I'm an individual investor heavily influenced by Warren Buffett and Charlie Munger. Munger's 1994 USC Business School Speech is something I think about a lot: ### Over the long term, it's hard for a stock to earn a much better return than the business which underlies it earns. If the business earns 6% on capital over 40 years and you hold it for that 40 years, you're not going to make much different than a 6% return—even if you originally buy it at a huge discount. Conversely, if a business earns 18% on capital over 20 or 30 years, even if you pay an expensive looking price, you'll end up with a fine result. ... Another very simple effect I very seldom see discussed either by investment managers or anybody else is the effect of taxes. If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at the very end, the way that works out is that after taxes, you keep 13.3% per annum. In contrast, if you bought the same investment, but had to pay taxes every year of 35% out of the 15% that you earned, then your return would be 15% minus 35% of 15%—or only 9.75% per year compounded. So the difference there is over 3.5%. And what 3.5% does to the numbers over long holding periods like 30 years is truly eye-opening. If you sit back for long, long stretches in great companies, you can get a huge edge from nothing but the way that income taxes work. ### Feel free to follow me on Google Plus: https://plus.google.com/115463998897129479026/posts
Long only, usually with 5+ year hold expectations. "Measure twice, cut once." Mostly equities, though some distressed debt. Attracted to perceived deep value, or very out of favor investments.
As of 2017: Overweight in publicly traded partnerships due to perception they trade at a discount due to tax complexity and the fact that I loaded the boat with MLPs when they crashed in early 2016. Own some of the alternative asset manager LPs like Blackstone and KKR. Now that I own these partnerships, they truly have a forever holding period for me, so hope I picked wisely.
Also overweight in diversified shipping stocks.
Starting to get attracted to solar survivors and beaten down big pharma. Hoping the cheap stuff gets cheaper in 2017.
30+ years of investing experience. Conservative equities investor with a top down investment approach. I look for:
* growth at a reasonable price with a focus on dividend paying companies that consistently raise their payouts.
* companies trading at or below fair value with strong fundamentals
I am NOT chasing yield!
I invite you to visit my blog at:
I am a Special Situations/Value Investor, I invest in Relative value arbitrage situations, Bankrupt and Distressed situations, I have 20 years Experience as a bankruptcy/ legal consultant, Financial/ White Collar Fraud Investigator.
Best investments include (GGP) General Growth Properties (HPY) Heartland Payment Systems (WMIH) Washington Mutual Inc. (NFLX) Netflix. I am currently Long Fannie Mae (FNMA) (FNMAS) (FNAMT) Sears Holdings Inc. (SHLD) Sears Holdings Inc/Warrants (SHLD.WS) Sears Canada (SRSC) Pershing Square (PSHZ) Fairholme Funds (FAIRX) I am short Herbalife (HLF)
Long term value seeking stocks to hold forever. I pay attention to fundamentals only, and do not engage in technical analysis. I trade infrequently, and trade only domestic stocks - no options, no bonds, no shorts, etc. Manage portfolio for myself and a few others. I try to identify stocks that are likely to perform reasonably well in what may be a very difficult economic climate.
I have spent 20 years in and around the capital markets. I began my professional life as an attorney, and then spent a number of years as a senior corporate executive. Eventually I decided to concentrate all of my time on investing hobby. I have now spent 10 years managing my own money full-time as well as managing money for friends and family.
My succinct investment philosophy -- identify mispriced securities, buy cheap quality, and short overpriced mediocrity.