Ben Graham

Net-Nets: A Riddle Wrapped in Mystery Inside a Cigar Butt

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I received a couple questions/comments from readers lately regarding Buffett and some previous comments I made on strategy before and after the Berkshire annual meeting. I always enjoy interacting with readers. The vast majority of my days are spent researching new investment ideas, so I can’t always respond to everything, but please feel free to email me questions/comments to I read all my emails even if I don’t always have time to respond. When possible, I’ll respond individually, or […]

Mohnish Pabrai

Mohnish Pabrai: Think Differently to Achieve Different Results

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I recently came across two videos with Mohnish Pabrai. Readers here know that Mohnish is one of my favorite investors to listen to. He is extremely generous with his time, and he has a genuinely interested attitude toward his audience. You can tell that he truly enjoys teaching others about his investment experiences. Pabrai has given numerous lectures over the past year, and I wrote a summary of one that I thought was particularly interesting here. In that post, I […]

Case Studies

Importance of ROIC Part 2: Compounders and Cheap Stocks

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Update: For those interested, I wrote a 5-part series about the concept of return on incremental invested capital and also a few other writings that discuss ROIC.  This is part 2 of my follow up thoughts on compounders, cheap stocks, and the importance of returns on capital. Part 1 is here. Also, some previous posts before that are relevant to this post as well: Thoughts on Return on Capital and Greenblatt’s Magic Formula Part 1 Thoughts on Return on Capital and […]