Post Modern Security Analysis
By John Schroy, on April 20th, 2009 | 
Fundamental investment analysis provides competitive advantage to those investors who understand that the Efficient Market Hypothesis, the basis for Modern Portfolio Theory, has now been shown to be false.
Moreover, the methods of Graham & Dodd, dating from the 1930s, are inadequate to meet the challenge of millions of terabytes of unfiltered facts, freely available on the Internet.
This article discusses the application of OSINT techniques, developed by national intelligence services, to the needs of investment analysis.
The Post Stock Buyback Era
By John Schroy, on April 19th, 2009 | 
The Crash of 2008 signaled a turning point in capital markets. The stock buyback era seemed to have ended. The Efficient Market Hypothesis was discredited. The inability of market experts and major institutions to place a fair value on thousands of securities indicated basic problems in security analysis and the handling of freely available information.
This article describes new challenges facing fundamental security analysts in the early 21st century, and the consequent opportunities.
Auction Market Preferred Shares
By John Schroy, on March 30th, 2009 | 
Failures of commercial rating services to do an adequate job have been widely recognized, in the wake of the Crash of 2008. Much of the criticism, however, has been directed to the conflicts of interests that are a characteristic of these services.
This article discusses other weaknesses of commercial publishers of investment information, such as the industrial nature of their operations and their marketing focus on traders rather than long-term investors. The case of Auction Market Preferred Shares, which failed in 2008, is covered in detail.
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