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Investing 501
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We have over 60 years of investment analysis experience. We have published investment research from the perspective of the buy side and the sell side. Our work has been used by institutions managing over $1 trillion in aggregate. We have published reports from both the long and short perspective... More
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  • Too Many Investors And Contributors On SA Make This Basic Mistake.

    This is an exerpt from Steven Romick's latest FPA Crescent Fund letter:


    Charles Kettering once said, "There is a great difference between knowing and understanding: You can know a lot about something and not really understand it." It's easy to know a lot of facts about a business but we really seek an understanding of the metrics that will determine a company's success or failure. We firmly believe that if we understand a business first and then invest when its price becomes attractive, we will perform well over time.

    Tags: SPY
    Jan 29 4:34 PM | Link | Comment!
  • Reading 10Ks

    I spend a lot of time reading 10Ks and 10Qs. I like to read several competitors at the same time. Gives me a better feel for their business models and their strengths and weaknesses. Beats sitting around watching CNBC or Bloomberg or looking at quotes all day or even looking at Seeking Alpha...

    Found this tidbit..

    "Some of our employees may have been motivated to work for us by an expectation that our Class A common stock would be trading at a higher value and may be less motivated by the equity compensation they receive as a result. Competitors may leverage any resulting disappointment as a tool to recruit talented employees."

    Apr 11 4:58 PM | Link | 3 Comments
  • What Are You Hoping To Gain By Checking That Stock Price Right Now?

    "Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas." - Paul Samuelson

    Apr 10 10:57 AM | Link | Comment!
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  • $SPY "Value investing is at its core the marriage of a contrarian streak and a calculator." Seth Klarman
    6 days ago
  • More from MM.. The very factor that causes market inefficiency--correlated beliefs--makes exploiting that inefficiency difficult.
    6 days ago
  • Cont. Use Mr. Market's prices for information but don't be influenced by them. Asch and Berns tell us that this is hard to do.
    6 days ago
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