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 year (that list would be too long to recall).
In no particular order of importance, here are a few things that I think are valuable that I’ve read recently…
First off, I’ve been spending a considerable amount of time ruminating on the case studies from Charlie479. He is a brilliant thinker and investor, and I strongly recommend reading his writeups and comments on Value Investors Club. They are short and succinct, but informative and thought provoking.
- Here is a post on one of his writeups that I commented on
- Here is a pdf file I found that contains a few of his writeups (note: his comments are often more valuable than the actual writeup in my opinion, so I recommend reading both)
- Here is a particular interesting comment he made on Amazon: Charlie479-VIC Comment on AMZN
I recommend reading through his writings and comments and performing some case studies on the various investments. Why did they work? Why didn’t they work? Reverse engineer his thought process. Many of his original ideas resulted in huge multi-bagger returns. Joel Greenblatt calls his NVR writeup one of the best he’d ever seen and still uses them in his Columbia classes.
And one last link that ties Charlie479 to another Charlie–Mr. Munger. This Charlie Munger writeup on Coke is what Charlie479 calls the greatest stock writeup that he (Charlie479) ever read. Notice how this Munger analysis of Coke contains many instances of “inverted” thinking. Little to no mention of EBITDA, next year’s earnings, common valuation ratios, and other things found in your standard Wall Street analyst writeup. I strongly recommend this one:
One of the best lectures I saw this year was from Mohnish Pabrai, who gave an outstanding talk at Columbia on his magnificent performance thus far in his career. Here are a few links related to that lecture:
- Here is a link to the lecture
- Here is a post with my comments/summary of the lecture
- Here is another Pabrai lecture in India
Here is a link to a post I did containing the link to a presentation/case study that I really enjoyed by David Rolfe of Wedgewood Partners. The post contains the link to his presentation and my own commentary on the fascinating story of GEICO, Graham, and Buffett:
- GEICO: The “Growth” Company That Made the Careers of Both Ben Graham and Warren Buffett
- Here is Buffett’s earliest public stock writeup he did at 21 years of age
Here are some other miscellaneous links of some things I’ve recently read:
- 1992 Outstanding Investor Digest Interview with Bruce Berkowitz
- Excellent Discussion on Buffett, Floats and Moats
- Brooklyn Investor Book Review of The Outsiders (I received this book for Christmas and I look forward to reading it)
- Video of Kent Thiry, CEO of DaVita (Excellent manager of an excellent business)
- How Buffett Thinks About Risk (These are my comments on an Alice Schroeder video I found interesting. She discusses a private investment Buffett made in the 1950’s that was heretofore not part of the public domain)
- John Templeton Documentary by Bloomberg
- Peter Lynch Interview on Charlie Rose
As I mentioned, this is just a snapshot of a few links that have come to my attention just recently. It is not a best of 2013, nor a comprehensive ranking list, but it should provide you with some good reading/watching for your New Year’s Day if you get bored of watching the various Bowl Games.
Happy New Year!