General Thoughts

Thoughts on Ted Weschler’s Largest Holding and Excellent Long Term Results

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“I found that the entire fund industry worked a certain way, and that their results reflected the mediocre way in which they operated.” – Mohnish Pabrai, recalling an important discovery he made at the outset of his investment career I’ve mentioned before that I keep a list of investors who I’ve studied that have achieved long term returns (over a decade or preferably longer) of 20-30%+ annual returns. It’s a relatively small list, but it is larger than you might […]

Mohnish Pabrai

Mohnish Pabrai-Another Good Lecture

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A couple weeks back I wrote some notes I took from a lecture that Mohnish Pabrai gave at Columbia University. I highly recommend checking out the video of that lecture. In my opinion, it was the best lecture that I’ve heard from Pabrai, and he’s had some very good ones. This week I noticed a post on Value Walk linking to another lecture that Pabrai gave at the India School of Business. I listened to the three part lecture yesterday and […]

Investment Philosophy

Mason Hawkins of Southeastern Asset Management at Ivey Business School

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I spent a lot of time in the car over the past few days. While I drive, I often spend time listening to videos or talks that investors or fund managers give. I bookmark these videos in a file, as many of them are 30-60 minutes or more, and I often don’t have the time to listen to them. But riding in the car allows me to catch up on these, and I enjoy it. One of the best places […]

Investment Philosophy

James East of Mercertus Capital on How He Achieved Big Returns

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One of the things I’ve discussed a lot on this blog is the investment process. Another thing I’ve discussed is some ideas I have on how to achieve significant results. As I’ve mentioned before, one of my favorite quotes is from John Templeton “If you want to have a better performance than the crowd, you must do things differently from the crowd.” I think that although the concept of being a contrarian is very familiar with most investors, it is […]

Investment Philosophy

Walter Schloss 1973 Forbes Article & Two Ways to Outperform the Market

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I just read an old Forbes piece on Walter Schloss: Making money out of junk. As many regular readers know, Schloss is one of my all time favorite investors. Read more about Schloss on my resource page and also check the Walter Schloss category. He made 21% per year for 47 years, investing in a simple, methodical, low stress manner working 9-4:30 with no other employees or assistants other than his son Edwin. Here are some key takeaways from the […]

Investment Philosophy

Steven Romick Interview

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Steven Romick is an outstanding investor with a long history of beating the market in the FPA Crescent Fund. Romick is an absolute value investor with a broad investment mandate. He invests in a variety of asset classes including stocks and bonds, but also alternative assets such as farmland and real estate. Romick is a smart guy, and you can learn a lot by reading his letters and watching his interviews. He’s different from most value investors because he willing […]

Investment Philosophy

Markel’s Tom Gayner Has 4 Main Investment Principles

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I’ve been doing some research this week on insurance as there are a number of stocks in this industry on my watchlist. Yesterday I went through the Value Line list of life insurers, many of which are selling well below book value. I’ll be taking a look at a few of these in more detail soon. Of course, insurance is a business that Warren Buffett has used as a foundation at Berkshire to build his investment fortune. But there is […]

Motivational

Who is Walter Schloss?

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Everybody has heard of Buffett. Every value investor knows Graham. But Walter Schloss is a man that for most of his life, despite putting up one of the all time great track records, spent most of his life under the radar. I suspect he liked it that way. Many value investors have extensively studied Schloss and his methods, but there are still many who have not heard of him, or haven’t read much about him. Schloss passed away last year […]

Superinvestors

99-Year Old Irving Kahn Discusses His Investment Philosophy

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“I’m at the stage in life where I get a lot of pleasure out of finding a cheap stock.” -107 year old Irving Kahn A couple weeks ago I wrote an article summarizing a video on Walter Schloss, who was 92 years old at the time the video was recorded. This video was one among many at the Richard Ivey School of Business in Toronto, one of the only business schools that teach value investing. I highly recommend checking out […]

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 […]