Abstract Moats, economic goodwill, incremental earnings, simplicity and skilled managers are the factors Warren Buffett is looking for when he […]
Book Summary
Posted on:
Book Summary of A Random Walk Down Wall Street
Abstract The author illuminates why the academics’ view on the stock markets is nonsense. He then presents the thesis behind […]
Book Summary
Posted on:
Book Summary of Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger
Abstract Charlie Munger taught Warren Buffett that some businesses are worth paying a premium for, hence causing Warren to seize […]
Book Summary
Posted on:
Book Summary of Liar’s Poker
Abstract Liar’s Poker is game that was prevalent on Wall Street in the 70s and 80s. In a five-man game, each […]
Book Summary
Posted on:
Book Summary of The Everything Store: Can Amazon’s sky-high fundamentals be justified?
Abstract How can a business with a measly 1.2% margin and a mere average return on equity of 9%, which […]
Book Summary
Posted on:
Book Summary of Thinking, Fast and Slow
Abstract Taking a point of departure in an incompetent portfolio manager’s decision to pour millions of dollars into the Ford […]
Book Summary
Posted on:
Book Summary of Against the Gods: The Remarkable Story of Risk
Abstract Risk is the subject of discussion in this blog post. Namely, the concepts that constitute risk are outlined: utility, probability, deviations. In […]
Reflections
Posted on:
Lessons from 20 value investing books, part III: The hunt
Abstract This blog post is the final in a series that attempts to distill the key take-aways from 20 value […]
Reflections
Posted on:
Lessons from 20 value investing books, part II: The methodology
Abstract This blog post is the second of three in a series that attempts to distill the key take-aways from […]
Stock Analysis
Posted on:
Foot Locker (FL): 60% down, time to strike?
A wise man once told me: “Never recommend a stock to anyone. You’re bound to loose. If it rises, they’re […]
Reflections
Posted on:
How much is LEGO worth? A discounted cash flow experiment
Abstract 150,314,660,000 DKK. 150 billion Danish krone, or $23,8 billion. That’s the present value of LEGO’s estimated future free cash flows, and thus my […]
Reflections
Posted on:
Lessons from 20 value investing books, part I: The mindset
Abstract This blog post is the first of three in a series that attempts to distill the key take-aways from […]
Book Summary
Posted on:
Book Summary of Beating the Street
Abstract A bunch of seventh graders outperformed the market by more than 40% by simply picking the stocks they liked, […]
Book Summary
Posted on:
Book Summary of The Manual of Ideas: The Proven Framework for Finding the Best Value Investments
Abstract John Mihaljevic presents 9 distinct types of value investment ideas, and how to screen for them: 1) deep value, […]
Stock Analysis
Posted on:
Rowan Companies (RDC): A flower in the desert?
A wise man once told me: “Never recommend a stock to anyone. You’re bound to loose. If it rises, they’re […]
Book Summary
Posted on:
Book Summary of Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor
Abstract Seth Klarman explains that one’s investment goals should take a point of departure in risk aversion. Forget a percentage-based […]
Book Summary
Posted on:
Book Summary of Contrarian Investment Strategies: The Next Generation
Abstract The author, David Dreman, refers to a SEC report to prove that the “experts” do one thing perfectly: they buy and […]
Book Summary
Posted on:
Book Summary of Value Investing: From Graham to Buffett and Beyond
Abstract According to the authors of Value Investing, the execution of a Discounted Cash Flow (DCF) analysis is a “heroic […]