Copied the chart below from csinvesting.org
Wednesday, 28 January 2015
Top investor outperformance chart
Top investor outperformance chart
Copied the chart below from csinvesting.org
Copied the chart below from csinvesting.org
Tuesday, 27 January 2015
Francis Chou Q&A selected quotes
Macheted Francis Chou's flow from his Gurufocus Q&A:
"Immense benefit in buying outstanding companies that does not show up in numbers. There are numerous hidden margins of safety in 1) wonderful economics of the business, 2) great management who know how to allocate capital, 3) growing and sustainable free cash flow that are being deployed wisely, 4) you can make a mistake of paying up and still it may not matter that much because the intrinsic value is growing at a reasonable clip"
"Tobin ratio is the best warning sign of a stock bubble"
"It’s a margin of safety. If the company has too much debt, you buy the bonds instead"
"With redemptions during times of crisis, it can accentuate fund performance negatively. Having large positions of cash makes it less of a jarring experience to investors who maintain their positions as we don’t have to sell off stock to support redemptions"…"A good strategy is having a large cash balance and a fairy godmother who will fund your redemptions."
"My favorite investors are those investors who give me their money and then leave me alone."
Wednesday, 7 January 2015
If by Rudyard Kipling
Currently doing a Deep Value Investing course by John Chew from csinvesting.org
John runs one of my favourite blogs and posted this great poem today:
http://csinvesting.org/2015/01/07/prayer-for-a-deep-value-investor-special-project-montier-reading/
If— A poem Phil Fisher kept by his bedside to emphasize independence of spirit and rationality/grace under pressure.
If you can keep your head when all about you
Are losing theirs and blaming it on you,
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or being lied about, don’t deal in lies,
Or being hated, don’t give way to hating,
And yet don’t look too good, nor talk too wise:
If you can dream—and not make dreams your master;
If you can think—and not make thoughts your aim;
If you can meet with Triumph and Disaster
And treat those two impostors just the same;
If you can bear to hear the truth you’ve spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to, broken,
And stoop and build ’em up with worn-out tools:
If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breathe a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: ‘Hold on!’
If you can talk with crowds and keep your virtue,
Or walk with Kings—nor lose the common touch,
If neither foes nor loving friends can hurt you,
If all men count with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds’ worth of distance run,
Yours is the Earth and everything that’s in it,
And—which is more—you’ll be a Man, my son!
Friday, 4 July 2014
Charlie Munger early life
Much is written about Warren Buffett but less on his long time business partner Charlie Munger.
Here is an interesting post on Munger:
Wednesday, 14 May 2014
Great article from Base Hit Investing
A great blog post by Base Hit Investing.
Explains the relationships between key points such as: having a great business with reinvestment opportunity, 'cheap' valuation, time horizon.
Link here:
Friday, 2 May 2014
Value thoughts from Lauren Templeton, Jesse Livermore, Wilbur Ross
Some good quotes' from Lauren Templeton Capital Management March 2014 letter to shareholders. Lauren Templeton is John Templeton's granddaughter who also manages funds.
The letter paraphase Jesse Livermore:
"Before we begin however, we are reminded of a quote from the famed trader of the 1920s and 1930s, Jesse Livermore (paraphrasing from his book How to Trade in Stocks) to provide context.
Over a long period of years I have rarely attended a dinner party including strangers that someone did not sit down beside me and after the usual pleasantries inquire:
"How can I make some money in the market?"
It is difficult to exercise patience with such people. In the first place, the inquiry is not a compliment to the man who has made a scientific study of investment and speculation. It would be as fair for the layman to ask an attorney or a surgeon:
"How can I make some quick money in law or surgery?"
Futher in the letter there are quotes from Wilbur Ross:
In Mr. Ross’s words, “Implementation is the sine qua non” and that he would rather back a “mediocre idea that is brilliantly executed versus a brilliant idea with mediocre execution.” Wilbur Ross stressed that in turnaround scenarios it is better in his experience to pay slightly more and not be too early, citing that the additional data points are valuable. In sum, he mentioned that he maintains two plaques in his office, with one stating, “Duration is the Natural Enemy of Return” and the second that “Time Equals Risk.”
Saturday, 19 April 2014
Old article about notable value investors
Interesting article about some famous investors when they were younger: Michael Price, Seth Klarman, Jim Chanos
Subscribe to:
Posts (Atom)
