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On Selling

The Two Positions Buffett and Munger advocates buying into a great business at good (or even fair) price, then hold forever, so that they do not have to worry about when to sell and also get the benefits of not paying taxes on each sale, which works out to be significant over the long-run. Most … Continue reading

Investment Checklist

Recently Mohnish Pabrai started to share on a checklist that he has developed with 3 interns. They identified mistakes by great investors that resulted in a permanent loss of capital and analyzed why the mistakes occurred, including for commentary by the fund managers on these mistakes. I had developed a long checklist some time ago, … Continue reading

Position Sizing in Value Investing

Position sizing is something that can make the difference between whether you can be slaughtered by short-term fluctuations, or can stick around for the long run. This is tied very closely to diversification, the smaller the number of positions, the greater the ideas can make an impact on your portfolio, but the greater the volatility … Continue reading

Seth Klarman Interview with Jason Zweig

A very interesting interview by Jason Zweig with Seth Klarman in the Financial Analysts Journal (Volume 66, Number 5), September/October 2010, CFA Institute. Especially valuable I think are his thoughts on selling and holding periods. He also emphasizes the analytical approach to analysing investments using scenario analysis and the importance of tirelessly pulling threads. Key … Continue reading

Singapore’s Energy Policy and Combatting Debt Deflation

Just read an interesting news article on a speech made by Singapore’s Minister of Trade and Industry on setting Singapore’s energy policies to achieve cost competitiveness, energy security, and sustainability. Some interesting points: Regulatory measures need to account for the underlying economics and give certainty over the amount of carbon reduced. Putting a price on … Continue reading

Buffett’s Secret Millionaires Club

I started to watch some episodes of Buffett’s Secret Millionaires Club cartoon series for kids. Each episode is less than 5 minutes. Thought I’d note down some quotes from the show as I watch them: Episode 01 – Lemons to Lemonade – Business Location A retail business needs a good location to attract customers to … Continue reading

Book Review on The Holy Grail of Macroeconomics

Book Review on The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession by Richard C. Koo (Chief Economist of Nomura Research Institute, the research arm of Nomura Securities. Previously an economist with the Federal Reserve Bank of New York, and a Doctoral Fellow of the Board of Governors of the Federal Reserve System). Published … Continue reading

Bill Nygren of Oarkmark Funds’ Investment Methodology

William C. Nygren of Oakmark Funds shared his investment methodology in a chapter of a book “Investing under Fire: Winning Strategies from the Masters for Bulls, Bears, and the Bewildered” by Alan R. Ackerman. A stock needs to meet 3 criteria before Oakmark will consider buying it The stock must sell at less than 60% … Continue reading

Book Review on The Little Book of Bulletproof Investing

I have been meaning to read this book from quite some time ago, due to its very catchy title 🙂 This book is meant more for the general public, and not for seasoned investment professionals. Some key points: Fear drives the market Greed springs from fear, fear that we lose out or that we will … Continue reading

The All Weather Portfolio

Finally got down to writing a new post after having gone through a couple of websites and added some links (mainly economics links). Jason Zweig wrote about a fund, Permanent Portfolio (PRPFX), that grew from $50M to $7.6B in 3 years on the back of strong results (full article here). The fund was launched in … Continue reading

Book Review of Poor Charlie’s Almanack

This is an excellent book! Highly recommended. There’s some interesting and funny stuff about Charlie Munger that I didn’t know (especially Buffett’s story about Charlie in Pg. 49). Wrote some of the quotes below. Charlie’s quotes are those that are not attributed. I think I’m more of a Charlie Munger than a Warren Buffett. On … Continue reading

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