Case Studies

Notes on Credit Acceptance Corp (CACC)

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I recently made a list of a few shareholder letters I want to read, and one that I completed a few days ago was Credit Acceptance Corp (CACC). This post is not a comprehensive review of the business, as I just started reading about the company. But I thought some readers might be interested in some initial notes. (I am thinking about putting more of these “scratch notes” up as posts. If this is interesting to readers, please let me […]

Case Studies

Base Hits vs. Swinging for the Fences

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I just got done reading Jeff Bezos’ annual letter to shareholders, which is outstanding as it always it. As I finished it, I spent a few minutes thinking about it. He references Amazon’s style of “portfolio management”. He doesn’t call it that of course, but this passage got me thinking about it. Since I wrote a post earlier in the week about portfolio management, I thought using Bezos’ letter would allow me to expand on a few other random thoughts. […]

Investment Philosophy

Buffett on How to Think About Stocks

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“Investment is most intelligent when it is most businesslike”. – Ben Graham, The Intelligent Investor This is the time of year that I always look forward to for a variety of reasons. Spring is near in my area of the United States, college basketball tournaments will be captivating audiences around the country, the azaleas will soon be in full bloom at Augusta National Golf Club (the site of my favorite golf major), and my personal favorite: the slew of annual […]

Shareholder Letters & Reports

Eddie Lampert 2014 Shareholder Letter

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“Messer Hubbard and Bell want to install one of their “telephone devices” in every city. The idea is idiotic on the face of it. Furthermore, why would any person want to use this ungainly and impractical device when he can send a messenger to the telegraph office and have a clear written message sent to any large city in the United States?”  —Excerpt from a Western Union internal report in response to an offer from Alexander Graham Bell (inventor of […]

Get Better by Reading

Thoughts on Investment Process & Shareholder Letters to Read

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In the last week or so, I’ve written a couple posts on my investment process. One post discussed where I look for ideas and the tools I use, and the other briefly discussed my investment routine. Feel free to read those posts for more of my thoughts on my process, but here is a quick summary of the places I look on a daily/weekly/monthly basis for investment ideas: Value Line Wall Street Journal Investment Blogs Screeners New Low List Value […]