Links - 09/14/2023

“When securities prices decline, an investor’s perspective can go in one of two directions. The vast majority of investors view a price decline as a loss of value. This has a basis in reality for those who are traders, those whose portfolios are financed with borrowed money, and those who have little or no knowledge about the companies in whose securities they have invested. For value investors, though, price declines frequently mean nothing more than that yields have rallied. The same securities with the same fundamentals, and without any permanent impairments of capital, have become available at far more attractive pricing than was previously available.” —Martin J. Whitman

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Quick question for readers…. I’m looking for research showing an approximation of the costs of high turnover vs. low turnover portfolios as a result of bid-ask spreads. If anyone knows of something, or can point me in the right direction, I’d greatly appreciate it. Thank you! (Email address: joe@sorfis.com)

Spinoffs Have Dramatically Underperformed. Here’s How to Profit from Them. (LINK)

Why Network Effects Unravel - by Todd Wenning (LINK)

The Power of Investment Journals (LINK)

Permanent Equity’s diligence process (LINK)

“Master of Change” - by David Epstein (LINK)

Related book: Master of Change