Tips by Tom Murcko

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Most publicly traded companies sell at a premium to what they would be worth as private companies, because there is value in the liquidity of the...
The efficient market hypothesis is almost, but not quite, correct, and this seemingly small distinction makes all the difference in the world. Most of...
The prices of public companies are driven more by sentiment, emotion, and investor psychology than those of private companies because in the former...
When you're inside a bubble, it's difficult to realize the bubble exists. In 1989 the Japanese stock market had a higher market cap than all the other...
Tags: Japan, bubble
Warren Buffett has said that he generally avoids investing in technology because he doesn't understand it well enough. But what he really means is...
If you find a strategy that seems to have worked well in the past, be aware of all of the following. First, avoid survivorship bias, in which you fail...
Traditionally people assume that risk and reward are positively correlated, because investors presumably require higher expected returns in order to...
Stocks have intrinsic value, because they represent partial ownership of an entity with the power to earn money and eventually distribute it as...
Corporate restructurings, such as the shutting or selling of a major division, are often done to cut losses, reduce debt, or refocus. These can...
The best time to buy is when market forces are systematically causing a temporary drop in prices for one stock or the overall market. Examples include...
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