My Reasons for Selling Stocks

Posted on 4 CommentsPosted in Investment Philosophy, Portfolio Management

A reader emailed me last week and said that he likes reading about my investment process, but mentioned that I haven’t discussed a selling strategy. Like most value investors, I spend the majority of my time reading and searching for new investment ideas. My turnover is low, and I like to think of my portfolio of companies working for me while I spend my time reading, learning and looking for new ideas. However, positions do turn over and selling is […]

Martin Whitman: Focus on the Balance Sheet

Posted on 4 CommentsPosted in Investment Philosophy, Shareholder Letters & Reports

I spent the weekend in a cabin in the Catskill Mountains in New York. In between hikes I spent a lot of time by the fire reading old shareholder letters by Martin Whitman of Third Avenue Management. Whitman is a legendary value investor, and his letters are an incredible source of learning about general value investment principles. It’s also a great opportunity (as other fund manager letters are) to see what individual stocks they are invested in, and more importantly, […]