Experience

If it hasn't been made obvious in the last week or so that I admire Walter Schloss I think this post will drive the point home. Back in the beginning of 2008 Walter Schloss did a speech at the Ben Graham Center for Value Investing and also did an interview with Forbes. I'm sure most have seen this, but if you haven't I promise you'll enjoy this.

I find the video of Schloss answering questions absolutely hilarious at times. Especially when the students will ask some question and Schloss only responds, "I have no idea what your talking about but buy companies with low book and NO DEBT." In fact their is a running joke around here where the response to any investment question is just to simply yell, "NO DEBT!"

The video is a bit long and at times I admit Schloss does get a bit off topic--particullary in the beginning so I have included my notes I PDF'd after watching this video.


Forbes article Schloss refers to in the video: Experience- Forbes

The video:


My brief notes from the video:
SchlossInterview2008

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Distressed Debt Investing-Common Stock Due Diligence

I have to say I really enjoy reading the posts up over at Distressed Debt Investing. Today their is a great post on common stock due diligence. The author goes through and outlines his basic process for researching equities. He also mentions the next book I will probably profile "The Art of Short Selling" by Kathryn Staley. Hopefully I can get through and post a review up by mid-May.

Link: Anatomy of Common Stock Due Diligence @ Distressed Debt Investing.

Value investors....boring and rich!

This article interviews Christopher Browne from Tweedy Browne back in 1999. The last couple lines are hilarious.

"Most value people end up rich -- tbey do. They end up rich."

"....Keeps you away when the police raid the party. You're outside watching. You missed all the fun but you also missed going to jail."

Absolutely classic.

TBInterview1

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Sunday Schloss

Its Sunday that means its time for Walter Schloss. This profile was done in April 2003:

CIER

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Graham and Doddsville Winter 2009

The Helibrunn center for Graham and Dodd investing at Columbia Business School has some great articles on its website. More importantly it has a quarterly newsletter that every value investor should be aware of and read. This quarter’s newsletter was particularly good as the writers included 50% more content then usual. This issue contains an interview with Bruce Berkowitz, The Pershing Square Challenge, Highlights from the Graham & Dodd breakfast, Bruce Greenwald’s thoughts, and an Interview with Legg Masons Chief Investment Strategist Michael Mauboussin.

The interview with Berkowitz is great and includes topics such as:

• -Working as a bookie when he was young
• -His thoughts on Eddie Lampert and Sears
• -How he goes about killing his companies
• -Why he’s gotten himself into the healthcare sector

At the Graham and Dodd breakfast they managed to track down Seth Klarman and a few interesting comments were made by him. The first being that Klarman mentioned he really hadn’t been interested in the US equity markets for the last 15 years, and that now was, “….A great time to be a value investor.”

Ill leave you to read the rest, but its well worth your time today to spend a few minutes reading the entire newsletter.

Graham and Doddsville Winter 2009

More Seth Klarman

Not much time today, but wanted to redirect people over to a great link posted up by Distressed Debt Investing. The link redirects over to the SEC Edgar database for one of Seth Klarman's funds. The reports date from mid 1990's to the early 2000's. Their is a wealth of knowledge contained in these reports I hope you enjoy!

If you have time I also recommend you browse around the other posts as well the author has done a great job.

Distressed Debt Investing Link

Buffett's Four Market Calls

For those that haven't seen it:
4BuffettMarketCalls

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