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manualofideas

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  1. We've sent the questions to Allan. He said he would do the interview but that it might take a while for him to respond. Now we're in "waiting patiently" mode. Will update the Board as soon as we have something. Thanks all, John
  2. A great cause -- last year's raise for Dakshana is truly impressive! (see the auction description on eBay)
  3. We just made our recent interview with fellow board member Keith Smith publicly available at http://www.beyondproxy.com/keith-smith-interview/ In the interview, Keith discusses his investment philosophy, investing in Fairfax, and also highlights two of his best ideas. Enjoy!
  4. We sent out an email yesterday with a bunch of resources related to value investing in Asia. Many boardmembers probably saw that email, but here it is just in case: 1. KB Kee's 86-page presentation entitled "Wide-Moat Investing in the Asian Capital Jungle," presented at the Value Investing Seminar 2014 in Trani, Italy. Inside, KB Kee shows how to uncover long-term compounding machines as well as steer clear of accounting fraud in Asia. See http://bit.ly/1xnYytu 2. Exclusive one-hour conversation with KB Kee on wide-moat investing and accounting fraud in Asia: http://bit.ly/YcIo6W 3. Sample of The Moat Report Asia, featuring home improvement retailer Home Product Center: http://bit.ly/1qhbbhg Another sample issue: http://www.moatreport.com/sample 4. Famed value investor Tom Russo on why investors should not "China-cleanse" their portfolios: http://bit.ly/1pujFBr 5. Chan Lee and Albert Yong on Nexen Tire and the investment opportunity in Korean preferreds: http://bit.ly/1Dzmcok 6. Selected exclusive insights into Asian investing by leading Asia-focused investment managers: http://bit.ly/1rfO2Ca 7. Exclusive conversation on value investing in Asia with Hong Kong-based Guillaume Kaminer: http://bit.ly/1BcojKQ 8. John Burbank on China: http://bit.ly/1u19MCt 9. Exclusive interview with fund manager Peter Kennan on deep value investing and activism in Asia: http://bit.ly/1rwfIlA 10. Professor Guy Weyns of Singapore Management University on systematizing fundamental analysis: Enjoy!
  5. I may be biased because Guy is a friend, but I found the book an enjoyable and worthwhile read. It is not necessarily a how-to on investing, although it does include some excellent advice on constructing a value-oriented investment process and other pieces of practical wisdom. To me, the book really served as confirmation that it is never too late to adopt the right principles, and that success is not accidental. Each of us can vastly increase our chances of success in business and life by associating with people we respect and by studying those who have succeeded in the past.
  6. Both of Toby Carlisle's books are superb, and he is always someone I enjoy listening to as well. He is definitely in the minority of investors who do in-depth and rigorous research. Here is a presentation Toby gave at last year's Deep Value Summit -- it not only includes an idea but also an overview of his deep value approach: http://www.valueconferences.com/2013/05/tobias-carlisle/
  7. I am definitely forgetting many, but here are a few: Sahm Adrangi Jeremy Deal Daniel Gladis Phil Ordway Jake Rosser Dan Sheehan Rahul Saraogi Isaac Schwartz Todd Sullivan Glenn Surowiec Josh Tarasoff
  8. Just for reference, there were already some replies in the existing thread on Guy's book: http://www.cornerofberkshireandfairfax.ca/forum/books/the-education-of-a-value-investor-by-guy-spier/
  9. I listened to the audio version, and it was excellent. It made me want to go visit those remote mountains. --John
  10. [amazonsearch]The Education of a Value Investor[/amazonsearch] This should be a great and inspiring read for all of us -- already available for pre-order.
  11. Great points, Parsad! You remind us of Prem's long-term track record which is truly outstanding. And his reputation remains as strong as ever, in our view. It just seemed so easy to capture the M&A spread because Prem's statements seemed like money in the bank. However, any of us who tried to capture the spread for a quick (riskless?!) profit were speculating not on Prem but on the thesis that all the short-term M&A traders out there are dumb. Guess what? They're NOT dumb. In fact, maybe we were slightly dumb for thinking we could beat the short-term trading world at their own game. Why not stick to what we do best as value investors, which is to appraise businesses, find deep discounts, and invest in for the long term? This is truly where the edge is for people on this board. It's NOT in short-term speculation, even if BBRY seemed too good to pass up. Actually, it was too good to be true! Parsad, just a note on managing money for a great group of partners -- this is really hard to find! Many investors may SEEM great and long term-oriented when things are going well. You really only find out your true friends and partners when times get tough. So don't be surprised if some of them turn out to have been less than you thought. Over time, though, you'll find a group of the right people (and you may have done so already!) and it will be a real joy to associate with such people. That's what makes it all worthwhile over time. Good luck to all.
  12. We've done a one-hour interview with Richard Oldfield. Here's some of it: and here:
  13. You may also like the attached presentation from Equity Income Summit 2013. income13-kenny-feng.pdf
  14. It was a real pleasure to speak with and learn from James. Since he is a Board member, here's a direct link to the full interview:
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