General Thoughts

On the Importance of Long Term Thinking

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One of the things I’ve been thinking about over the past few days is how important it is as an investor to engage in patient, long-term thinking. Most of us are either individual investors managing our own portfolios or maybe small professional managers like myself with a few like minded partners/investors. The edge we have over larger and better equipped institutions cannot be understated. Our edge lies in our ability to be able to think, and more importantly act, with […]

Investment Philosophy

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

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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

The 400% Man-A Lesson for Aspiring Investors

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This afternoon I came across an article from Smart Money that is about a year old. I read it for the first time today, and it was one of those ┬ápieces that you bookmark for reading again later. The piece was called “The 400% Man“, and had the intro tag line: “How a college dropout at a tiny Utah fund beat Wall Street, and why most managers are scared to copy him.” The article provides a great background into a […]

General Thoughts

Quantitative vs Qualitative Methods for Stock Analysis

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There has always been an ongoing debate about the pros and cons of quantitative and qualitative methods for picking stocks. Which way works better? Is one better than the other? Should an investor use both “quant” and “qual” factors when making investment decisions? I’m not sure… but I’ll give you my opinion. Two of the investors that I’ve learned the most from had completely different viewpoints on these two schools of thought. Ben Graham was a quantitative analyst, choosing only […]

Investment Ideas & Company Research

Jos. A Bank at a 2-year Low & Some Thoughts on Momentum vs Mean Reversion

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I was going through my daily routine of looking through stock lists and scans, and one of the lists I like to watch is the 52 week low list. Buffett and Walter Schloss have both said that they look at this list each and every day, so I thought it would be good to copy that part of their routine. However, I will mention a few warnings to heed if anyone wants to use this list as a watchlist. There […]

General Thoughts

Successful Investing Comes in All Shapes and Sizes

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I’ve been reading through Money Masters of Our Time by John Train. I’m about halfway through the book, which covers 17 great investors with long term performance records including the likes of Buffett, Graham, Soros, Steinhardt, Neff, Robertson, Templeton, Lynch along with a number of others. One of the things I do on a regular basis is read and review books and articles written by or about successful investors such as the ones mentioned above. It’s the best way I […]

Investment Philosophy

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

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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 […]