Money and Finance
From Modern Security Analysis:
- Growth At Dirt Cheap Prices (gadcp)
From Modern Security Analysis:In GADCP, there is no emphasis on estimating future flows. Rather it is recognized that growth in common stock prices can come, and frequently does come, from sources other than corporate operations. Growth can come...
- Tim Harford: A Lesson From The Other ‘sage’ Of Investing
In his famous letter to Berkshire Hathaway shareholders in 1988, Warren Buffett declared: “When we own portions of outstanding businesses with outstanding managements, our favourite holding period is forever.” Compare this statement, apparently from...
- Seth Klarman Quote
From Margin of Safety(Source):Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why you have made an investment and to sell when the reason for owning it no longer applies. Look...
- "if At First You Do Succeed, Quit Trying."
As re-read in the newly released third edition of Lawrence Cunningham’s The Essays of Warren Buffett: Lessons for Corporate America. This excerpt is from Warren Buffett’s 1991 shareholder letter:We continually search for large businesses with understandable,...
- Warren Buffett: Merchant Banker Of Last Resort
Found via the Corner of Berkshire & Fairfax. In financial markets, judge operators by what they do not what they say or intend to do if stars are properly aligned. Reading the Berkshire Hathaway 10-Q reveals a somber point of view in terms of...
Money and Finance
Appraising management as operators, investors and financiers...
From Modern Security Analysis:
The view of businesses as pure going concerns has led to appraising managements only as operators. Once one recognizes that businesses generate wealth both through going concern and resource conversion activities, it becomes apparent that managements should be appraised not only as operators but also as investors and financiers. It is our experience that investment success is more often related to being associated with managements who are opportunistic and take advantage of the resources of the business than by any other financial factor.
- Growth At Dirt Cheap Prices (gadcp)
From Modern Security Analysis:In GADCP, there is no emphasis on estimating future flows. Rather it is recognized that growth in common stock prices can come, and frequently does come, from sources other than corporate operations. Growth can come...
- Tim Harford: A Lesson From The Other ‘sage’ Of Investing
In his famous letter to Berkshire Hathaway shareholders in 1988, Warren Buffett declared: “When we own portions of outstanding businesses with outstanding managements, our favourite holding period is forever.” Compare this statement, apparently from...
- Seth Klarman Quote
From Margin of Safety(Source):Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why you have made an investment and to sell when the reason for owning it no longer applies. Look...
- "if At First You Do Succeed, Quit Trying."
As re-read in the newly released third edition of Lawrence Cunningham’s The Essays of Warren Buffett: Lessons for Corporate America. This excerpt is from Warren Buffett’s 1991 shareholder letter:We continually search for large businesses with understandable,...
- Warren Buffett: Merchant Banker Of Last Resort
Found via the Corner of Berkshire & Fairfax. In financial markets, judge operators by what they do not what they say or intend to do if stars are properly aligned. Reading the Berkshire Hathaway 10-Q reveals a somber point of view in terms of...