General Thoughts

To Arbitrage, or Not to Arbitrage

Posted on

I just spent all afternoon reading through all of Warren Buffett’s original partnership letters. These are the letters that he wrote to his investors when he was managing his private partnership from 1956-1969 prior to taking control of Berkshire Hathaway. I’ve read through these letters numerous times, and I recommend them to anyone who is serious about truly understanding the methods of Buffett. A while back I printed them and bound them so I have them collected in one place […]

Investment Philosophy

More Notes & Articles on Allan Mecham of Arlington Value, “The 400% Man”

Posted on

Last week I wrote a post summarizing some of my thoughts on a Smart Money piece called “The 400% Man” that came out about a year ago. The piece dramatically increased the popularity of a small town, small-time (small meaning assets under management, not returns) hedge fund manager named Allan Mecham of Arlington Value Management. I think Mecham now manages a few hundred million in his fund, but before last year he was managing around $80 million. He started his […]

Investment Philosophy

Mohnish Pabrai-Thoughts on Growth & Similarities to Buffett

Posted on

I just read an article on Mohnish Pabrai by a magazine called Outlook India. Pabrai is one of my favorite investors to watch and learn from. He has a logical, simplistic way of explaining things, and he has built his entire investment business around what he calls “cloning”. He says that an investor would dramatically improve their results if they simply copied what Buffett does. Research papers have in fact backed this up as true; one paper calculated the returns of Buffett’s stock […]

Ben Graham

Value vs. Growth Investing-Which Method is Best?

Posted on

As an investor who studies in great detail the strategies and investment philosophies of the great value investors, I have always been intrigued by the debate of value vs. growth. I just wrote this post on qualitative vs. quantitative analysis. The discussion between growth and value is similar: the best growth investors are good business analysts… they have to be. It’s easy to find a company that’s growing, but the hard part is determining if that company will continue to […]

Portfolio Management

“Canada’s Warren Buffett” on the Importance of Holding Cash

Posted on

Fairfax Financial Holdings just announced their 2012 year end results and over the weekend I had a chance to read through the conference call transcripts and make some quick notes. I’m always interested in listen/read what the Fairfax chairman and CEO Prem Watsa has to say. Watsa is one of the best investors in the world. He is often compared with Warren Buffett, not only for his investment acumen, but also for the similarities in the business vehicle he uses. Like […]

Ben Graham

Ben Graham’s 4 Rules for the Defensive Investor

Posted on

“All knowledge is cumulative.” -Mohnish Pabrai The other day I was driving around listening to Ben Graham’s The Intelligent Investor “book on CD” that I received as a gift last year. I first read The Intelligent Investor 7 years ago, and it changed the way I think about investing, as it does for many others who read it for the first time. I’ve read the book twice, but I’ve listened to the CD about six or seven times since getting it last fall. There […]

Ben Graham

Warren Buffett & Ben Graham on Diversification & Investment Philosophy Differences

Posted on

“Interesting possibilities abound on the financial scene, and the intelligent and enterprising investor should be able to find both enjoyment and profit in this three-ring circus. Excitement is guaranteed.” –Ben Graham, from the postscript of The Intelligent Investor.  I was listening to the tribute video that came out a few days ago on Ben Graham. It’s a great video put together by Columbia Business School, and I highly recommend taking a listen to it. In it, the producers interview Warren […]

Ben Graham

Video Tribute to Ben Graham

Posted on

I came across a video on Ben Graham over the weekend that was put together by the Heilbrunn Center at Columbia Business School. The Heilbrunn Center website is itself a great source for value investing, and they did a great job with this video. It’s about 15 minutes long and is filled with short interview highlights with heavy hitter investors such as Warren Buffett, Irving Kahn, and Edwin Schloss (Walter Schloss’ son and investment partner) to name a few. The […]

Investment Philosophy

Mohnish Pabrai on Patience, Advice from Buffett, and What Ever Happened to Rick Guerin?

Posted on

I just came across an interview that the Motley Fool did with Mohnish Pabrai earlier this month. Pabrai is one of my favorite investors to learn from. He is very smart, but he uses simple strategies, simple logic, and common sense ideas, which are main objectives of mine here at Base Hit Investing. Pabrai is well known for being the winning bidder for a charity auction where the winner got to have lunch with Warren Buffett. In this short interview […]

Ben Graham

The Best Work Harder Than Everyone Else

Posted on

I was just going through my twitter feed and reading a few blog posts that caught my eye while watching the Dallas Cowboys come back to beat the Steelers in overtime in a crucial matchup of 7-6 teams. I came across this post from one of my favorite bloggers Goeff Gannon and in the post, he discusses a very underrated and rarely talked about character trait of Buffett, Graham and some of the greatest investors in history. The secret is […]