mpauls
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Posts posted by mpauls
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I recall reading somewhere that at his 80th birthday party he gave a speech in which he reflected on his life and didn't mention his investing career.
Yes, and he quoted Twain.
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I completely agree with Burry. The 4th edition (1961) is a waste of paper and clearly Graham had nothing to do with it (since it was I think 1988) but not the 1940ed which is the classic (also the 5th edition revised). Greenwald says Graham's involvement in the 4th ed was also limited, but I don't necessarily agree. Outside individuals certainly contributed to certain sections i.e. discussion on utility companies, but the whole of it certainly feels and reads very much like graham to me.
I think you got some of the years and editions wrong. When you say the 4th is a waste of paper and Graham had nothing to do with it, I think you mean the 5th edition. The 1940 edition was reissued as the 6th (not 5th) edition. I completely agree with you though the 5th edition is a waste of paper. I was shocked at how bad it is. I always got the feeling Dodd realized it, but was kind of like "hey, everyone else is getting rich in the market [this was the mid to late 1980s], so why shouldn't I, as one of the deans of investing make a few bucks too?"
I think by the time it got to the 4th edition Graham was already out of the investment business (since about 1956) and have been in LA for 4 or 5 years teaching at UCLA and dabbling with various mistresses. I think the intellectual stimulation provided him by investing was largely gone by that time and continued to wane until it reached almost zero (never quite zero though). I recall reading somewhere that at his 80th birthday party he gave a speech in which he reflected on his life and didn't mention his investing career.
Yes you were correct. I noticed it too and made the adjustment in the original text, but thanks and good eye!
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[EDIT] The 5th edition (1988) is a waste of paper and clearly Graham had nothing to do with it the 1940ed is still the classic (also the 6th edition revised). Greenwald says Graham's involvement in the 4th ed was also limited. Outside individuals certainly contributed to certain sections i.e. discussion on utility companies, but the whole of it certainly feels and reads very much like graham to me.
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I didn't look into the transaction so I don't know what was paid, but I'm familiar (or used to be) with this company and it's actually not a bad "bet" assuming a reasonable price, which given Prem is likely.
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"The death of equities". That's an expression for idiots (i.e. incentive caused bias/"I have no shame" PIMCO). I guess the idea was that everything would be 100% debt financed.
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How about full financials? Can be standardized, but I'd adjust the units so they are not as stated. That way no one is tempted to look up the numbers.
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My fiancé used to throw random company financials at me from the S&P 500 Stock guide while I was doing some menial task. I love this sort of thing.
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Hi Mpauls,
I said quotes, not whole letters.
Hi Racemize,
Maybe. Email or call them, and see what they say.
Cheers!
lol, I didn't read the entire thread.
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Strange enough, I got the book for 6 dollars with shipping. The second link below however turns up another set of (higher) prices.
http://www.amazon.com/gp/offer-listing/B000GK212E/ref=dp_olp_used?ie=UTF8&condition=used
Thanks for the link Matt ... and if you could tell us what you think of the book...
Reading it now, so far it's a good read.
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Sounds like you may work with Wells Fargo. They are in desperate need of help resolving their Wachovia legacy problems (Risk Management Department).
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A friend of mine is the vice-president of investments for a financial planning firm in Vancouver, and he arranged for Larry Sarbit to speak in their office this morning. I got to tell you, and I've known this for years, but he's a terrific guy and a great manager. The first thing that gives it away was that this lady walks up to him and says "Larry, I heard you speak several years ago..." and before she could finish he says "My sympathies!" I couldn't stop laughing!
It was one rapid fire joke after another while he gave a terrific presentation on why he's been bullish on U.S. equities for the last three years. For example, he talked about his holding in Coinstar and he said:
"Do you think that anyone walks up to the dvd rental at Safeway, looks at the Coinstar box and says..."I'm sorry, I really wanted to rent a movie today, but Greece is having some real problems." Of course not, it's so damn ridiculous! We look for businesses that have almost actual coupons attached to them based on their free cash flows. Businesses that will continue to grow and have durable, competitive advantages."
Anyway, here is his updated performance track record, as he got chased out of Investor's Group and AIC for holding too much cash. By the way, he said that he thought starting his own firm was the best thing after all the problems he had at IG and AIC, "but then he realized he hated the manager!" Cheers!
Great introduction, you could be a salesman for a FOF; lol.
Geez, could you lump me in with anything lower? ;D Cheers!
Whitney Tilson?
Ppphhhttt! I just spat out my coffee. LOL! That was funny. Cheers!
lol. Seriously though, nice introduction.
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A friend of mine is the vice-president of investments for a financial planning firm in Vancouver, and he arranged for Larry Sarbit to speak in their office this morning. I got to tell you, and I've known this for years, but he's a terrific guy and a great manager. The first thing that gives it away was that this lady walks up to him and says "Larry, I heard you speak several years ago..." and before she could finish he says "My sympathies!" I couldn't stop laughing!
It was one rapid fire joke after another while he gave a terrific presentation on why he's been bullish on U.S. equities for the last three years. For example, he talked about his holding in Coinstar and he said:
"Do you think that anyone walks up to the dvd rental at Safeway, looks at the Coinstar box and says..."I'm sorry, I really wanted to rent a movie today, but Greece is having some real problems." Of course not, it's so damn ridiculous! We look for businesses that have almost actual coupons attached to them based on their free cash flows. Businesses that will continue to grow and have durable, competitive advantages."
Anyway, here is his updated performance track record, as he got chased out of Investor's Group and AIC for holding too much cash. By the way, he said that he thought starting his own firm was the best thing after all the problems he had at IG and AIC, "but then he realized he hated the manager!" Cheers!
Great introduction, you could be a salesman for a FOF; lol.
Geez, could you lump me in with anything lower? ;D Cheers!
Whitney Tilson?
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A friend of mine is the vice-president of investments for a financial planning firm in Vancouver, and he arranged for Larry Sarbit to speak in their office this morning. I got to tell you, and I've known this for years, but he's a terrific guy and a great manager. The first thing that gives it away was that this lady walks up to him and says "Larry, I heard you speak several years ago..." and before she could finish he says "My sympathies!" I couldn't stop laughing!
It was one rapid fire joke after another while he gave a terrific presentation on why he's been bullish on U.S. equities for the last three years. For example, he talked about his holding in Coinstar and he said:
"Do you think that anyone walks up to the dvd rental at Safeway, looks at the Coinstar box and says..."I'm sorry, I really wanted to rent a movie today, but Greece is having some real problems." Of course not, it's so damn ridiculous! We look for businesses that have almost actual coupons attached to them based on their free cash flows. Businesses that will continue to grow and have durable, competitive advantages."
Anyway, here is his updated performance track record, as he got chased out of Investor's Group and AIC for holding too much cash. By the way, he said that he thought starting his own firm was the best thing after all the problems he had at IG and AIC, "but then he realized he hated the manager!" Cheers!
Great introduction, you could be a salesman for a FOF; lol.
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I had someone build a database from scratch for such purposes. He's planing to take the product to market as the low cost provider. He developed the FCC's database among others, so the product is quite good. I'll update when appropriate.
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Strange enough, I got the book for 6 dollars with shipping. The second link below however turns up another set of (higher) prices.
http://www.amazon.com/gp/offer-listing/B000GK212E/ref=dp_olp_used?ie=UTF8&condition=used
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Here's something I put together a few years ago, but the valuation process is still in tact.
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You'll earn roughly 18% per annum.
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q1 13f indicates nothing but selling by berkowitz...
note that berkowitz sold over 6% brk, looks like his overall brk holdings are down to approx 2%, he doesn't seem to believe that brk is significantly undervalued at the moment.....
is he building cash or could he be buying in europe?
regards
rijk
http://www.dataroma.com/m/m_activity.php?m=fairx&typ=a
It's hard to argue that Berkshire isn't undervalued. The question is always, are there better opportunities available? If you know what to look for, the answer is yes, but if you are a pension fund you should probably only hold Berkshire.
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Arlington, Virginia!
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"As of Friday, the S&P 500 was within 1% of its upper Bollinger band at virtually every horizon, including daily, weekly and monthly bands."
hahaha. Good one. Thanks, I needed that.
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Speaking of Buffett haters, did anyone see the clip on CNBC of Cramer bashing Buffett's stock picking and buyback philosophy? The clip is still up at
Cramer says that Buffett is essentially a hypocrite because he espouses buybacks at prices below intrinsic value yet he "won't even buyback his own stock" - completely ignoring Buffett's rule of 110% of fair value. What a fool. Then he goes on to note that Buffett missed Apple. Unbelievable.
Yeah just think Cramer, if everyone thought as clearly as you they would have lost 90+% on your recommendations to a conference audience the day prior to the end of the tech bubble.
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I hate to see people fall for this trap. If you would like, I am happy to explain to either of you why she should seriously reconsider her approach. If you send me a private message, I'll give you my number.
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When I get some extra time, I'll upload the other talks.
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Investing = WORK
in General Discussion
Posted
Look, you don't need Buffett's 50 Years of knowledge to do extremely well. You might however need Buffett's 50 Years of Knowledge to do well with the amount of wealth created from 50 years of way higher than average compounded interest. That said you do need at least 5-10 years of the kind of knowledge you get by locking yourself in a room and thinking deliberately about repeatable business failure and success. And there are no shortcuts. When you get really confident that you know something valuable and you think you are ready, you probably have a few years left before you are ready.
How do you know you're there? I tell people (as a rule of thumb) you'll know you are there when the problems/questions you wish to solve/answer can not be found in any textbook or any other source i.e. when you can no longer lean on anyone else for answers-either by choice or otherwise.