Memorial Day Weekend Reading

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I’ll continue the discussion on compounders and the importance of ROIC next week. I have a few thoughts I’d like to discuss on that subject in the next few weeks. In the meantime, I thought I’d share just a few links to some good reading material. Memorial Day here in the US always marks the beginning of summer for me, and I always have a long list of reading material ready for summer. This is not a comprehensive summer reading […]

Investment Philosophy

Importance of ROIC Part 1: Compounders and Cheap Stocks

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A while back, I posted a couple articles on return on invested capital (ROIC) along with some comments on Joel Greenblatt’s Magic Formula. These posts attracted a lot of comments and email questions, and so I wanted to post some more thoughts on the topic of compounding generally, and maybe ROIC more specifically. Here are some links to posts that are somewhat related to this topic: Thoughts on Return on Capital and Greenblatt’s Magic Formula Part 1 Thoughts on Return […]

Charlie Munger

Some Thoughts on the Berkshire Hathaway Annual Meeting

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I had a great time in Omaha this past weekend. I got to meet with a couple clients, reconnect with some like-minded value investors, and meet some new friends as well. And of course, being in the same building with two of the greatest investment minds in history is something special. I wanted to make just a few comments on a couple things in my notes from the weekend. This is by no means a comprehensive summary—and there are many […]