sometimes all you have to do is pick up the $20 note

There is an old economics joke that tells the story of a Finance Professor and his student walking down the street together: The student looks down and sees a $20 bill on the street and says, “Hey, look a twenty-dollar bill!” Without even looking, his older and wiser Professor replies, “Nonsense. If there had been … Continue reading sometimes all you have to do is pick up the $20 note

weekly wrap 18/08/17

"Acting with the crowd ensures an acceptable mediocrity; acting independently runs the risk of unacceptable under-performance” - Seth Klarman     This week I've been reading HBR's Guide to Buying a Small Business, by Richard Ruback and Royce Yudkoff. What I enjoyed most about the book was its practicality and applicability - even if you're not … Continue reading weekly wrap 18/08/17

A quant scan for good capital allocators

Over the past few weeks I've been doing some in-depth due diligence on a potential investment that operates in the advertising industry. A key focus of my DD process is the sustainability of customers and their associated annual spend - recurring revenues from loyal, sticky customers are high on my priority list. A quick way … Continue reading A quant scan for good capital allocators

STM Plc – when “shoot first, ask later” creates an opportunity

Note: the authors fund holds a material position in the company and may trade in or out of its position. This is not financial advice, please do your own research. This report was created in mid June-2017 at a stock price of 45p and all return calculations are based on such. I provide no gurantee … Continue reading STM Plc – when “shoot first, ask later” creates an opportunity

reducing hindsight bias through decision journals

One of the key modifications that I've made to my investment process this year, is the introduction of a decision journal. I came across the concept many years ago but never followed through with the implementation. That changed after I read The Emotionally Intelligent Investor, by Ravee Mehta. Throughout the book he preaches the importance of understanding one’s … Continue reading reducing hindsight bias through decision journals