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SpecOps

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  1. My biggest mistake is on position sizing. I've frequently gone over 20% in a single stock and although I haven't lost money because of it I now think it's far too risky, given how many companies I've invested in didn't turn out exactly as I expected. Luckily these were smaller positions, but I realised I don't know enough to have that much confidence in a stock so I diversify far more now.
  2. Interesting thanks. It reminds me of a presentation I saw from David Einhorn about oil companies, that advertise how cheap their stock price is compared to cash flows while totally ignoring that the huge investment has been made to get the oil out of the ground and the return on capital is a pittance. Analyzing unadjusted earnings is definitely a rarity now I agree.
  3. AIUI you cant usually use asset impairments to offset tax, otherwise everyone would be writing down all their assets just to avoid tax. So if they are profitable excluding asset impairment that will be why they record an income tax liability. If they have an intangible asset with indefinite life but are amortizing it, then that could be why they are getting taxed yet on paper are unprofitable.
  4. Small caps also attract a lot of investors that don't think twice about value, and are more into momentum trading. This is especially true on the AIM of LSE. When a small cap's shares move up on decent news it is always a big move as momentum traders jump in. Conversely when stocks have no news for a while they just go unloved and often undervalued.
  5. I'd never seen that poll before, just did the test and I'm an INTJ as well. It's crazy how concentrated this forum is in that category! I would question how many big fund managers are INTJ though, not a lot I imagine. Perhaps that's why they underperform :p
  6. All you need to be a successful hedge fund manager is be able to convince people to give you their money. Track record helps but you need to be a bit of a salesman as well. You could start with friends and family, or start a blog and get a following.
  7. It has what's called the Regulatory News Service, you get the filings from the London Stock Exchange website for the relevant ticker. Here's an example, it's just under the share price chart http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/GB0008847096GBGBXSET0.html?lang=en
  8. I want an app that can take what I already like, for instance TV shows and books, and suggest new things for me that I will actually like. I've seen a few services try this but never been impressed.
  9. Gurufocus uses Morningstar. I had similar experiences to Nate with their data in that it had some issues, which is to be expected when you're manually entering data, no data provider is perfect, but had more than competitors like Factset and CapitalIQ.
  10. Back in my day lecturers didn't use powerpoint, they used chalk and a blackboard. If you didnt take notes you didn't pass! (This was only 10 years ago, my lectures were pretty old school)
  11. My attention span can be a real problem, if I constantly check things online throughout the day then I can't do anything meaningful in terms of work because my attention just cannot focus. I have at times in the past stop reading things online and on my phone completely for weeks and its amazing how much more productive you become. For some reason though I can never keep it up and the interweb drags me back into procastination eventually. I think people dont realise what a detrimental affect it has on them until they give it up, I didnt either until I gave it up for lent one year and suddenly I found myself far less irritable, I was sleeping better, and overall felt better. I dont think multi-tasking is the solution to lack of attention span at all, it may help in the short run but is actually the opposite of what you should be doing to address the problem. You need to get used to focusing on one task and in the start it pretty much means forcing yourself to do just one task, even if focusing on it is a real struggle.
  12. Ebay is worth checking too, you can get frames in all sorts of sizes pretty cheap
  13. This has been my experience as well, to get a 'trading account' you have to be an experienced investor, so you have to fill in a questionnaire attesting to it. They don't check very thoroughly though, but obviously you should understand the risks you are taking with access to leverage and trading on margin.
  14. I was quoted $1,000 a month for access to their datasets, most other data providers will quote a similar amount. If you are only interested in company level data rather than the raw huge datasets then you can access it in Excel through my site for much cheaper, from $10 a month, link below V Edit: If you are interested in using some raw datasets then send me a pm, I have access to the raw Mergent datafeed and we might be able to work something out.
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