Thoughts on Value and Growth Part 2

Posted on 10 CommentsPosted in Investment Philosophy, Warren Buffett

Last week I wrote a post on Value vs Growth and some of Buffett’s thoughts on the distinction (or lack thereof) between the two… Just a few more thoughts on the ever-present debate between these two schools of thought within the value investing community… The Value vs. Quality Debate The big debate is always how much to pay for growth and how to value it. Earnings are often linked to “growth” or “quality”, while net tangible assets are usually linked […]

Thoughts on Value and Growth

Posted on 4 CommentsPosted in General Thoughts, Investment Philosophy, Think Differently, Warren Buffett

I wrote a few posts on “quality” recently, which has sparked a few emails, comments, and questions on the overall investment philosophy. I got to thinking about the interplay between quality and valuation, and thought of Buffett’s shareholder letter in the early 1990’s where he said “value and growth are joined at the hip”. Essentially, value is determined by what you return on your initial investment. This is fairly obvious, but I thought I’d point this out… This “investor return” […]

“Magic Formula” and Other Quantitative Results from 2013–Should the Computers Takeover?

Posted on 33 CommentsPosted in General Thoughts, Joel Greenblatt

Let me say that the following few sentences only represent my humble opinion. There are many smart, talented, and successful practitioners that participate in the field that I am about to comment on… (Editor side note: unlike many who take pride in saying things such as “I tell it like it is”, or “I don’t care what others think”… I happen to dislike offending others and I do care what others think, but evidently I’m in the minority here. I […]

A Few Miscellaneous Thoughts on Investment Process

Posted on 21 CommentsPosted in General Thoughts

As I’ve mentioned before, I spend the vast majority of my time reading. My office is filled with piles of papers, notebooks, and annual reports. I have two computer monitors (yes, I know some value guys have no monitors on their desk… something I admire, but I find the internet’s resources too valuable to ignore… for example, I can access 15+ years’ worth of annual reports in seconds, that’s something Schloss, Graham, Buffett would have readily used if they grew […]

A Lesser Known Gem by Ben Graham

Posted on 16 CommentsPosted in Ben Graham, Books, Education, How to Improve Results, Investment Philosophy, Superinvestors

Ben Graham is known largely for writing two of the most cited books in the field of value investing. Of course, in addition to being an outstanding writer and educator, he was a proficient practitioner of the investment field as well—a dual distinction that is extremely rare. In other words, he didn’t just preach, he practiced as well. And he did both at a very high level. His investment record was excellent—he averaged gross returns around 20% per year in […]

Thank You to Readers, Clients, Other Investors for a Great 2013

Posted on 3 CommentsPosted in General Thoughts, Saber Capital Management

I’ve really enjoyed writing this blog over the past year. I didn’t expect all of the great things that have since occurred when I started writing this blog just over a year ago. I started the blog as an outlet for my own thoughts and ideas on investing, but really had no idea where it would go. The launch of Base Hit Investing coincided with the beginnings of my investment management firm Saber Capital Management, LLC. I’ve since had the […]