About This Site
This website is dedicated to the discussion of investing in the securities markets, with an emphasis on the practice of "value investing." The investments discussed focus on US equities and debt, but occasionally foreign securities and other investments are considered. The creator of the site, Steven Grey, is a professional investor (see Investor Biography).
The investments discussed are divided into 2 fundamental categories:
These categories are distinguished by how the value in a given situation is ultimately captured. For example, in merger arbitrage, where companies frequently use their own shares as currency to acquire other companies, an investor typically seeks to profit by simultaneously purchasing the stock of the target company while selling short the stock of the acquirer. In this case the goal is to "lock in" a potential profit based upon the outcome of an event, which is very different from simply owning an individual stock outright because it appears undervalued based upon the fundamentals.
For more on how investment opportunities are distinguished from trading opportunities, see "Investing versus Rational Speculation" in Philosophy. Further technical elaboration on these categories generally as well as additional background on investment approach and strategies can also be found in the Investment Analysis section.
It is hoped that both the organization and content of this website are self-explanatory. Entire pages are devoted to the discussion of Philosophy, Risk and Investment Analysis because those topics merit independent treatment. An appropriate understanding of risk is particularly important and frequently overlooked.
The Investment Archive and Trade Archive sections include both current and historical examples of investments and trades. These are offered in order to illuminate both the process itself and the variety of circumstances under which one can intelligently extract value through the ownership of securities. These sections are comprised of summaries rather than the full analysis and research, which in some cases runs to the thousands of pages. As much as I would like to include the entirety of my analyses, pragmatism must prevail.
Do not confuse shared analysis with investment advice.
This website is dedicated to the process of investing, not the provision of investment recommendations. Consider any analysis herein as at best a starting point for your own research; relying on anyone else's analysis in making investments is an invitation to disaster. Even if the work appears exceptionally thorough and sound, circumstances change. There is no substitute for personal knowledge - do the work.
Finally, this site also includes a page entitled Desiderata which is dedicated to the discussion of topics pertinent to investing in a more general sense. Its content may include articles or editorials previously published or distributed. It is the venue I utilize to speak not about specific investments, trades or strategies, but broader topics impacting the aforementioned as well as the world in general.
Attribution of Site Content
Imitation probably is the sincerest form of flattery. It is in that spirit that I try to provide specific attribution when possible. However, much of what the visitor will find here derives from the volumes of personal notes I have amassed over my years of investing. This website is not a manuscript - it's a venue for what are in my opinion the most intelligent, effective investment practices. One will hopefully hear echoes of Warren Buffet, Charlie Munger, James Rogers, Benjamin Graham, Philip Fisher, and John Train, among many others, resonating throughout.
In the event that one encounters information that should be in "quotes" or attributed to a specific individual, please do me the service of emailing me and letting me know (see Contact Information below). If you are the originator of said quote, I genuinely hope that you see its inclusion as more of a compliment than a transgression.
For more information on Grey Value Management, LLC., please proceed to the Investor Biography.
As a wonderful, wise professor I worked for at Columbia University used to say, "Perfect is the enemy of done." With that in mind, I send this website out into the world with blatant shortcomings and, I'm certain, numberless imperfections. There's still much content I intend to include.
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