[High Quality Multi-family REITs - EQR, CPT, ESS, AVB]

Manufacturer housing, ELS and SUI, is probably the best sub-sector among REITs.

 

Add NXRT to your list for multi-family apartments.  Smaller and more leverage though.

[CEO Resignations/Management Changes - List?]

You’re right, thanks!!

[CEO Resignations/Management Changes - List?]

Are there any lists/newsletters that aggregate these announcements?  I find that management changes are often a noteworthy catalyst for a company that has historically been mismanaged.  Cheers!

[Investment Analyst Role]

Hi - I agree with what the others wrote, you need work samples to validate your thought process and investing style.  While the odds are against you, it can be done.  You need to differentiate yourself (work sample or samples, cover letter and passion for investing).  If you’re sincerely committed, this will not be difficult.  Networking is tough and most PMs outside your alumni network aren’t interested in mentoring..  note I said most***

 

I recently broke in after 5.5 years (I started trying when I started the CFA).  Like yourself, I am a CFA charterholder.  There were a few other things in my favor, however I secured the gig through the CFA career website (in a very competitive city).  Send me a pm if you would like to talk on the phone.

[Dear Chrm: Boardroom Battles and the Rise of Shareholder Activism - Jeff Gramm]

Found this book 'pretty solid.'  Jeff is a bright mind - with a very intriguing background.

 

I'd recommend - is a fairly quick/easy read.

[Joel Tillinghast Finds Big Returns in Small Stocks]

Excited to read his book

[Debt and Value]

If the company is overlevered then debt pay down/management is critical to the thesis.  Net debt to ebitda is a common metric - take a look at CYH over the last year.  Ignoring the secular industry trends, the big driver of the stock has been managing debt hurdles and selling assets to meet debt obligations.  Obviously throw some good quarterly results in there also (until 2Q17).

[The Undoing Project - Michael Lewis]

I'm going to sound like a real jerk here, but oh well.  Personally, I thought the book was crap.  It was a total rip off of 'thinking, fast and slow.'  Some citations were verbatim from Kahnemann's studies.  Lewis' book certainly is easy but lacks the depth. Was previously a M Lewis fan.  Lost faith.

[Need to Get Out of Fund Accounting Job]

Hi - it's a long journey.  My advise would be to stay flexible (in terms of your geography).  Make a list of the skills you need to be a professional investor and pursue jobs and will help to check some of these boxes.  Obviously networking is crucial also.

 

I have the charter, which has certainly opened doors, but isn't a golden ticket.  Sell side continues to contract and outflows in active are reducing new seats.

[Mattress Industry Pricing Model and Recommendation for Best Value Mattress]

Wife and I looked at beds this weekend - looking to upgrade to a king and take advantage of the holiday sales.  Mattress Firm will price match and give 10% off, which can be fairly lucrative.  Similarly, if there isn't a comparable bed at a competing place, they quoted us ~33% off the initial sticker price.

 

Some of my friends like Casper, but I'm concerned about the durability of the bed.  The mattress industry is certainly ripe for disruption.

[Walker's Manual of Unlisted Stocks - Harry Eisenberg]

Hi - struggling to find this book, let alone at a reasonable price.  Prices have tettered on margin of safety prices.  I get the supply/demand dynamic. Any suggestions for how to procure at a reasonable price

 

Years ago, I bought every single one...even the "special bank editions"....I started buying them from the actual company...but I think they were $125 a book.

 

I then wised up and got on the interweb and bought off Ebay.  The ones off of Ebay I paid almost $10 a book for!

 

Guess that might have been a good investment?

 

Looks like it paid off bigly.  Will scour the internet.  Thanks

[Walker's Manual of Unlisted Stocks - Harry Eisenberg]

Hi - struggling to find this book, let alone at a reasonable price.  Prices have tettered on margin of safety prices.  I get the supply/demand dynamic. Any suggestions for how to procure at a reasonable price

[Cognitive biases, the anchoring bias]

Daniel Kahneman's book, Thinking Fast and Slow, has helped me immensely with cognitive biases and self-awareness.  Although difficult, I would argue it will be one of the best books you have ever read.

[The New Conceptual Selling - Robert Miller]

While the title sounds corny, this is a must read.  https://www.amazon.com/New-Conceptual-Selling-Face-Face/dp/0446695181

 

After this was given to me I was a little perplexed.  The basic premise is that was a buyer/seller you want both parities to win.  There is no point as a buyer/seller to milk the other party to make an extra 1% margin, etc.  The principles in this book should allow you to identify companies that are well respected in their supply chain and appreciate what a good sales organization can accomplish.

 

Have others also read this?

[What are you buying today?]

Buying more FOGO, TPX

[Thread for hated, scorned and despised stocks or sectors]

Hospitals - secular headwinds on the horizon and threats from the proposed AHCA bill

[Skill versus luck]

I actually just ordered this book. Michael is an exceptional writer and a bright thinker.  I am sure this one will not disappoint.  'More than you know' is also very good.  Barry has interviewed him atleast once on his podcast, 'masters in business,' which I would highly recommend listening to.  Atleast that episode.

 

In short, hard work breeds luck.  I always find myself with more "luck" when I work very very hard.

[Anchor defensive holdings]

Both CVS and ESRX face headline risk from scrutiny to PBMs.  The average everyday American/politician does not understand how PBMs operate.  That being said, both businesses throw off serious cash flow and have the capacity to continue repurchasing shares.