A Few Key Links From 2013

Posted on 7 CommentsPosted in Case Studies, Charlie Munger, General Thoughts, Mohnish Pabrai, Superinvestors, Warren Buffett

It’s the last day of the year, and everywhere you look are various “Top 10 lists”, “2013 Best Posts”, etc… Despite the title, this post is not such a list… I thought I would re-post some links to just a few things that I have read recently that I found interesting. It is more coincidence that I’m posting this on the last day of the year, and this is far from a comprehensive list of valuable things I’ve read this […]

Barnes and Noble and a Car Wash Business

Posted on 8 CommentsPosted in General Thoughts

I’ve been getting a lot of feedback on the Barnes and Noble investment thesis. The feedback can basically be summed up as: “Yes, I agree that the price is cheap relative to bookstore profits, but what about the competition? Isn’t B&N a melting ice cube?” Not All Brick and Mortar Retailers Will Go Bankrupt I’ve I said in numerous email replies and comments to this general question, yes—B&N will continue to face fierce competition from Amazon, Apple, and other competitors. […]

Barnes and Noble–A Bargain Hiding in Plain Sight?

Posted on 28 CommentsPosted in Uncategorized

Joel Greenblatt, in one of my favorite books on investing, said the following: “The reason why major corporate restructurings may be a fruitful place to seek out investment opportunities is that oftentimes the division being sold or liquidated has actually served to hide the value inherent in the company’s other businesses.” It was with this basic scenario in mind that I began studying Barnes and Noble a few months ago. The Case For BKS I think Barnes and Noble is […]

A Few Thoughts on Buffett and Great Banks

Posted on 10 CommentsPosted in Case Studies, General Thoughts, Industry-Banks, Superinvestors, Think Differently, Warren Buffett

I wrote a post about screening for quality bank stocks and another one here about Wells Fargo vs Cheap Community Banks and thought I’d post on some other comments I have here. Some of these thought might sound contradictory (everyone wants to separate stocks into categories based on quality/earnings and cheapness/assets). It’s not black and white, and all we’re really trying to do is figure out what something is worth and pay less for it. As Alice Schroeder has said, […]

Wells Fargo vs. Small Community Banks

Posted on 12 CommentsPosted in Case Studies, General Thoughts, Industry-Banks, Investment Ideas & Company Research, Think Differently, Warren Buffett

Charlie Munger once said that he compares every possible investment to Wells Fargo… Why buy company X if it’s not as good/cheap as WFC?  For weeks I’ve been slowly and steadily working my way through hundreds of small community bank stock filings looking for bargains. A good friend of mine lately has been the trusty old FDIC website where you can find current/historical financials on banks to your heart’s content… But after a few more hours of sifting through Call Reports […]