oldschoolsting
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Posts posted by oldschoolsting
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Really funny that you bring this up. I was just about to post a question about this. I really don't understand the tax situation and implications. Can you give me a quick rundown? And I guess you need to put some sort of discount on the cash when looking at these companies? Thanks
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anyone know the idea he posted on the VIC board?
Possibly HCA. It is an Einhorn long and it was posted on 5/25. I can't read the writeup yet though. It's also the only post by that member.
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Ultimately Shane it's a numbers game. Breaking in requires just a bunch of interviews and a good dose of luck. In the meantime, work on beefing up your analytical/accounting/financial modeling skills.
How important do you all think that modeling skills are? Or should I say, how advanced should modeling skills be? The advice that I have gotten from several value investors that I highly respect is that the modeling is probably where I should focus the least amount of my time. The majority of my time should be spent reading (both books and financials) and getting a better understanding of businesses. I'm under the impression that the "valuation" should be a fairly simple process and most of the folks that I talk to don't put a lot of weight on complex dcf models. I have a Wall Street Prep program but didn't finish as I felt my time was better spent elsewhere.
What are the thoughts around here?
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Great for you, Shane! That awesome. And thanks for sharing. Best of luck on Wed!
Ed-
I definitely see what you are saying, but I think there is a difference in the guys who want to be BSD's at Goldman creating new financial products and the folks that are passionate about understanding businesses/stock picking and find that they can do that as a full time job. I'm guessing that the latter group is who you find here. I'm really beginning to understand that you have to love your work or the days just get longer and the years shorter.
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Hey Shane-
How are things going with this? I know that you said in a different thread that you are hopefully starting at an investement firm soon.
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Hi,
I have been thinking about entering CFA exams. Any pointers/suggestions/study materials to make higher understanding & confidence on the topics ? I assume few people have done this before in this board.
Thanks,
Gopi
Here is an email that I have sent to some friends in the past:
For all three levels I used the Stalla study program. Schweser is def the most popular and less expensive, but I really liked Stalla. I guess you may already have one of these...if not I suggest using one. The CFAI official books are good for practice problems (I didn't use them until L3) but very dry. Also I used the cd-rom self study program rather than live classes. I liked being able to do things on my schedule and didn't have trouble making myself do the work. Being able to watch videos was also a great way to break up the monotony of reading some really tedious text. Peter Olinto is one of the Stalla instructors and does a good job of making things interesting. Iif you follow a program and put in the work, it should be very helpful.
One of the best general tips I can give you is to leave plenty of time to review at the end. This is probably the most important time of studying. I'd say leave 3-4 weeks after your done with a study program to go back over everything and see it again in the last few weeks. If you're like me, you'll be surprised how much you can forget from the beginning of studying to the end. I would take the last week of work off before the test and review all week. Work a lot of practice tests (online from CFAI are best) the last week and touch up on any weak spots.
Also check out www.analystforum.com. I never posted on there but it is a great site to see what other people are doing to prepare.
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I think it's David Winters that has loads of it am I right?
BeerBaron
That's right. He discusses it in his Ivey presentation...it's been a while since I have watched. Btw, Winters seems like the nicest guy in the history of nice guys.
http://www.bengrahaminvesting.ca/Resources/Video_Presentations/Guest_Speakers/2010/Winters_2010.htm
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The Fighter is next on my list. I think Bale's a bit of an ass (with the yelling at that stagehand), but he's still a seriously talented actor.
The Fighter was great. Bale is the best actor out there these days in my book. (Has Ed Norton made any good movies lately?) Bale's physical transformation from the Machinist to Batman Begins was insane...and probably terrible for his health. http://www.associatedcontent.com/article/53457/christian_bales_weight_loss_for_the.html?cat=40
His dedication is actually pretty inspiring. I take my motivation anywhere I can get it!
Has anyone seen Exit Through the Gift Shop? It's got great reviews and is supposedly pretty clever.
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Eric-
You bring up a good point and thanks for the link! When I began my "self-experimentation" with cutting out grains, sugars, etc, I began taking fish oil and eating grass fed meats. Also have you considered taking vitamin D as a supplement if you aren't getting much sun?
http://www.marksdailyapple.com/vitamin-d-sun-exposure-supplementation-and-doses/
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I'm excited to see Taubes, DeVany, paleo, etc. discussed on this board, but not at all surprised. I think that it is somewhat of a thinking man's diet. I've wondered if anyone else here was into the idea, but since I'm new, didn't want to post and immediately earn a spot at the weird kids' table. I read Mark Sisson's blog, www.marksdailyapple.com. He follows the basic principles of the other guys mentioned. His recommendation is a somewhat modified paleo diet.
I began following this last February with great results. When I started, I did it as an experiment and didn't completely research it. While this is definitely against my nature, it's been nice dropping about 20lbs that I didn't even realize I had to spare. (I don't think I have lost much muscle at all btw.) I've been trying to learn more and more as I go, but don't quiz me yet!
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Hey guys,
I just picked up the Wiley GAAP book to use for reference when going through financials. Has any used this as a reference or just get a better understaning of financial statement analysis? I have a decent FSA understanding from the CFA program but I can always use some help in this area and the nuances of different industries' accounting.
Thanks!
http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470554398.html
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I look a calls as buying the strike price's amount of debt and the interest rate in the option prce less intrinsic value divided by the strike price.
Packer
Packer-
I'm a little confused. Can you explain? Thanks!
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You may want to take a look at Options as a Strategic Investment by McMillan if you haven't already. I haven't read it but I know someone who has used it to implement a ton of different strategies. It seems to cover every combo imaginable.
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finetrader-
Did you continue to send out the resume or put an investment career on hold until after the CFA?
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Thanks again, everyone. To be clear, my number one goal at this stage in my life is to learn the trade of analyzing businesses and securities. My instinct is that a thorough approach is what I need, but I do want to be as efficient as possible (time is scarce). It would probably be more valuable for me to spend my time analyzing an something that I don't invest in and learning a ton than finding something that is a potential investment and but not learning anything new. Finding somewhere to put my money is just icing on the cake right now.
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Wow! This is a damn good site! Thanks for the all the responses. I like to see the slightly differing opinions with everyone backing up their views. I'm pretty confident that I'll find my groove with experience and I'll probably err on the side of being overly conservative...I've always gotten this guilty feeling when i haven't done my homework!
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Hey guys, I am fairly new to investing on an individual stock basis. I've been reading 10-Ks and other relevant docs on occasion for a little less than a year now. I was wondering if y'all had any tips on how to read them efficiently. Do you read nearly every word or do you just learn over time what is most relevant to you? When you go back and read the last few years', do you mainly look for changes or do you read them with just as much detail? I know my way around an annual better than when I started but I've realized that it takes me a while to get through a 125 pg document especially when taking notes.
By the way, I'm referring to really digging into a company, not just scanning for potential investments.
Thanks.
Cash Overseas
in General Discussion
Posted
Thank you, dcollon. I'll take a look.