Former buyside analyst now running my own fund for accredited investors. If you find my articles balanced and interesting, feel free to reach out - always up for a conversation. Things to know:
1) I research a lot of companies, but invest in very few. My goal on SA is to provide analysis, particularly of small and underfollowed companies, that readers can use as a starting point for their own research. When you read my articles, please understand that I try to present a high-level look. It's up to the reader to determine if it's the sort of situation that is worth monitoring. Note that I usually try to err on the side of conservatism, so just because I'm not enthused by a particular investment candidate doesn't mean you shouldn't be.
2) I appreciate comments whether you agree with me or not - especially in cases where I might be wrong, I'd like to know why! If you happen to be a particular expert on a topic and are interested in discussing it further, please shoot me a direct message. I would love to chat. Or if, you know, you're just a lonely value investor who wants a friend. Jokes aside, I've made lots of great friends through SA and am always open to talking.
3) If you enjoy reading my work, in no particular order, you might also enjoy reading fellow SA authors Vince Martin, Stephen Simpson, Brendan Rose, Brian Grosso, Bumbershoot Holdings, Adib Motiwala, Jeremy Raper, Investing 501, and Ted Barac. Most of them have professional investment expertise and the ones who don't are equally insightful. Like Amazon recommendations, not all of these will be perfect, but if you're new to SA, it's as good a place as any to start!
All the usual disclaimers apply... articles are provided for entertainment purposes only, interpret everything as opinion rather than fact, do your own due diligence, this is not an offer to sell securities, forward looking statements are not made using a crystal ball, etc. Most importantly, I will reiterate that everything I write is an opinion; analyzing stocks is inherently subjective and two reasonable people can come to different conclusions.
This is a pseudonym. Started my career in structured finance, moved into corporate debt, and now equities. My investment style is focus on the fundamentals and figure out what the company is worth. Writing is a way for me to gather feedback and information, rather than convincing someone else to buy or sell. Please feel free to message me. thanks
Value investor focused on finding strong businesses with high ROIC and barriers to entry that generate strong FCF at all times during the business cycle, effective and shareholder-aligned management teams and low Street coverage that are trading at prices well below their intrinsic value. Typically look for misunderstood / special sits names that have a substantial margin of safety, preferably with a catalyst to realize true intrinsic value.
Favorite Quotes aka 'Bull Market Sanity Checks'
"It's only when the tide goes out that you learn who's been swimming naked." - Warren Buffett
“The stock market is filled with individuals who know the price of everything, but the value of nothing” - Phil Fisher
"It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities." - Charlie Munger
"Those who cannot remember the past are condemned to repeat it" - George Santayana
“If you want to shoot rare, fast-moving elephants, you should always carry a loaded gun." - Warren Buffett
"Doing what everyone else is doing at the moment, and therefore what you have an almost irresistible urge to do, is often the wrong thing to do at all." - Phil Fisher
“It is impossible to produce superior performance unless you do something different from the majority.” - John Templeton
"The single greatest edge an investor can have is a long-term orientation." - Seth Klarman
“In the short run, the market is a voting machine, but in the long run it is a weighing machine.” - Ben Graham
"In the world of investing, being correct about something isn't at all synonymous with being proved correct right away." - Howard Marks
"I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.” - Warren Buffett
“Bull markets are born on pessimism, grown on skepticism, mature on optimism and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” - John Templeton
"If it’s close, we don’t play.” - Ben Graham
“There can be considerable opportunity as the perception of value pivots from the balance sheet to the income statement.” - J. Carlo Cannell
"Money is made in the dark, not in the light of day. Rejoice in the gloom and fear and consider adding to your investment.” - J. Carlo Cannell
"Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world." - Charlie Munger
"To buy when others are despondently selling and to sell when others are euphorically buying takes the greatest courage, but provides the greatest profit." - John Templeton
"Just because you buy a stock and it goes up does not mean you are right. Just because you buy a stock and it goes down does not mean you are wrong." - Peter Lynch
"Individuals who cannot master their emotions are ill-suited to profit from the investment process." - Ben Graham
"It just seems logical that sticking to investing in only a small number of companies that you understand well, rather than moving down the list to your thirtieth or fiftieth favorite pick, would create a much greater potential to earn above-average investment returns." - Joel Greenblatt
"The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell." - Ben Graham
Favorite Books (abridged list):
"Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor" [out of print] - Seth Klarman
"Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports" - Howard Schilit
"The Intelligent Investor: The Definitive Book on Value Investing" - Benjamin Graham
"The Most Important Thing: Uncommon Sense for the Thoughtful Investor" - Howard Marks
"Value Investing: From Graham to Buffett And Beyond" - Bruce Greenwald
2010 CFA Level 2 - Book 2 "Financial Statement Analysis" ... just kidding.
I am a former private equity and venture capital attorney with many years of investment management experience as a sideline. I've recently retired from legal practice to concentrate on fund management on a full-time basis. I now manage separate accounts for a small group of high net-worth clients.
New to the investing world as previously our accounts were in mutual funds offered by employers. Attempting to carefully select strong dividend payers, entering on pullbacks to increase yield. Goal is to provide stable income in retirement. Also dedicating part of the portfolio to a few select closed end, high yield funds and strong growth companies to increase the portfolio size. Eventually, the high growth/yield investments will give way to steadier income producers down the road.
Really enjoy learning and have done so reading SA. Thanks, all!
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The Real Estate Stock Review is an Independent Investment Research Website and Newsletter featuring Stocks, ETFs and Mutual Funds in the Real Estate Sector. Real Estate Stock Reviews' Top Performing Real Estate Stock List is compiled by the Real Estate Stock Review, which is a collaboration between Institutional Analyst Inc. and Three Knights Capital, Inc. Each week, the Real Estate Stock Review issues a Top Performing Real Estate stock list, with percentages gained for varying time periods, along with a brief corporate description.
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