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.
I have one rule when it comes to investing: think ahead. There’s more to that than “it’s gonna go up!” What’s the primary force moving it up? What change in conditions would warrant a change of opinion? And as always, if things don’t pan out as you think they might, what are you going to do?
If you look at the world as a function of past choices, then you can understand the future as a function of present choices. As long as we continue to think the same, in both the philosophical and psychological sense, then we can analyze what has happened and why it’s happened to see what will happen, and why it will happen.
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.
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Founder, CEO and managing director of Vailshire Capital Management, LLC, in Colorado Springs. Managing director of Vailshire Partners, LP: a healthcare and technology-focused low fee hedge fund. Transitioned in 2015 from full- to part-time medicine as a Diagnostic and Interventional Radiologist in Colorado Springs, CO. Currently a full-time investment professional, managing the flagship hedge fund and separately-managed accounts via Vailshire Capital Management. For inquiries, please use my personal email: email@example.com
Over 35 years of investing in individual stocks. Extensive business experience with small to mid-size companies, including as CEO. Many hundreds of blog posts on financial and economic matters since 2008. Focus on value with catalysts for upside price action; and biotech. Background as a physician and pharmaceutical inventor and entrepreneur.
We consider ourselves to be true value investors. Favorite treatise on investing include all Warren Buffett biographies, "Security Analysis" by Graham/Dodd, "the Intelligent Investor" by Graham, "Margin of Safety" by Klarman. Weekly reader of Grant's Interest Rate Observer.
I'm a retired individual investor. I retired at the end of 2013 after a 35 year career as a professor and research scientist at a major research university. So -- a career as a researcher and an educator, which is what I'd like to do here. Virtually every good teacher I've ever known says some version of "I learn more from teaching than my students do." There's a lot of truth in that, enough that there's an underlying selfish motivation for my writing here as I continue to learn about investing.
My professional life involved multiple international projects and collaborations, so I traveled extensively over those 35 years. I still will be doing so in my retirement. One consequence is that I'm liable to disappear from the site for extended periods. How can you miss me if I don't go away?
My investing priorities are building and refining portfolios designed to provide income and capital growth: Income for my retirement needs, and capital growth for my estate. My investing interests are tax-advantaged income from a range of sources, portfolio strategies, information- and bio-technology, and strategic allocation.
Why I Write for Seeking Alpha: I learned long ago that "writing is nature's way of letting you know how sloppy your thinking is." The line comes from a Guindon comic strip of many years ago. As an academic scientist I routinely published my research results. It's how I spent my working career, so it comes more or less naturally to me. It forces me to think about details I might otherwise overlook.Like all academics, I consider it an essential part of doing research. So, the writing I do here is as much for myself as for the reader. It also opens me to feedback from others who may draw quite different conclusions.
As a research scientist I spent a career spanning four decades devoted to free exchange of information vetted by rigorous peer review. It's a concept I firmly believe in. So, I encourage and appreciate thoughtful comments, especially from those who disagree with me (although I will ignore obvious trolls and encourage others to do so as well).
My Investment Philosophies and Strategies: I maintain two portfolios: one for income and one for growth. As I have reached the age where I have to take mandatory withdrawals from my IRAs,I have transitioned my taxable brokerage account to a nearly pure growth focus along with a large holding in tax-free municipal-bond CEFs. My goal for the IRA is to generate income to meet MRD levels. The remainder is held in a fairly defensive growth portfolio. I've reached a point where I'm more concerned about drawdowns than I am about beating the market.
Who Is Left Banker? Ah yes, the name. When I first joined Seeking Alpha I had no intention of being anything but an occasional reader. I saw it as another research site. So, I just ported a name I've used on other sites. I spent some of the best times of my life living on the left bank of the Seine and am always thrilled to be back in La Belle Paris. Add that I also like it because I find several word plays there; I'll leave it to you to decipher that comment.
Finally, I've chosen to remain anonymous, which I feel obligated to address. First, I have no professional role in finance and nothing to sell, so there is no advantage to be gained by "making a name for myself' here. Second, I value my privacy and have kept my internet presence as low-key as my professional life allowed. But I do have a professional on-line presence which I'd prefer not to mix with my Seeking Alpha persona. I certainly want to avoid any possibility of some internet connection trying to track me down. Odds against that happening are, of course, outrageously long, but why take them on at all?
Disclosures: I have no ties to the financial or security industries in any form. My interests are strictly personal. The banker part of the nym has absolutely no relationship to the profession of the same name. Readers should be aware that I am an investing novice, some might say dilettante, but when I write about something here, it's something that I have a personal financial stake in (perhaps a negative stake in that I'll tell you why I rejected it). I do not give advice; what I publish is much more in line with my research notebook. Anyone who finds anything of interest will necessarily want to do his or her complete research and due diligence. It would be foolish to rely on my conclusions without having done so.
I am an event-based investor focusing on opportunities with hard or predictable catalysts - particularly companies undergoing demergers or mergers, or otherwise able to manufacture high-probability growth due to some quirk of corporate structure, capital structure, accretive share issuance, growth via acquisition pipeline, competitive advantage/reinvestment, or other high-probability mechanism.
I am always on the look-out - especially in context of the opportunities mentioned above - for supply and demand imbalances: forced or uneconomic sellers, predicable (exploitable) behavioral trends, or unusual securities that can't be held by many industry players. Any ideas or thoughts would be appreciated.
Dane Capital Management is a private investment management company, open to institutions and accredited investors, that focuses on value and special situations investments.
Value investor running a long-only partnership/SMAs, as well as a Marketplace subscription for objective buyside research. Pseudonymous to protect my IR access but I’m always up for a conversation with anyone interested in value investing or mental models. I also collaborate with a few well-known hedge fund managers and am open to swapping notes if we're looking at similar names.
My Marketplace subscription service, called “Outsourced Analyst,” provides small-mid-sized funds, family offices, or high-net-worth investors the workflow of an analyst for a hundredth of the price. I write objective coverage of high-quality, underfollowed small-caps that I'm working on / following. Subscribers also have early (sometimes exclusive) access to writeups of some of my best ideas like those I've posted on LQDT, CRAI, FC, LGIH, BOOM, CSWI, and so on. Bonus material is thought pieces - I place a lot of emphasis on learning and getting better - so if/when I make mistakes, I'll write up postmortems with what I learned, and maybe they'll help you as well... Membership will be limited to the first 250 subscribers.
Seeking Alpha T&C requires me to disclose that I'm a registered investment advisor; regulations require me to reiterate that nothing I say is investment advice - it's just my Monday-morning-quarterback opinion for your entertainment and amusement. Always do your own due diligence, consider your own financial position, and consult your preferred financial professional before making any investment decision.
I'm a young private investor. I prefer concentrated bets on small, quality businesses. I'm a strategic generalist, tactical specialist; I scan broadly looking for quirky things to become obsessed with for awhile, to accumulate clusters of competence in neglected niches. I'll place on my watch-list most anything that is predictable enough to value accurately, and wait for the right price. My idea horizons, which used to be ~1 year, seem to be lengthening.
My current top holdings are FN, KTCC, AGM, NVMI, EMAN, SILC, and SLP.
I am interested in researching and writing unique articles that combine politics and finance. With a background in Political Science and Economics, I often look at the impact regulations have on the bottom line. I generally take a short perspective when looking at companies.
Too many companies get away with lying to investors and the public. I hope that my articles can shine some light on the misstatements made by various management teams and add to improved corporate governance in this country.
Hi everyone, my name is Khen Elazar and I am a 27 years old. I am investing in the stock market since I was 17 years old. I did it with the help and guidance of my father who is an investment adviser. I used to invest in value and growth stocks, and in Israeli junk bonds. Over the past two years, I have been investing mainly in dividend growth stocks. I also enjoy reading and study new things. I am a political junkie and sport enthusiast, mainly soccer and NBA.
Full-time investor. Formerly buy-side credit analyst (2yrs) covering Japanese + Asian companies. Before that, I was a cross asset derivatives salesperson at a large bulge-bracket firm, based in Tokyo (4yrs). I use Seeking Alpha to clarify and synthesize my investment thought process and to elicit feedback on my theses; additionally I like to connect with other investors and swap ideas.
You can read my finance-related blog at rapercapital.com (less organized than Seeking Alpha writeups, more my random musings on various finance-related topics).
Going forward I will try to tweet my investment-related thoughts/updates to articles/etc. You can follow me on Twitter, my handle is @puppyeh1
Always looking for new ideas across the board. Happy to exchange ideas/share thoughts/swap notes, feel free to private message me. I currently live in Singapore.
RH Analytics specializes in deep-dive fundamental research on companies and sectors. We focus on topics where we believe there is a disconnect between current perceptions of the investment opportunity and the underlying reality. Our work dispels the myth and illuminates the reality.
Mr. Axler is the Founder and Chief Investment Officer of Spruce Point Capital Management, an activist hedge fund manager. Mr. Axler also co-founded Prescience Point Research Group (2012-2014). Mr. Axler specializes in activist short-selling, forensic financial research, and has exposed over $1.0 billion of alleged listed frauds on Nasdaq and the NYSE. Prior to founding his company in 2009, Mr. Axler spent eight years as an investment banker with Credit Suisse and Barclays Capital where he structured and executed billions of dollars of financing, derivative risk management, and M&A deals for leading Fortune 500 clients.
Mr. Axler is a contributing writer to Seeking Alpha, has been profiled in Barrons, and in the book "The Happiness Advantage: The Seven Principles of Positive Psychology That Fuel Success and Performance at Work." Mr. Axler's short research has been profiled by the National Bureau of Economic Research (NBER) in an analysis entitled "How Constraining Are Limits to Arbitrage? Evidence from a Recent Financial Innovation," and shown to produce superior investment returns. In addition, according to a research study from Sumzero analyzing 12,000 analysts recommendations since 2009, Mr. Axler ranked #1 globally for idea performance. A recent analysis by Sentieo ranked Mr. Axler's @sprucepointcap profile the 13th most influential financial blogger on Twitter.
Mr. Axler graduated from Yale University with a masters degree in Statistics, and received both a Bachelor of Arts degree in Statistics and a Bachelor of Science in Marketing and Business Administration from Rutgers College, where he graduated with Summa Cum Laude and Phi Beta Kappa honors.
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Kerrisdale Capital is a private investment manager that focuses on value and special situations investments. We manage investment partnerships and separately managed accounts.