NJ–CT–PA Combined Statistical Area). As of 2019, Stamford is home to nine Fortune 500 companies and numerous divisions of large corporations. This gives it the largest financial district in the New York metropolitan region outside New York City and one of the nation's largest concentrations of corporations. Dominant sectors of Stamford's economy include financial services, tourism, information technology, healthcare, telecommunications, transportation, and retail. Its metropolitan division is home to colleges and universities including UConn Stamford ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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