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Five Good Questions Podcast

Welcome to Five Good Questions. I’m your host, Jake Taylor. Fact: the average American watches 5 hours of television per day. What would the world be like if we dedicated one of those hours to reading books instead? I don’t know, but I’d like to find out. So to inspire others to read more, I ask five good questions of interesting authors and share the results with you every Friday. Let’s see if together, we can’t rescue some of those lost hours. In addition to author interviews, we also publish "The Hikecast." The Hikecast is a show where interesting people take me on their favorite hikes or walks and we talk about big ideas in an unconstrained format.  No planned agendas, just deep conversations, recorded out in nature. The idea is for you to put on The Hikecast and get outside to simulate taking a hike with us.  I want you to feel like you're there with us out in nature.
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Feb 8, 2019

In this week's Five Good Questions, we're interviewing Kenneth Jeffrey Marshall about his book Good Stocks Cheap.

Kenneth Jeffrey Marshall teaches value investing at the Stockholm School of Economics in Sweden, and at Stanford University.  He also teaches asset management at UC Berkeley.  A longtime value investor, he wrote the book Good Stocks Cheap: Value Investing with Confidence for a Lifetime of Stock Market Outperformance.  He holds a BA in Economics from UCLA; and an MBA from Harvard.

Five Good Questions:
1.  Can you walk us through how you built your investing model?  I especially liked your ideas that organize efforts around “Know what to do,” “Do it,” and “Don’t do anything else.”
2.  Your book demonstrates a clear understanding of accounting.  Has the rise of intangibles changed how you use and interpret financial statements?
3.  There have been some great studies and white papers on reversion to the mean on returns on invested capital.  Do those influence your evaluation of strategic assessment?  Are we ever going to see profit margins mean revert again?
4.  One of the biases you identify is called “miscontrast.”  Can you explain what that is?  Do you consider yourself an absolute or relative value investor?  (It feels like a lot of the 13F ideas I’ve kicked the tires on the last few years during an expensive market suffer from this biases.)
5.  What are the ancillary, non-monetary benefits you’ve found to being an investor?

And make sure you pick up your copy of the Rebel Allocator, available now on Amazon in both digital and physical formats!

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