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Search Results for: secret to investing
The Qualities of a Good Analyst; 100-to-1 Master Class
Confidence vs. Humility 1Q17 | Bill Nygren Market Commentary (Abridged) see: http://1Q17-Bill-Nygren-Market-Commentary March 31, 2017 At Oakmark, we are long-term investors. We attempt to identify growing businesses that are managed to benefit their shareholders. We will purchase stock in those businesses … Continue reading
Hedge Fund Quiz: Economies of Scale
Economies of scale. If costs per unit decline as volume increases, because fixed costs make up a large share of total costs, then even with the same basic technology, an incumbent firm operating at large scale will enjoy lower costs … Continue reading
Posted in Valuation Techniques
Tagged Chris Whittle, Edison Schools, Regional Economies of Scale
Outperformance without Better Stock-Picking
NERVES OF STEEL The Little Newsletter That Crushed the Market The Prudent Speculator has more than tripled the broad stock market since 1980. What’s its secret? By MARK HULBERT Feb. 23, 2017 5:48 a.m. ET Mike Lawrie/Getty Images It pays … Continue reading
Pitch the Perfect Investment
Pitch the Perfect Investment The Essential Guide to Winning on Wall Street Pitching an investment idea is the life-blood of Wall Street analysts —whether at money management firms and investment banks or with CEOs to potential investors. Those who do … Continue reading
Posted in Free Courses, Investor Psychology, Risk Management
Time for Review: Behavioral Portfolio Managment
Video on Behavioral Portfolio Management Emotional crowds dominate market volatility (nothing new here). Emotions trump arbitrage. If you learn anything from this post may it be that you concentrate on your best ideas and do not overdiversify beyond ten or … Continue reading
Posted in Investor Psychology, Risk Management, YOU
Optionality
There is a joke that illustrates the value of optionality An investment banker and carpenter are sitting next to each other on a long flight. The investment banker asks the carpenter if she would like to play a fun game. The … Continue reading
Mark Twain Falls for Silver Fever (A Study in Bubbles)
Silver FeverEvidence of bubbles has accelerated since the [2007-2009 financial] crisis. ~ Robert Shiller (“Irrational Exuberance,” 2015).The celebrated author and humorist Samuel Clemens (pen name Mark Twain) documented his experiences in the Nevada mining stock bubble, and his writings are one of the … Continue reading
Robert Rubin on Decision-Making. Risk vs. Uncertainty
The investment industry deals largely with uncertainty. In contrast, the casino business deals largely with risk. With both uncertainty and risk, outcomes are unknown. But with uncertainty, the underlying distribution of outcomes is undefined, while with … Continue reading
Posted in Risk Management
Tagged Decision Making, Probability, Risk, Robert Rubin, Uncertainty
A Deep Value Investor in Cyclical Companies
David Iben is a deep value investor currently focused on highly cyclical industries like coal, uranium, and gold mining. He has a mandate to go anywhere to invest in big or small companies. He seeks out value. The world … Continue reading
Posted in Free Courses, Investing Careers, Risk Management, Search Strategies, Valuation Techniques
Tagged David Iben, Kopernik
Liquidation Valuation (Ch. 2 Deep Value)
Time-out: How to Think and How to read a book Worth reviewing. As a supplement to Chapter 2, Contrarians at the Gate in DEEP VALUE, please read the highlighted paragraphs on liquidation value in Seth Klarman’s chapter on Valuation (Chapter … Continue reading