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I had this book for a long time and it’s one of those books that I have been wanting to read because the concept sounds good just from the title. The full title of this book is “It’s Earnings That Count: Finding Stocks with Earnings Power for Long-Term Profits” by Hewitt Heiserman, Jr. The book … Continue reading
I always love reading books by Joel Greenblatt. His books are pretty short and concise which is how I like it, and his first book “You Can Be a Stock Market Genius Even if You’re Not Too Smart” is by far the best book on investments that I have read so far. His 2nd book on … Continue reading
I haven’t been writing new posts for quite some time, though I have been learning a lot during these past few months but have not found time to sit down to record my learnings. Regardless, I picked up this book recently by John Price, titled “The Conscious Investor: Profiting from the Timeless Value Approach”. This is … Continue reading
Just finished going through “Value Investing: Tools and Techniques for Intelligent Investment” by James Montier. Took me a long time and lots of sporadic reading to finish this book. This book, as its title suggests, is all about value investing. There are some books out there where the title is not really reflective of the … Continue reading
This is designed by an accounting professor Joseph Piotroski at University of Chicago to evaluate a company’s financial strength. A “F score” is calculated for each company/stock by starting with a score of 0, then adding 1 to the score for each of the 9 criteria met. A score of 9 is the best. Assumptions … Continue reading
In investing, you can always interpret something in two completely opposite ways. For example, a drop in the interest rate can be interpreted positively — lower cost of funds for businesses, or negatively — it will lead to inflation which will be bad for the economy. The fact is that the economy is an intricate … Continue reading
Heard about Kenneth L. Fisher pioneering the Price/Sales ratio a couple of times, so decided to pick up his book “Super Stocks” (Reissued Edition of the 1984 Investing Classic). This is an interesting book, in the camp of ‘growth stock investing’. I think there are growth companies, and there are growth stocks. Everyone wants to … Continue reading
“20/20 Money: See the Markets Clearly and Invest Better Than the Pros” is written by Michael J. Hanson (Fisher Investments Press). The book goes through a lot of theory on neuroscience, human behaviour, biology, etc. and tries to apply them to the investing. While these can be interesting, I would much rather get to the … Continue reading
Some notes on analysing banks from the interview with Brian Johnson (Australia’s #1 banking analyst and head of research at Ord Minnett) in the Super Analysts book. Banking Cycles Being a good bank analyst isn’t about stock picking, it’s the actual sector call. You become a good analyst when you become aware that there is … Continue reading
There are some good quotes from Mark Mobius in his interview in the Super Analysts book as follows. On Diversification Well, diversification really saved us, because it saved us from many of our mistakes. In this business, you are going to make mistakes, no matter how lucky or how smart you may be… For example, … Continue reading
This book “Warren Buffet and The Art of Stock Arbitrage: Proven Strategies for Arbitrage and Other Special Investment Situations” is written by the Mary Buffett & David Clark combination. Their Buffettology book was not bad, though it did not reach the popularity of Rule #1 by Phil Town (which came later and was similar to … Continue reading
Sir John Templeton’s 16 Rules for Investment Success If you begin with a prayer, you can think more clearly and make fewer mistakes. Outperforming the market is a difficult task. The challenge is not simply making better investment decisions than the average investor. The real challenge is making investment decisions that are better than those … Continue reading
This book “The Entrepreneurial Investor: The Art, Science, and Business of Value Investing” is written by Paul Orfalea, Lance Helfert, Atticus Lowe, and Dean Zatkowsky of West Coast Asset Management (WCAM). They are the co-founder, co-founder and President, Chief Investment Officer, and former Vice-President of Marketing at WCAM respsectively. In particular, Paul Orfalea is the … Continue reading
Just read some information about Francis Chou, a famous value investor in Canada who set up Chou Associates Management Inc. Path to Success Born in India, immigrated to Canada in 1976 with $200 and a high school diploma. Worked at Bell Canada for 7 years as a telephone repair man. Discovered Graham and Buffett in … Continue reading
This is a sequel to Phil Town’s first book: Rule #1. Both books are quite good in presenting a simple system for novice investors to pick stocks. The first book deals with the basic concepts of value investing, coupled with some technical analysis (MACD, Moving Averages, Stochastics) to determine entries and exits. It lacked some … Continue reading
I’ve always wanted to read “You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits” by Joel Greenblatt since I knew about the book some years back, yet have somehow never managed to do so. Well, I finally dug in and I’m glad that I did. This is an … Continue reading
Just finished reading Investing Against The Tide: Lessons from a Life Running Money by Anthony Bolton. Anthony Bolton spent almost his whole career managing money at Fidelity, notably he managed the Fidelity Special Situations fund from December 1979 to December 2007 and achieved achieved annualised growth of 19.5% over 28 years. This is a great … Continue reading
Great book. Develop an Investment Thesis for Every Stock You Own Be able to summarise in a few simple sentences why you own a particular company’s shares. Be able to list negative factors that might lead it to become a bad stock (i.e. the counter thesis), and know why you disagree with each of the … Continue reading
I picked up a book, Fooling Some of the People All of the Time, by David Einhorn who is the founder of Greenlight Capital. It is a story about how Greenlight Capital sold short Allied Capital’s shares, and about the multi-year fight among Allied Capital, Greenlight Capital, and the SEC. It is a case where … Continue reading
I read this book “Invest Like a Dealmaker” by Christopher Mayer some time ago. It is a book on value investing, and goes through the standard value investing concepts Think about the whole business, not just the stock price. Think about cash flow, not earnings. Use EV/EBITDA to get a snapshot on value. Think about … Continue reading
Journeys of a Bumbling Trader 