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ING Corporate Leaders (LEXCX) Sticks With a Winning Recipe From 1935 - WSJ.com

ING Corporate Leaders Trust has outperformed most of its competitors over the past decade, thanks to outsize holdings in energy and railroads, which both benefited from rising oil prices. The fund was also underweight in financials, which helped it dodge the worst of the 2008 bear market.
So who is the savvy portfolio manager who made those bets?
There is no such manager.
The 22 stocks in the $750 million portfolio are all descended from a portfolio chosen in 1935, set up so the stocks wouldn't be traded except in a handful of cases, such as a dividend elimination, a debt default or a downgrade. David Snowball, publisher of the Mutual Fund Observer website, calls it "the ghost ship of the fund world."
"It's a fund whose motto is, 'No manager? No problem!' " Mr. Snowball says.
The largely static holdings of Corporate Leaders Trust make index funds based on Standard & Poor's 500-stock index, which changes about 20 components every year, look like fast-trading hedge funds by comparison.
"The fund takes passivity to a level that would be intolerable to most investors," says Morningstar Inc.analyst Kevin McDevitt, who adds that the fund "has thrived for 75 years on chronically low expectations for its old-economy holdings."
The fund sponsor, ING Investments LLC, a unit of ING Groep NV, declined to discuss the fund, but an outside spokeswoman answered questions by email.

While some of the 30 blue chips originally in the fund have fallen by the wayside, about a third remain in something resembling their original form. Others have morphed into different holdings through acquisitions, spinoffs or other changes.
Those remaining include household names like Union Pacific Corp., DuPont Co. and Procter & Gamble Co.Gone are International Harvester Co. and American Can Co. F.W. Woolworth Co. became Foot Locker Inc. FL -1.23% Stakes in two oil companies, Standard Oil Co. of New Jersey and Socony-Vacuum Oil Co., became parts of Exxon Mobil Corp., the fund's largest holding.
And a holding of Atchison, Topeka & Santa Fe Railway Co. eventually became stock in Warren Buffett's Berkshire Hathaway Inc. BRKB -0.82% when Berkshire acquired Burlington Northern Santa Fe Corp. in early 2010.
The fund has trailed the market at times, such as during the 1990s tech-stock boom. It lacks exposure to pharmaceuticals, health care and social media. But over the past decade, through the end of June, it returned an average 8.3% a year, compared with 5.3% for the S&P 500 and an average of 4.7% for peers in Morningstar's large-value category. During that decade, shares of Union Pacific and Burlington Northern both tripled in price. Praxair Inc., PX -0.70% the former industrial-gas business of Union Carbide Corp., also tripled.
But Mr. McDevitt also credits the fund's recent results to its inaction. "The original advisers wanted to find blue-chip, dividend-paying companies that could thrive for decades," he says. The portfolio was set up as a unit investment trust—generally an unmanaged cousin of a standard mutual fund—and depends on "brands and sustainable competitive advantages," rather than short-term stock picking, he says. Comparable funds own about 75 stocks and trade in and out of 38% of their assets annually, he adds.
Static though it is, the portfolio continues to suffer some attrition in the ordinary course of events. It sold Citigroup Inc., a holding descended from American Can, in early 2009 after the bank eliminated its dividend, based on the trust's guidelines. And it dumped Eastman Kodak Co. last year when its stock price fell below $1, another sale guideline, before Kodak sought bankruptcy-law protection from creditors in January. Both stocks had been a drag on the fund's performance before their ultimate sale.
 
è uscita una nuova biografia di Graham (ma da questa recensione non promette bene :D):
Review: 'Einstein of Money' details life of Buffett's mentor
By Kathryn Canavan

Benjamin Graham— the financial wiz who taught Warren Buffet to invest — was not unduly interested in money himself.
Graham was a true intellectual — excited by math, languages and classic texts.
And women.
Although he was so honest that he repaid all his investors for their losses during the Great Depression, Graham was a thrice-married philanderer and an absentee dad.
He had so many affairs that Joe Carlen uses the word "swinger" to describe his sex life in a new biography, The Einstein of Money.
Graham divorced his first wife in 1937, when divorce was still socially unacceptable, leaving his four children stigmatized.
The next year, he married a young actress.
Next up, he married his young secretary.
Eventually, he took up with a Frenchwoman who was introduced as the former lover of his own deceased son.

All the while, the rest of Graham's life was the stuff of inspirational kids' books:
• When his wealthy father died abruptly, 9-year-old Benjamin sold magazines on city street corners to help keep his family afloat.
• He was valedictorian of his eighth grade class even though he was two years younger than the other rising freshmen.
• He always had a job — assembling telephones, working on a farm, tutoring fellow students in math.
• Graham won a scholarship to Columbia University and graduated second in his class and almost two years early, despite working full-time throughout college.
• He became the only person ever offered professorships from three different Columbia departments —math, English and the classics.

He left campus for Wall Street, though, where he prospered from the get-go with his extreme math skills and his trail-blazing system of value investing.
The nut of value investing is: prepare to buy one share of stock the same way you would if you were buying the entire company. Know exactly what's under the hood. Analyze the balance sheet. Do the math. If the stock is selling for substantially less than you figure it is worth, buy. If not, don't get caught up in the moment.
Graham taught his students: "You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right."
Using his own method, he earned $600,000 in 1928 — equivalent to more than $7.5 million in today's dollars.
Almost four decades after his death, Graham's financial advice books are still selling. The Intelligent Investor still ranks in Amazon's top 300, 62 years after it was first published, Carlen says. And, Security Analysis is still the preferred book for many college investment courses, almost 80 years after publication.
"No one ever became poor by reading Graham," says Warren Buffett, one of Graham's star students.
Graham hoped the commodity reserve currency plan he cooked up in the 1930s might move the country from the gold standard to a system based on a mixed basket of durable raw materials. It didn't happen then, but 21st Century economists are looking anew at Graham's theories in a push to do away with floating currencies worldwide, Carlen says.

For all his wisdom, Graham's personal life read like a novel:
• He wrote a Broadway play between working on Wall Street and teaching college classes. Reviewers panned it.
• His first play, which never made it to Broadway, was loosely based on his first wife Hazel's early adulterous affair.
• Graham held patents as diverse as mathematics and Morse code systems.
• Warren Buffett gave his first son the middle name "Graham" in honor of his teacher.
• A year after their first son, Newton, died at age 8, Graham and Hazel had a second son. They named him Newton, too. Decades later, the second Newton committed suicide in France.
• Graham's mother Dora was robbed and murdered on the way home from a bridge game in 1944.
• After Graham and his third wife moved to Beverly Hills, movie star Glenn Ford was the leader of their son's Boy Scout troop.
• While the family was living in Beverly Hills, Graham set up housekeeping with his deceased son's French lover in San Diego.

Carlen's writing style is not the easy read that Graham's The Intelligent Investor is.
His research captures voices that could have been lost to history, though. He interviewed Graham associates from Warren Buffett to 106-year-old Irving Kahn, who is still working on Wall Street.
Carlen also asked precise questions and got thoughtful answers from Graham's surviving family members.
 
lo linko qua perchè non c'entra con la formula magica (ma è moooolto più interessante): una raccolta di appunti dalle lezioni di Greenblatt agli MBA della Columbia, data l'ampiezza del documento bisogna stamparlo e leggerlo con molta calma :D:
http://www.filedropper.com/complete-notes-on-special-sit-class-joel-greenblatt
tra gli altri partecipano anche il grande value investor Richard Pzena e la sorella specializzata nel retail
 
lo linko qua perchè non c'entra con la formula magica (ma è moooolto più interessante): una raccolta di appunti dalle lezioni di Greenblatt agli MBA della Columbia, data l'ampiezza del documento bisogna stamparlo e leggerlo con molta calma :D:
http://www.filedropper.com/complete-notes-on-special-sit-class-joel-greenblatt
tra gli altri partecipano anche il grande value investor Richard Pzena e la sorella specializzata nel retail

grazie mille!!!
non vedo l'ora di iniziare a leggerlo
 
grazie mille!!!
non vedo l'ora di iniziare a leggerlo

bene, ripete molto una serie di concetti come l'esigenza di normalizzare gli utili (cosa che "il 95% degli investitori non è in grado di fare" :D), la superiorità dell'ev/ebit rispetto a p/e o p/bv per paragonare le mele con le pere e tenere conto della struttura del capitale, l'importanza del Roic (ebit/working capital+net fixed asset) per evitare value traps, paragona spesso coca-cola a moody's come qua:
Joel Greenblatt Valuing Moody's Versus Coke
non è che ci siano grandi scoperte :D però è interessante vedere come cerchi di inculcare certi concetti a studenti che invece probabilmente hanno dovuto studiare cose molto diverse
 
Ultima modifica:
ripete molto una serie di concetti come l'esigenza di normalizzare gli utili (cosa che "il 95% degli investitori non è in grado di fare" ),

:mmmm:

non so perchè dici cosi...Yahoo Finance riporta sempre gli utili già "normalizzati" senza componenti straordinarie...sempre l'ha fatto come pure altri siti :rolleyes:

la superiorità dell'ev/ebit rispetto a p/e o p/bv per paragonare le mele con le pere e tenere conto della struttura del capitale, l'importanza del Roic (ebit/working capital+net fixed asset) per evitare value traps,

una perdità di tempo...basta solo guardare il p/e è già sei a un buon punto.
 
I punti di contatto tra Keynes e Graham, nonostante le differenze di storia personale e di formazione dei due, sono molto interessanti e forse meriterebbero un approfondimento. A incominciare, ad esempio, dalle definizione molto simili dei concetti di "investimento" e "speculazione".
Buffett lo ha fatto notare con la solita efficacia qualche mese fa (post di Leite qui http://www.finanzaonline.com/forum/...berkshire-hathaway-n-2-a-22.html#post31112040) dicendo che se uno ha letto The Intelligent Investor ed il capitolo 12 della Teoria Generale non ha bisogno di studiare molto altro e "può spegnere la tv" - parlando alla CNBC:D!.

il keynes speculatore in valute non ebbe altrettanto successo :D
The returns to currency speculation: Evidence from Keynes the trader | vox
 
Come mai una pietra miliare di questa portata, non è mai stata tradotta in italiano?
 
Se il blog mr.market miscalculates è tuo, tanti complimenti. Sei finito nei segnalibri :)
 
l'8 e il 20 se non sbaglio sono tradotti in italiano in questa discussione
 
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