The Abominable No-Man and Bad Management

Some investors think a business is good, but know that management is bad.  These investors justify the investment based on the idea that the great price of the business is worth the bad management. This is akin to marrying a supermodel who is going to yell at you all day.  Whatever pleasure your eyes may derive from the marriage, your ears will endure a greater amount of pain in the long run. The pocketbooks of those partnering with bad management are likely to see a similar 50%+ decline in their net worth.

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Why Write?

Bird by Bird is, in my opinion, a poor book with an excellent chapter on First Drafts, namely “Terrible First Drafts.”* I quote below: Now,

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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

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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

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