I recently re-read one of Charlie Munger speeches from 1986 to students of the Harvard Westlake business school. In the speech, Munger laid out his rules for living a miserable life, in an attempt to
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A Case Study Of Why Warren Buffett Bought Disney In 1966
A few weeks ago I wrote an article for GuruFocus outlining one of Warren Buffett’s biggest mistakes of all time; selling Disney. Buffett first noticed Disney back in 1966. The company at the time was
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Hidden Value Stocks
I’ve not been able to post on this blog recently because I’ve been working flat out on a new business venture with my partner called Hidden Value Stocks. This is a stock newsletter focused on small,
Continue ReadingSeth Klarman: Approach Investing With a “Strict Standard of Risk Avoidance”
Investing is hard. To be able to outperform the market consistently, you need to be able to predict the future. Unfortunately, predicting the future is impossible. So, investing is a game of probabilities. Estimating the
Continue ReadingWarren Buffett Lectures From 1991: What Makes A Good Business
Below are notes taken across three lectures by Warren Buffett to the Notre Dame Faculty in 1991 on the topic of pricing power, and what makes a good business. The first set of notes is a
Continue ReadingUsing The Kelly Criterion In Investing
The Kelly Criterion is a tool you can use to help decide how much weight you should give each position in a portfolio. Invented by John Kelly, who was originally employed at Bell Labs, the
Continue ReadingLosing It All Pt.2
In this series, I’m looking at some of the biggest investing mistakes of all time and how they transformed the investment strategies of those who made them. Part one looked at Carl Icahn’s biggest failure
Continue ReadingIs The Illiquidity Premium Worth It?
Alternative investments, such as private equity and private debt, generally require investors to commit funds for a specified lockup period. The lack of liquidity is usually compensated for with the illiquidity premium, which provides compensation
Continue ReadingIncome Investing With Low Payout Ratios
Dividends are the bread and butter of investing. If you don’t have dividend stocks in your portfolio, you’re holding yourself back. According to credit rating agency Standard and Poor’s, over the last 80 years dividends have
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The Simple Guide To Boring Money
Money might seem daunting at first, but it does not have to be. Managing your money, saving, planning a budget, organising a pension scheme and making sure you don’t get yourself into money trouble is
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