DooDiligence Posted February 4 Posted February 4 17 hours ago, Spooky said: I re-subscribed to the fake news / left wing rag the Wall Street Journal Left wing rag? Murdoch's spent a ton of capital training you alt-righties, and given enough time I'll bet he could flip your head any direction he wants. https://www.the-independent.com/news/world/americas/us-politics/trump-rupert-murdoch-wall-street-journal-b2691504.html
dealraker Posted February 4 Posted February 4 (edited) 3 hours ago, DooDiligence said: Left wing rag? Murdoch's spent a ton of capital training you alt-righties, and given enough time I'll bet he could flip your head any direction he wants. https://www.the-independent.com/news/world/americas/us-politics/trump-rupert-murdoch-wall-street-journal-b2691504.html Little Australian man owns every sentence and thought of the US - lock, stock, and barrel. Can't control his kids though! Edited February 4 by dealraker
longlake95 Posted February 4 Posted February 4 (edited) 10 minutes ago, Ross812 said: @longlake95 I hate seeing a stock I own pop up on here! me too. i like operating in the shadows....lol... I do own some regulars here... FFH, JOE. Most things I own are super-boring. Edited February 4 by longlake95
Ross812 Posted February 4 Posted February 4 1 hour ago, longlake95 said: me too. i like operating in the shadows....lol... I do own some regulars here... FFH, JOE. Most things I own are super-boring. It usually means something I own is down! No JOE for me, I haven't drank the kool-aid yet...
Spekulatius Posted February 4 Posted February 4 (edited) 4 hours ago, Blake Hampton said: Just bought a 3-year subscription to Value Line. What about opening an account with library and get online access for free? Part of my stingy me dies when I see people spending on things that are freely available. Edited February 4 by Spekulatius
Saluki Posted February 4 Posted February 4 I'm reducing risk so I've been selling off things to reduce my margin and my new purchases have been much smaller new positions that I'm studying instead of adding to larger existing positions. As a whole, they probably make up a mid size position, but most are very small while I study them and decide to fish or cut bait. Small placeholders in VG, TALK, VTSI and LFMD, while I study them, and very small adds to NEP, INSW and TAYD.
crs223 Posted February 4 Posted February 4 4 hours ago, Spekulatius said: What about opening an account with library and get online access for free? Part of my stingy me dies when I see people spending on things that are freely available. I prefer the paper/mail subscription. With the flip of a page, i’m looking at the next company… working in the spirit of Buffet: “Start with the A’s”
Cod Liver Oil Posted February 5 Posted February 5 (edited) Against my better principles, I’m buying some Comcast at 33. The stock has been a disaster but it’s getting a makeover and has some nice assets. Their collaboration with Nintendo in both parks and films is encouraging. Edited February 12 by Cod Liver Oil
Eldad Posted February 5 Posted February 5 16 hours ago, crs223 said: I prefer the paper/mail subscription. With the flip of a page, i’m looking at the next company… working in the spirit of Buffet: “Start with the A’s” “Described by someone who knows him well as "a man of modest talent and light work habits," Schloss practices investing in a way that any ordinary investor can. Dressed in a well-worn trader's smock, he works entirely from public documents and a few publications like Value Line in one cramped, little office squirrelly with annual reports, 10-Ks, pictures of Babe Ruth, Lou Gehrig, and Schloss's children and grandchildren. The one window looks out onto an air shaft. The total value of the fixed assets in that office? Three thousand dollars. He has never had a computer or a fax machine, and he still pecks away on an old Olympus manual typewriter to correspond with clients” That is my dream job right there. Kinda like getting paid to analyze the Daily Racing Form. Schloss freaking killed it in the 70s. Maybe net nets and BV investing will make a comeback in the future.
Castanza Posted February 5 Posted February 5 4 minutes ago, Eldad said: “Described by someone who knows him well as "a man of modest talent and light work habits," Schloss practices investing in a way that any ordinary investor can. Dressed in a well-worn trader's smock, he works entirely from public documents and a few publications like Value Line in one cramped, little office squirrelly with annual reports, 10-Ks, pictures of Babe Ruth, Lou Gehrig, and Schloss's children and grandchildren. The one window looks out onto an air shaft. The total value of the fixed assets in that office? Three thousand dollars. He has never had a computer or a fax machine, and he still pecks away on an old Olympus manual typewriter to correspond with clients” That is my dream job right there. Kinda like getting paid to analyze the Daily Racing Form. Schloss freaking killed it in the 70s. Maybe net nets and BV investing will make a comeback in the future. Why do people romanticize traditional value investing so much? Shouldn't we just adapt and find value where it is? Even Ben Graham had to adapt his process.
Eldad Posted February 5 Posted February 5 1 minute ago, Castanza said: Why do people romanticize traditional value investing so much? Shouldn't we just adapt and find value where it is? Even Ben Graham had to adapt his process. Because I wish I could sit in an office with no computer and look through the Value Line and beat the market with Modest Talent and Light Work Habits. He was one of a kind and excelled his way. I like that. It’s like running the numbers in the racing form except you win consistently haha (I enjoy going to the races as well)
Gregmal Posted February 5 Posted February 5 (edited) 19 minutes ago, Castanza said: Why do people romanticize traditional value investing so much? Shouldn't we just adapt and find value where it is? Even Ben Graham had to adapt his process. Totally. The most common heard disclaimer in the investing universe is “past results do not guarantee future performance”, yet, everyone and their mother live in the past with the ideology. The whole nature of the market is that it’s dynamic and adapts, otherwise there’d be no excess returns. Everything, kinda like those Greenblatt special situations, gets competed away until even the opposite is true. Folks need to worry about looking forward and being more original. Edited February 5 by Gregmal
Castanza Posted February 5 Posted February 5 14 minutes ago, Eldad said: Because I wish I could sit in an office with no computer and look through the Value Line and beat the market with Modest Talent and Light Work Habits. He was one of a kind and excelled his way. I like that. It’s like running the numbers in the racing form except you win consistently haha (I enjoy going to the races as well) Saying it was "easy" is 20/20 hindsight though. I'm not sure investing has ever been "easy". And if it was "easy" then doesn't that just diminish the legends? What has actually changed though? Process is a choice imo and the only thing that really has changed in some ways is how we value certain types of companies and what metrics are used to derive value. And really that hasn't changed all that much either because it's all adherent to pretty standard accounting rules. The temperament needed to invest successfully in individual equities hasn't changed much because humans don't change much. Todays modern investing has so many more angles you can use to approach the market and still do okay. And I'm not hating on you @Eldad;it was a genuine question because there clearly is a romanticization for the Ben Graham era (hence the creation of this forum and probably part of the reason we are all here). But the more I think about it, I'm like why and is this thinking detrimental to returns?
Eldad Posted February 5 Posted February 5 1 minute ago, Castanza said: Saying it was "easy" is 20/20 hindsight though. I'm not sure investing has ever been "easy". And if it was "easy" then doesn't that just diminish the legends? What has actually changed though? Process is a choice imo and the only thing that really has changed in some ways is how we value certain types of companies and what metrics are used to derive value. And really that hasn't changed all that much either because it's all adherent to pretty standard accounting rules. The temperament needed to invest successfully in individual equities hasn't changed much because humans don't change much. Todays modern investing has so many more angles you can use to approach the market and still do okay. And I'm not hating on you @Eldad;it was a genuine question because there clearly is a romanticization for the Ben Graham era (hence the creation of this forum and probably part of the reason we are all here). But the more I think about it, I'm like why and is this thinking detrimental to returns? Yeah I hear you. I am a born introverted contrarian and a CPA by trade if that explains anything. Sitting in an office by myself finding obscure net nets that everyone else hates and listening to Yankee games on the radio and maybe taking a nap sounds better than CPA work is all I’m really saying.
Milu Posted February 5 Posted February 5 40 minutes ago, Eldad said: “Described by someone who knows him well as "a man of modest talent and light work habits," Schloss practices investing in a way that any ordinary investor can. Dressed in a well-worn trader's smock, he works entirely from public documents and a few publications like Value Line in one cramped, little office squirrelly with annual reports, 10-Ks, pictures of Babe Ruth, Lou Gehrig, and Schloss's children and grandchildren. The one window looks out onto an air shaft. The total value of the fixed assets in that office? Three thousand dollars. He has never had a computer or a fax machine, and he still pecks away on an old Olympus manual typewriter to correspond with clients” That is my dream job right there. Kinda like getting paid to analyze the Daily Racing Form. Schloss freaking killed it in the 70s. Maybe net nets and BV investing will make a comeback in the future. A machine can now do this in millisecond for every company that has financial data on the web. Ben Graham and Buffett had an edge in the early days when you actually had to manually filter through this info and nobody else was doing it. Any body who thinks they have an ‘edge’ by doing something like this is fooling themselves.
Eldad Posted February 5 Posted February 5 Just now, Milu said: A machine can now do this in millisecond for every company that has financial data on the web. Ben Graham and Buffett had an edge in the early days when you actually had to manually filter through this info and nobody else was doing it. Any body who thinks they have an ‘edge’ by doing something like this is fooling themselves. Yes we are all aware. He would still have an edge in being a contrarian that didn’t care what anyone else thought IMO.
Castanza Posted February 5 Posted February 5 50 minutes ago, Eldad said: Yeah I hear you. I am a born introverted contrarian and a CPA by trade if that explains anything. Sitting in an office by myself finding obscure net nets that everyone else hates and listening to Yankee games on the radio and maybe taking a nap sounds better than CPA work is all I’m really saying. Ah I gotcha, yeah I can get behind that as an introvert as well. I wfh and wouldn't want to change a thing.
Castanza Posted February 5 Posted February 5 47 minutes ago, Milu said: A machine can now do this in millisecond for every company that has financial data on the web. Ben Graham and Buffett had an edge in the early days when you actually had to manually filter through this info and nobody else was doing it. Any body who thinks they have an ‘edge’ by doing something like this is fooling themselves. A lot of times we forget that the legends we look up to were forward looking thinkers in their own times. Nothing wrong with romanticizing but sometimes we certainly look at it with rose colored glasses or get too caught up in the past. I will say Buffett has been relatively adaptable to the future but more so with his commentary than his investments.
73 Reds Posted February 5 Posted February 5 16 minutes ago, Castanza said: A lot of times we forget that the legends we look up to were forward looking thinkers in their own times. Nothing wrong with romanticizing but sometimes we certainly look at it with rose colored glasses or get too caught up in the past. I will say Buffett has been relatively adaptable to the future but more so with his commentary than his investments. The principles on which value investing are based have not changed and likely never will. What constitutes "value" is always changing. And in today's world you do need an edge. it can be in the form of a niche, location, unique methodology, selective knowledge not commonly available to the public at large, or even massive focus on one single stock, i.e., Viking and Fairfax. What almost never works (unless you're seeking market returns) is following everyone else. Yet even that often outperforms a lot of folks who think they know better.
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