Category : Invest

10 Lessons Learned from Interviewing MicroCap CEOs

No one in their right mind would ever actually set out to interview hundreds of CEOs, but as a co-manager of a hedge fund that invested hundreds of millions of dollars in more than 500 micro-and smallcap financings, it was part of the proverbial job description.  Here are 10 important lessons learned. 1)    Preparation –

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Basic Investing Strategies – How to Invest

Learning how to invest your money is one of the most important lessons in life. You don’t need to be college educated to start investing, in fact, you don’t even need to be a high school graduate. You just need to have a basic understanding of business and have the confidence to make a plan

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The New Rules for Value Investors – Jeremy Grantham

The past few years haven’t been kind to value investors like Jeremy Grantham, founder of money manager GMO (Grantham Mayo Van Otterloo), who rose to fame after calling the stock market crash of 2000. He says the mean reversion principles that accurately guided investors from 1935 until about 2000 have been circumvented since then. What

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Best Practices for Investment Committees

Many advisors that have broken away from the big wirehouses and banks typically relied on, and were guided by, their firm’s economists, strategists and research departments. But these independent advisors now have the opportunity to establish their own investment committees. “We established our investment committee in order to hold ourselves accountable to an investment discipline

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Investing By Going Against the Grain – Whitney Tilson

If you were a serious baseball player, would you make it a point to read The Science of Hitting by Ted Williams (the last man to bat .400) and other books by history’s greatest hitters? Of course you would, in the hopes of maximizing your chances of repeating their successes — and avoiding their mistakes.

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Lines in the Sand – Howard Marks Memo to Oaktree Clients

In my 2016 year-end review, which went only to clients, I included a discussion of the use of subscription lines by closed-end funds in areas such as private equity, real estate, distressed debt and private credit.  It’s my impression that their use has become fairly pervasive in recent years, and in response to clients’ requests

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How Should We Read Investor Letters

In 1926, Benjamin Graham, a professional investor in his early thirties, was working in the Washington, D.C., record room of the Interstate Commerce Commission when he came across something he considered “treasure.” It appeared in the prosaic form of a twenty-page document detailing the financial condition of Northern Pipeline, one of eight pipeline companies established

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How to Guarantee a Life of Misery – Charlie Munger

Even 30 years ago, Munger was already famous as the partner of another investing legend — the one and only Warren Buffett. Today, Munger is worth well over $1 billion. With his trademark down-to-earth wisdom and biting wit, his speeches and writing have gone on to inspire thousands of thinkers in the investing world and beyond. Munger’s

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How Moats Make a Difference – Intrinsic Investing

In our writing here we’ve made clear the the single most important element of our investment approach is focusing on companies that have a wide competitive moat. Usually when people talk about different kinds of moats, they are referring to the elements of the business model that give rise to the company’s competitive advantages. These

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The 3 investing questions retirees need to ask

Managing your investment portfolio in retirement can be tricky. Investors need to balance income generation with risk and capital preservation. Getting the balance wrong means you could run out of money. When trying to make your money last in retirement, every penny counts. And you can lose a lot of those pennies in surprising places.

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