A Clean Room and 8 Year Projections

There is a huge element of “unknowns” in investing.  A business is a highly complex organism that is evolving and changing each day, not to mention that the environment and its competitors are doing the […]

The Golden Goose Squared

Last week, there were two great posts on the world wide web.  Legacy Moats vs. Reinvestment Moats by Connor Leonard as a guest post at Base Hit Investing and Young Money’s post about the Difficulty […]

Is There a Worm in Apple?

“I’m not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I’ve […]

Buffett and Market Forecasting

I enjoy the Reese’s Peanut Butter Eggs.  They are on sale during Easter as are other shapes on different holidays (christmas trees, etc).  Fortunately, I don’t care if I eat them before or after Easter, […]

2015 Annual Letter

A good marketing pitch book for an investment fund will have a clearly defined investment strategy.  Some sort of track record illustrating how this specific strategy has performed well in the past will also be […]

The Big Short: A Must Read/See

Get your popcorn ready, Michael Lewis’ The Big Short is coming to a Cinemark near you.  If you haven’t already read the book, do so.  If you can’t make it to the movie on opening […]

Turnarounds Seldom Turn

There are lots of reasons to follow a business, even if you have no plans to invest in the company.  Turnarounds often seem like a viable option for value investors because their valuations have fallen […]