Margin of Safety Investor

@ReturnOnMargin

Barbell investing in undervalued public equities and early stage startups. Student of life by day, CIO by night. | Not investment advice. Opinions are my own.

UTC−08:00
Vrijeme pridruživanja: prosinac 2019.

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  1. Prikvačeni tweet

    1/ BARUCH: My Own Story. A very interesting autobiography I read recently, suggested by A thread with interesting anecdotes and timeless advice follows.

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  2. Great amount of Q4 letters from various funds (also love the list of tickers for each)

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  3. Ex-US thinks differently about generational wealth.

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  4. Casper is nothing more than a pure marketing company, transferring revenue and VC money to Google and Facebook.

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  5. proslijedio/la je Tweet
    31. sij

    The carnage on the back side of this thing is going to be quite sad.

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  6. proslijedio/la je Tweet
    24. sij

    10 Ways To Live A Full Life Quit Dicking Around Steer Clear of Charlatans Keep A Journal Exercise Every Single Day Don’t Compare Yourself To Others Meditate on Your Mortality Study the Lives of the Greats Don’t Waste Time Being Offended Know Your Why Know What’s “Enough”

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  7. 50/ That’s it! I hope this tweetstorm is useful! Please let me know of your results playing with the screening criteria.

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  10. 47/ I’m pretty sure you can use an online tool to get immediate results back based on the criteria above, please let me know if you do so. I’m always interested in learning about new screening tools.

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  11. 46/ 100-BAGGER SCREENER (cont): OPTIONAL: 6. Market cap below 1bn 7. Revenue below 500mil 8. High and stable/growing profit margins 9. Inside ownership (start at 10% for <1bn market caps, see point 6) 10. Share count going down 11. Gross margins better than peers

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  12. 45/ Trying to codify all of the above into criteria... 100-BAGGER SCREENER: REQUIRED: 1. EPS growth (start at 20%) 2. Revenue growth (start at 20%) 3. High ROE (at least 20%) 4. High ROIC (at least 15%) 5. Use PEG ratio or John Neff’s Total Return for cheapness screen

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  13. 44/ A word about inflation. Don’t obsess over it. It is what it is. Focus on good investment decisions. The best inflation fighters? 100 baggers.

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  14. 43/ Home country bias is a thing, but Phelps made a point in his book worth pondering. He says: “when we invest abroad we often trade risks we can see for risks we can’t see or are not aware of”.

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  15. 42/ People take easily to grand new ideas. The New Economy, Peak Oil, The Chinese Century etc. All of these things are abstract ideas about the unknowable. Ignore them and focus on concrete investment decisions, specifically why A is a better investment than B.

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  16. 41/ “The price of a stock varies inversely with the thickness of its research file. The fattest files are found in stocks that are the most troublesome and will decline the furthest. The thinnest files are reserved for those that appreciate the most.” The best ideas are simple.

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  17. 40/ Beware of getting “bored”. Don’t feel like you have to do something with your portfolio. Just sitting on your ass and waiting is usually the best strategy for good returns. Don’t chase price movements and FOMO based investing.

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  18. 39/ The book also argues that you shouldn’t compare yourself to the S&P 500 or another index. M. Whitman, the author of Modern Security Analysis, calls the view that managers who don’t beat the market are useless; amateurish.

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  20. 37/ Great management by itself is not a moat. Warren Buffett says that “when management with the reputation for brilliance meets a company with a reputation for bad economics, it’s the reputation of the company that remains intact.”

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  21. 36/ The business has to have a moat. Traditional moats are: 1. Strong brand. Think Coca-Cola. 2. Switching costs. Think SAP vs Oracle. 3. Network effects. Think social media platforms. 4. Cheap pricing. Think Costco. 5. Biggest in sector, even if niche.

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