Lecture 9: A Great Investor Discusses Investing in Retailers and ANN

This lecture is a supplement to Lecture 5 found here: http://csinvesting.org/2011/09/13/lecture-5-a-value-investor-in-retail-discusses-anf-aeos-aro/

Note the speaker’s┬álimited circle of competence and how differently retailers are analyzed from Wall Street consensus.┬áRetailers can offer opportunity due to their volatile stock prices.

If you have the stomach and can take a two-year horizon while taking a business like approach, then you will enjoy this speaker’s thoughts.

Lecture 9: http://www.scribd.com/doc/68793236/Lecture-9-a-Great-Investor-Discusses-Investing-in-Retailers-and-ANN

There are several links in the above document which will help you review the companies discussed in the lecture.

4 responses to “Lecture 9: A Great Investor Discusses Investing in Retailers and ANN

  1. Do you know what happened to this GI (who I believe is the sister of the Professor)? Don’t see any 13F filings for her LLC since 2009.

    Just wondering if she moved on to other things or ended up getting torpedoed with this approach. It’s hard enough for me to imagine only owning 4 stocks – harder still if they are all retailers!

    • Saddle Rock Capital was or is the name. If money managed is under $100 million then no filing requirements, but if you do a search the name will come up.

      • Thanks John – yes, I managed enough detective work to figure out the name of the company, etc. but Google hits are all at least 2-3 years old so I wondered if she blew up. The EBIT of some of the companies she mentioned really fell off a cliff around the same time frame. Wondered if she’d made some big bets based on mean reversion but the mean never came back.

  2. I don’t know. She specialized in just a few companies. Her record was very good but that was two or three years ago. Perhaps she will give a presentation to Joel’s next class. I will keep an eye out.

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