NomadicRiley

Thoroughly enjoyed this book. Thank you @cash_incinerator for the recommendation. My only quibble is his fund appears to be structured like VC / PE where the LPs make commitments and the fund then calls them as needed. This reduces the penalty of "waiting" for these valuation shocks as they have not called the money yet. I wish he'd included a chapter/section on how this strategy impacts overall returns for individual investors who have often have money coming in monthly and the cost of waiting 5+ years between valuation shocks can be quite high as the overall index has likely advanced substantially. This was especially true in the 2012->2020 window when interest rates on cash were so low.

https://static1.squarespace.com/static/5498841ce4b0311b8ddc012b/t/5c4bc50842bfc120277fb927/1548469513395/Greenhaven+2018+Q4+FINAL.pdf

Thank you for the additional details. I was confused because in their previous "7 year forecasts", I had only ever seen them have a category for Emerging Markets, not Emerging Markets Value.

(2nd article in the PDF) https://www.gmo.com/docs/default-source/public-commentary/gmo-quarterly-letter.pdf?sfvrsn=48 Anyone know what GMO uses as their index/fund/etf for "Emerging Markets Value"?

Screen referenced above had a new symbol this week RELL Note this is not the first time RELL has shown up on the screen, was also on it back in 7/2015 and multiple times in 2016. There is also a thread about it already on this board http://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/rell-richardson-electronics/

I ran the screen frommi described above against the Portfolio123 data today and it is only returning 2 current symbols. GIGM GigaMedia LTD MktCap ~33m and NCAV ~57m MSN Emerson Radio Corp MktCap ~35m and NCAV ~52m

Thanks for the screenshot, I was able to get very similar #'s using those rules!

Frommi, Curious as to how you were able to get such promising results. I also have a portfolio123 and just tried a similar simulation using your rules and the results were abysmal (negative annual returns) This is my attempt to mimic your rules above: Buy Rules: ($NCAV2/MktCap) > 1.4 Price > 0.1 Vol10DAvg > 0.1 MktCap < 150 (SharesFDQ / SharesFDPY) < 1.2 ($NCAV2/$NCAV2PQ) < 1.25 ($NCAV2/$NCAV2PQY) < 1.25 Sell Rules: $NCAV2 < MktCap Definitions: $NCAV2 = AstCurQ - LiabCurQ - PfdEquityQ Universe: All Stocks USA Exclude GICS (352010 - Biotech, 40 - Financials, 10102020 - O&G Exploration)

Looking at the "Holdings" http://www.dhandhoetfs.com/junoon/fund The three biggest holdings (AZO, ANTM and TRV) account for over 45% of the fund.

Another blog post about Cooperman http://awealthofcommonsense.com/delivering-alpha-accepting-beta/

Great chart of Omega's returns (even broken down by asset class) in this article on CNBC. http://www.cnbc.com/id/101823194#_gus

http://www.oaktreecapital.com/MemoTree/Getting%20Lucky_2014_01_16.pdf

CS. Good guess :)

My understanding under the current interpretation of the Volcker rule is that pure market making is still allowed. I have not heard anyone in the industry mention or imply that the banks will be under any pressure to spin off their market making arms like they were forced to do with their prop and hedge fund arms.

Yes, IBKR is miles beyond any of their brokerage competitors. They also have more than enough internal flow to support their Timber Hill market maker. They are players in the external flow market making area, but not nearly as dependent on it as the Knights and ATDs of the world.