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Unconventional Capital Wisdom
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"Worldly wisdom teaches us that it is far better for reputation to fail conventionally than to succeed unconventionally." - John Maynard Keynes We are ok being lonely and taking an unconventional approach to investing, for that is where we find the greatest long-term success. Although... More
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  • Fifth Newsletter Available

    This installment goes over the things we look for when trying to analyze the quality of a management team as well as the importance of analyzing the quality of a business.

    Our in-depth analysis covers a micro-cap company that we deem to have a very high quality business operation that is likely to continue growing and outperforming the market. As Charlie Munger once said when trying to find quality companies "One method is what I'd call the method of finding them small and get 'em while they're little." We think this company could be a good example of getting it while it's little and we can purchase it for a fair price to boot.

    If you are interested in getting your hands on this newsletter, you can either contact us or click here.

    Aug 05 7:31 PM | Link | Comment!
  • Second Newsletter Available

    Based on demand we have reinstated our newsletter and have the next installment available. For those that are not familiar, our first newsletter dug into the business economics and moat around Platform Specialty Products. Although our investment ideas are for the long-term, since our original issue on February 13th, PAH's share price has increased 24% and the company annouced a significantly accretive acquisition.

    Our new issue goes over the following:

    Many of us succumb to habits that actually have a large effect on our investment process and lead to our long-term investment returns. These habits tend to not add value, but we continue to do them. We feel there has been little written on bad investment habits and how to modify them, so this newsletter focuses on how to identify and modify those useless habits. We also describe ways to apply discipline to our investment process to become better investors. These ideas can be applied to many other aspects of one's life which could improve your quality of life as well.

    Our in-depth company analysis digs into a foreign company that we consider as a hidden champion that has been slowly chugging away, year after year, keeping up with the changes, surviving and profiting. This company is the market leader of an industry that has been around for hundreds of years and is unlikely to change much in the next decade. The company is trading at a fair price while the overall industry is on the cusp of further growth. The company also benefits from an owner operator that has performed well over decades and has only the long-term in mind.

    If you are interested in getting your hands on this newsletter you can either contact us or click here.

    Disclosure: I am long PAH.

    Additional disclosure: Any company listed here or in the newsletter is not to be construed as a buy or sell or as investment advice. If you are interested in investment management services specific to your needs, then you should consult us or another investment advisor to help you with your needs. Please do your own due diligence.

    May 05 7:52 PM | Link | Comment!
  • Historic Annual Reports & Graham's Security Analysis #1

    I remember reading Graham & Dodd's Security Analysis years ago and learning a great deal from the book. My only gripe I had was not having access to the annual reports of the companies that Graham mentions in his examples. This isn't a negative against the book, but I knew I was not getting the full effect of the lessons he was teaching without having access to the reports he was referring to. I'm sure other investors who have read the book probably have felt the same way.

    Since I have found sources that do have some of these historic annual reports, I think it would be beneficial for us to check some of them out to add some color to the examples that Benjamin Graham brought up Securities Analysis.

    The first example I'd like to examine in Wright Aeronautical Corporation (now known as Curtiss-Wright CW) which Benjamin Graham made a mention of while making a point about analytical judgments on the stock market's behavior.

    He said:

    "Let us take an example from the field of common stocks. In 1922, prior to the boom in aviation securities, Wright Aeronautical Corporation stock was selling on the New York Stock Exchange at only $8, although it was paying a $1 dividend, had for some time been earning over $2 a share, and showed more than $8 per share in cash assets in the treasury. In this case analysis would readily have established that the intrinsic value of the issue was substantially above the market price."

    To read more click here.

    Apr 14 11:33 AM | Link | Comment!
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