Aktie$man

Intro and Chapter 1 "By far the best book on investing ever written" --Warren E. Buffett This is the quote of the front cover of the book, written by Benjamin Graham (born as Grossbaum in London). According to Warren Buffett , this is the best book on investing (especially if you follow the behavioral and business principles that Graham advocates in the book and if you pay special attention to the advice in Chapter 8 and 20)! Jason Zweig summarizes well in his note at the beginning of the book Graham's core principles : You are part owner of an actual business, not just owner of a stock The market is a pendulum, swinging from totally optimistic to totally pessimistic.  Optimistic market = Stocks expensive Pessimistic market = Stock cheap  The higher the price you pay, the lower your return will be. Shop only on discount! To minimize risk and your odds of being wrong, insist on a margin-of-safety Don't get carried away with your emotions, be

Francis Chou, his story and his approach 1979, Francis came along a copy of The Intelligent Investor by Benjamin Graham. Once he read it, he was sold into the world of value-investing and hunted for articles and other books on the subject. What he found out after a while is, to be successful in investing you need a good basic framework on making investing decisions. One of his pillars in his framework is to buy on discount and by that, beat the market - that is the easy part - especially when he started. One way to find bargains are Graham's Net-Net Working Capital , which is Current Assets minus Current Liabilities and all long-term Liabilities as well, including preferred shares ! In the year of 1991, they were plenty of those! And it worked out for him! (---I just ran a screen on companies with a market cap > $250 million on the 3 major US exchange excluding financial companies and I got that 0.4% or 11 companies out of around 4000 companies were Nets

Analysis and valuation Skechers USA Inc. (Ticker: SKX ) Skechers USA, Inc. (SKX)  is an American lifestyle and performance footwear company. Headquartered in  Manhattan Beach ,  California , the brand was founded in 1992 and is now the third-largest athletic footwear brand in the Unite d States. Products offered include various styles of women's shoes, men's shoes, girls&boys shoes, performance shoes, and work shoes.  Allied products offered are apparel, bags, eyewear, toys and more. -Its products are available for sales at department and specialty stores, athletic and independent retailers, boutique and internet retailers. Company Profile Headquarters Manhattan Beach, CA, USA Industry Footwear & Accessories Sector Consumer Cyclical Market Cap (18th April 2020) 4.169 Million USD Employees 13100 Founded 1992 FY2019 Revenue 5.220 Million USD FY 2019 Operating Income (EBIT) 517 Million USD SKX presents itself as " Consumer Driven, Pro

Thomas Russo presenting his investment case - Weetabix Thomas Russo Investing Rules Thomas Russo was very early on investing not only in American headquartered businesses but as well in abroad companies. While he was studying Business & Law at Stanford, he was listening to a lesson from Warren Buffet in 1982! That was where his journey started and now his investment approached is build on some of Buffett's (or Grahams's) principles His "Global Value" Equity Investing approach is as followed: Value Investing - 50  Cent Dollar Bills Capacity to Reinvest - Global brands, population growth, Reinvest the right amount Capacity to Suffer - Long-term over short-term, family-controlled, long runways Invest for Longterm - Concentrate, few great ideas - tax efficiency Ability to do nothing - Sit on your ass The Weetabix (Uneatable British Sponge" as he calls it) investment goes under the "Capacity to Suffer" approach Familly-

From an interview from 2009 Ivey Investing Class with Seth Klarman Baupost 3 main principles Principle 1: Focus on Risk before Return To focus on multiple scenarios, what can go wrong, how much can I loose  Risk is not Beta (as taught in academics), it makes no sense. Volatility is not risk, volatility creates opportunities. Risk is the probability of losing and how much you can loose   Wallstreet wites more bullish than bearish, but when they do think about other scenarios, they to oversimplify, i.e. single point estimate instead of a range of possible outcomes  Principle 2:  Focus on absolute returns, not relative The world is oriented to relative performance, giant weakness that all the big mutual funds are focus on competing against each other, e.g. relative number focus -> market is up 20%, "our" fund is up 21%. If you perform well or if you avoid the bottom quartile of all performers or if you are in the top half, you almost never get fir

"I am an eager reader of whatever Phil has to say, and I recommend him to you." ---Warren Buffett This post will be about a topic I got stuck on while reading Philip Fisher's Common Stocks and Uncommon Profits.   The book is great and elevates your thought process.  In the third chapter What to buy: The Fifteen Points to Look for in a Common Stock  under Point 3. How effective are the company's research and development efforts in relation to its size?  I got hung up on what I am used to in business, where we daily have these measures and KPIs versus how investors value the effort of Research & Development (R&D)! The most common measure of judgment is of course how much a company invest yearly (or last 5 years) in R&D in total, R&D as of total Sales (especially compared to the competition) and how the trend is developing during a longer period (of course this probably depends on how long the Time-To-Market is, i.e. from Idea (or Design)