Zero Moat, Dying Industry, Anemic Business Model; Creates A Favorable Stock Price for New York & Co (NWY)

May 29, 2017 | Read Now

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James Montier on The Trinity of Risk

May 26, 2017 | Read Now

What You’ll Learn
– Montier’s definition of the trinity of risk
– What Montier identifies as the 3 primary sources of danger
– Exploring each risk element
Despite risk appearing to be one of finance’s favourite four-letter word, it remains finance’s most misunderstood concept. Risk isn’t a number, it is a concept or a notion. From my perspective, risk equates to what Ben Graham called a ‘permanent loss of capital’.

c score

The C-Score: How to Find Short Candidates

May 23, 2017 | Read Now

What You’ll Learn
– What is the C-Score and does it work?
– Who is cooking the books?
– How is the C-Score computed

In good times, few focus on such ‘mundane’ issues as earnings quality and footnotes. However, this lack of attention to ‘detail’ tends to come back and bite investors during bad times…

patient investors

Deep Value Opportunity for Patient Investors

May 22, 2017 | Read Now

What You’ll Learn
– History and business of Pendrell
– Quick valuation target
– My reason for buying Pendrell

I’m starting with a warning.

Illiquid, closely held, de-registration (suspending SEC reporting), susceptible towards an unfriendly shareholder environment. The negatives are significant and is only suitable for patient long term investors.

But I’m embracing the words of Mohnish Pabrai’s, “Heads I Win, Tails I Don’t Lose Much”.

4 Books Warren Buffett Treasures

May 18, 2017 | Read Now

What You’ll Learn
– Why Warren Buffett loves these books
– Buffett’s road map to investing
– Ben and Dave’s teaching techniques

“My intellectual odyssey ended, however, when I met Ben and Dave, first through their writings and then in person. They laid out a roadmap for investing that I have now been following for 57 years. There’s been no reason to look for another.”—Warren Buffett

Old School Curated Links and News (May 16th Edition)

May 16, 2017 | Read Now

In case you haven’t noticed, I’ve been publishing more content on Old School Value. There are great blogs and authors that I am happy to share. You’ll continue to see more from these authors as well as my own articles.

During the weekend, I went and purchased a cigar butt.

How to Mature as an Investor

May 14, 2017 | Read Now

What You’ll Learn

– Whether it’s luck vs skill
– What they don’t teach in the classroom
– 5 ways you can boost your investing maturity

My first microcap investment fifteen years ago was a 15-bagger…

Bank of the Ozarks (OZRK): The Story of Intelligent Fanatic George Gleason

May 11, 2017 | Read Now

What You’ll Learn

– The signs of success in a microcap
– How Bank of Ozarks delivered 4,312% to shareholders
– Characteristics that shaped Bank of Ozarks

In March of 1979, George Gleason II became the owner/operator of a small Arkansas community bank in Ozark, Arkansas. Gleason’s background and how he purchased the bank was anything but ordinary. The 25 year old former attorney had zero banking experience and only $10,000, but was able to convince a Little Rock Arkansas bank to help finance the $3.6 million purchase of Bank of the Ozarks (OZRK).

The “Not So Smart” Enron Scandal

May 10, 2017 | Read Now

What you’ll learn:

– Why Wall Street missed the red flags at Enron
– Financial analysis guides to detect frauds
– Book recommendation by Warren Buffett

To get started, here’s a quick reminder of the Enron scandal…

Old School Curated Links and News (May 9th Berkshire Edition)

May 9, 2017 | Read Now

Don’t get over the Berkshire Weekend hangover just yet.

If you were at the annual meeting, congrats and I hope you had a blast.

If you weren’t at the annual meeting, you can watch the webcast. Much better to get straight to the Q&A and skip most of the other stuff.

I still feel like his annual letters have more content as every question isn’t great.

Instead of repeating what other outlets have written, here are a few pieces I found interesting from the WSJ live blog section instead.

Ready to try Old School Value?

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