Trade Like Warren Buffett -James Altucher : [PDF Download]

PDF Title:Trade Like Warren Buffett
Author:James Altucher
Total Page:259 Pages
PDF Size:2.37 MB
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“While Warren Buffett is usually considered the “world’s greatest value investor,” he has repeatedly stated that simple indicators— such as P/E ratios, P/Book ratios, and so on—are completely useless.

Despite this, fund managers, investors, and the media, have repeatedly hopped on the price/earnings (P/E) bandwagon when making macro predictions about the direction of the markets.

For instance, a recent book about investing has asserted that the U.S. markets are “in a bubble” because the trailing 12-month ratio of the S&P 500 is 25. Analysts and pundits have also pointed to the 1974 and 1982 bear market bottoms when the market P/E ratio was less than 10.

Assume that the 50-year average P/E ratio is 15 and that the market tends to mean-revert, as asserted by all the people who claim P/E ratios are too high at any given point. I did the following experiment in order to test if Buffett’s claim that P/E ratios are meaningless is true.”

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