How to Improve Results

Buffett vs Munger vs Schloss and Thoughts on Portfolio Strategy

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I was having a conversation about Munger’s philosophy vs Schloss’ philosophy and had a few thoughts (and below I’ll compare their performance results against Buffett’s)… I often like to look at long term past performance of investors (10 years or longer) to draw conclusions about the effectiveness of their investment approach. I’ve often discussed on this site the many value investors out there with average returns. I used to ask myself ‘how can their returns be average when they clearly […]

Investment Quotes

Human Behavior and Stocks Selling Under $1

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Preston Athey runs the T. Rowe Price Small Cap Value Fund. He’s produced around 12% annual returns for the past 22 years, making him one of the top mutual fund managers in his category. I would imagine it’s hard to run $8 billion (the size of his fund), and have to invest in small caps only, so although 12% isn’t shooting the lights out, given his mandate and the constraints that come from the size of his fund, I’d say […]

General Thoughts

How Buffett Made 50% Per Year? By Thinking Differently…

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A few years ago at the Berkshire Hathaway Annual Meeting, Warren Buffett said something very interesting. He said that he personally knows of a half dozen or so people who could make 50% per year managing a relatively small amount of money. I came across a reference to this comment a few days ago and I began thinking to myself: I wonder who those 6 people are? But even though it’s interesting to consider, there are more important takeaway’s from […]

General Thoughts

Value Investing: All Roads Lead to Rome

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I read an article this morning by John Mihaljevic, who runs the excellent ManualofIdeas.com. His article was called Value Investor or Value Pretender: Which are You? ┬áThe article is written in tongue-in-cheek fashion using 10 points that might tell you if you’re not a true value investor. David Merkel, fellow blogger and excellent value investor, then wrote an interesting counterpoint at his Aleph Blog. I got to thinking how it’s interesting how two value investors who both write about the […]