Investment Journal
Seeking the Next Great Multi-Bagger
I recently was reviewing some notes I wrote while watching a presentation that Mohnish Pabrai gave, and I thought I’d share those notes here since I think the general concept underpinning his talk is worth thinking about. I am in the midst of going through all 3500...
The Importance of Patience; and Building a Great Company List
I thought I’d share a few brief comments on investment philosophy, as we begin the week. It’s a tough time finding value in the current market. When prices are generally high, I often take that as an opportunity to read about other companies and work on expanding my...
Why Apple Isn’t Blackberry
Apple reported earnings a few weeks ago, and as I usually do, I jot down some notes in a file each quarter on the companies I follow. I was reviewing my Apple journal and came across some notes I wrote a while back on Blackberry. This post would have probably been...
Long Lines, Big Burrito, Full Belly. Chipotle.
The beauty of Chipotle is the simplicity of the restaurant. Let's not complicate our analysis with anything more than a back of envelope sketching of its valuation. At roughly 2,350 locations, Chipotle is on track to do an average of $1.95m per location or...
Biases and Movie Theaters
This post is too long. I will highlight a few things at the top as a sort of summary: Owner's Earnings is the best number to focus on when valuing a business. We often use shortcuts that are horrible measures of value (comparable valuation, Bull Shit Earnings...
Updated Thoughts on JPM’s Valuation
JPM announced earnings on Friday. I thought I’d review some brief thoughts, since it’s a stock I’ve discussed previously (along with the other banks as well). I don’t really care to go over the details of the earnings report, as I tend to think about the business from...