My chat with acclaimed business journalist and writer of the Wall Street Journal’s ‘Intelligent Investor’ column Jason Zweig. We discuss value investing in today’s world. I ask Jason to have a go at answering the question: How would Benjamin Graham invest today?
Short overview of content of podcast:
2:00 How did you get started in industry?
5:20 It is only when you talk to people about money when you really learn what they are about.
8:00 Jason’s 2015 book, The Devil’s Financial Dictionary’. It defines the entry ‘day trader’, as ‘idiot’. He also lists ‘data’ as ‘the raw material that Wall Street uses to build its fabrications on’.
13:30 Having more information is probably a social good, but makes the job of a long-term investor more challenging.
19:40 Facebook. Any successful organisation is somewhat indistinguishable from a religious cult.
28:30 ‘Your Money and Your Brain’, How did you come to write that?
35:00 The Intelligent Investor. Jason says his involvement was due to luck.
40:00 How would Benjamin Graham invest today?
46:00 Regression of the mean is still there, but we don’t see much sign of it.
50:55 Smart Beta might just work, at least as long as investors are too dumb to notice that it is working.
55:00 Robo advice. Will it help overcame human biases?