{"id":70336,"date":"2024-04-30T12:08:23","date_gmt":"2024-04-30T19:08:23","guid":{"rendered":"https:\/\/staging.penderfund.com\/?p=70336"},"modified":"2025-09-18T16:04:18","modified_gmt":"2025-09-18T23:04:18","slug":"jason-zweig-mr-market-is-moody-but-he-is-not-a-moron","status":"publish","type":"post","link":"https:\/\/staging.penderfund.com\/fr\/articles\/jason-zweig-mr-market-is-moody-but-he-is-not-a-moron\/","title":{"rendered":"Jason Zweig: \u201cMr. Market is moody, but he is not a moron\u201d"},"content":{"rendered":"<p><em>\u201cIn our own stock-market experience and observation, extending over 50 years, we have not known a single person who has consistently or lastingly made money by thus following the market. We do not hesitate to declare that this approach is as fallacious as it is popular.\u201d -Benjamin Graham\u00a0<\/em><\/p>\n<p><span data-contrast=\"auto\">Most investors are familiar with Jason Zweig\u2019s must-read columns in\u00a0<\/span><i><span data-contrast=\"auto\">The Wall Street Journal<\/span><\/i><span data-contrast=\"auto\">. The noted author of\u00a0<\/span><i><span data-contrast=\"auto\">The Devil\u2019s Financial Dictionary<\/span><\/i><span data-contrast=\"auto\">\u00a0et\u00a0<\/span><i><span data-contrast=\"auto\">Your Money and Your Brain<\/span><\/i><span data-contrast=\"auto\">, on neuroscience and financial decision making, Zweig is also the editor of Benjamin Graham\u2019s iconic book\u00a0<\/span><i><span data-contrast=\"auto\">The Intelligent Investor\u00a0<\/span><\/i><span data-contrast=\"auto\">with a revised edition out in October 2024.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p>In his keynote talk at the recent Ben Graham Centre\u2019s 2024<a href=\"https:\/\/www.ivey.uwo.ca\/bengrahaminvesting\/events\/conferences\/\">\u00a0Value Investing Conference<\/a>\u00a0in Toronto, Zweig posed the question: \u201cWhat can we learn from Benjamin Graham that still matters?\u201d<\/p>\n<p><i><span data-contrast=\"auto\">The Intelligent Investor<\/span><\/i><span data-contrast=\"auto\">\u00a0was published in 1949 and has inspired a legion of investors including Charlie Munger and Warren Buffett, who called it \u201c<\/span><a href=\"https:\/\/c250.columbia.edu\/c250_celebrates\/your_columbians\/benjamin_graham.html\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">the best book about investing ever written<\/span><\/a><span data-contrast=\"auto\">.\u201d But can a 75-year-old book and its author\u2014 who is considered the \u201cfather of value investing\u201d\u2014still guide investors today? After all, the world is a very different place than it was in 1949, pre-computer, pre-internet, pre-AI\u2026pre ETFs.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Zweig argues that Benjamin Graham\u2019s genius\u2014as an intellectual, investor, and psychologist\u2014are enduring. Graham was a student, scholar, teacher, author, and inventor who held several U.S. patents, including one that was the precursor to the pocket calculator.\u00a0 Prior to his graduation from Columbia University in 1914, he was offered teaching positions in three faculties: Greek and Latin philosophy, English, and mathematics. Later in life he wrote a Broadway play and translated books and poems from Uruguayan, Latin, and Greek.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Although he began investing independently in 1925, Graham created a fund in 1936 called Graham-Newman Corp., which ran until 1956. During this period, it compounded wealth annually at 14.7 per cent compared to the S&amp;P500 at 12.2 per cent. (Zweig argues the Fund produced closer to 17.39 per cent factoring in the performance of Geico which was spun out.)<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Perhaps his greatest lasting contribution was not as a purveyor of financial metrics and formulas but as an astute observer of human psychology. Knowing that there was always likely to be a gap between what people\u00a0<\/span><i><span data-contrast=\"auto\">should<\/span><\/i><span data-contrast=\"auto\">\u00a0do and what they\u00a0<\/span><i><span data-contrast=\"auto\">would<\/span><\/i><span data-contrast=\"auto\">\u00a0do, Graham stressed achievable solutions, not optimal ones. \u201c<\/span><a href=\"https:\/\/www.grahamvalue.com\/blog\/quotes-warren-buffett-and-benjamin-graham\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right<\/span><\/a><span data-contrast=\"auto\">,\u201d he argued. Both retail and professional investors are often their own worst enemies by following market trends or buying high and selling low.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Zweig regrets that popular culture has turned Graham into somewhat of a caricature, what he terms \u201cFormulaic Graham\u201d represented by the various equations Graham used to calculate an investment\u2019s intrinsic value. \u201cThis is not what he stood for,\u201d says Zweig.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Instead, he proposes a different version of Graham, what he calls \u201cFlexible Graham\u201d, a man who was not rigid about formulas but instead concentrated on first principles, much like Plato did. Graham viewed a stock as a business, not a ticker symbol. He strived to determine the current margin of safety in an investment, and he understood the allure of Mr. Market. In other words, he organized himself for success. Unlike modern day funds, Graham benchmarked\u00a0<\/span><i><span data-contrast=\"auto\">his<\/span><\/i><span data-contrast=\"auto\">\u00a0performance, not the portfolio performance.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">How can investors relate to Graham\u2019s work today? Zweig points out that we can think of Mr. Market as an ETF and that is who active investors are truly competing against. To generate alpha consistently,\u00a0<\/span><b><span data-contrast=\"auto\">firms should develop expertise in what cannot be ETF\u2019d<\/span><\/b><span data-contrast=\"auto\">.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span data-contrast=\"auto\">What cannot be ETF\u2019d?<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">Zweig says these are \u201cleft tail things\u201d such as size, liquidity, marketability, and popularity. In the markets, these would relate to small or micro-cap stocks, strategies such as merger arbitrage and special situations, stressed and distressed companies and bankruptcies, and stocks demoted or thrown out of indices, and U.S. community banks, for example.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Developing expertise in these areas is where alpha can be found in today\u2019s markets, says Zweig.\u00a0<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>\u201cIn our own stock-market experience and observation, extending over 50 years, we have not known a single person who has consistently or lastingly made money by thus following the market. We do not hesitate to declare that this approach is as fallacious as it is popular.\u201d -Benjamin Graham\u00a0 Most investors are familiar with Jason Zweig\u2019s [&hellip;]<\/p>","protected":false},"author":10,"featured_media":70337,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[106],"tags":[173],"fund-type":[],"class_list":["post-70336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-events"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Jason Zweig: \u201cMr. Market is moody, but he is not a moron\u201d - PenderFund Capital Management<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jason Zweig: \u201cMr. Market is moody, but he is not a moron\u201d - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"\u201cIn our own stock-market experience and observation, extending over 50 years, we have not known a single person who has consistently or lastingly made money by thus following the market. 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