Posts Tagged ‘Trackrecord’

Howard Marks’ Book: Chapter 19

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November 11, 2014

This concludes our series on portfolio management highlights from Howard Marks’ book, The Most Important Thing: Uncommon Sense for the Thoughtful Investor, Chapter 19 “The Most Important Thing Is…Adding Value” Trackrecord, Compounding, Capital Preservation “It means relatively little that a risk taker achieves a high return in a rising market, or that a conservative investors […]

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Howard Marks’ Book: Chapter 18

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October 7, 2014

Continuation of portfolio management highlights from Howard Marks’ book, The Most Important Thing: Uncommon Sense for the Thoughtful Investor, Chapter 18 “The Most Important Thing Is…Avoiding Pitfalls” Risk, Volatility “…trying to avoid losses is more important than striving or great investment successes. The latter can be achieved some of the time, but the occasional failures […]

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Howard Marks’ Book: Chapter 17

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August 9, 2014

Continuation of portfolio management highlights from Howard Marks’ book, The Most Important Thing: Uncommon Sense for the Thoughtful Investor, Chapter 17 “The Most Important Thing Is…Investing Defensively” — a rather apt topic given today’s market environment. Psychology, Capital Preservation, Expected Return, Risk, Opportunity Cost “What’s more important to you: scoring points or keeping your opponent […]

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Elementary Worldly Wisdom – Part 1

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April 8, 2014

The following are portfolio management highlights extracted from a gem of a Munger speech given at USC 20 years ago in 1994. It’s long, but contains insights collected over many years by one of the world’s greatest investment minds. Caustically humorous, purely Munger, it is absolutely worth 20 minutes of your day between browsing ESPN […]

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Wisdom From James Montier

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February 1, 2014

I have a confession to make: I have a huge crush on James Montier. I think the feeling might be mutual (see picture below, from a signed copy of his book Value Investing: Tools and Techniques for Intelligent Investment.) Jokes aside, below are some fantastic bits from his recent essay titled “No Silver Bullets.”     […]

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Asymmetry Revisited

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November 22, 2013

Return asymmetry is a topic that emerges over and over again on PM Jar. It’s a topic that spans across investments strategies and philosophies (see the end of this article for links to previous PM Jar articles on return asymmetry). This is no coincidence – creating (positive) return asymmetry over time is the hallmark of […]

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Howard Marks’ Book: Chapter 11

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February 28, 2013

Continuation of portfolio management highlights from Howard Marks’ book, The Most Important Thing: Uncommon Sense for the Thoughtful Investor, Chapter 11 “The Most Important Thing Is…Contrarianism” Trackrecord, Clients, Mistakes, Redemptions, Patience “‘Once-in-a-lifetime’ market extremes seem to occur once every decade or so – not often enough for an investor to build a career around capitalizing on […]

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Buffett Partnership Letters: 1967 Part 1

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February 13, 2013

Continuation of our series on portfolio management and the Buffett Partnership Letters, please see our previous articles for more details. Creativity, Trackrecord “…although I consider myself to be primarily in the quantitative school…the really sensational ideas I have had over the years have been heavily weighted toward the qualitative side where I have had a ‘high-probability insight.’ […]

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Baupost Letters: 1997

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February 4, 2013

Continuation in our series on portfolio management and Seth Klarman, with ideas extracted from old Baupost Group letters. Our Readers know that we generally provide excerpts along with commentary for each topic. However, at the request of Baupost, we will not be providing any excerpts, only our interpretive summaries, for this series. Mandate, Trackrecord, Expected […]

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Buffett Partnership Letters: 1965 Part 4

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January 19, 2013

Continuation of our series on portfolio management and the Buffett Partnership Letters, please see our previous articles for more details. AUM, Trackrecord, Sizing “…I believe that we have done somewhat better during the past few years with the capital we have had in the Partnership than we would have done if we had been working with a […]

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Buffett Partnership Letters: 1965 Part 2

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January 10, 2013

Continuation of our series on portfolio management and the Buffett Partnership Letters, please see our previous articles for more details. Trackrecord, Compounding, Duration, Special Situations, Time Management “A disadvantage of this business is that it does not possess momentum to any significant degree. If General Motors accounts for 54% of domestic new car registrations in 1965, it […]

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Buffett Partnership Letters: 1965 Part 1

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January 5, 2013

Continuation of our series on portfolio management and the Buffett Partnership Letters, please see our previous articles for more details. The 1965 letter is a treasure trove of insightful portfolio management commentary from Warren Buffett. This is the Buffett for purists – the bright, candid young investor, encountering intellectual dilemmas, thinking aloud about creative solutions, and putting […]

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Baupost Letters: 1996

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January 2, 2013

Continuation in our series on portfolio management and Seth Klarman, with ideas extracted from old Baupost Group letters. Our Readers know that we generally provide excerpts along with commentary for each topic. However, at the request of Baupost, we will not be providing any excerpts, only our interpretive summaries, for this series. Risk, Sizing, Diversification, […]

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Stanley Druckenmiller Wisdom – Part 1

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December 8, 2012

Druckenmiller is a legendary investor, and protégé of George Soros, who compounded capital ~30% annualized since 1986 before announcing in 2010 that his Duquesne fund would return all outside investor capital, and morph into a family office. Many of our Readers reside in the House of Value, but I believe that value investors can learn […]

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More Baupost Wisdom

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November 2, 2012

Before my November vacation, I will leave you with a juicy Baupost piece compiled through various sources that shall remain confidential. Instead of the usual excerpts or quotes, below are summaries of ideas and concepts. Creativity, Making Mistakes False precision is dangerous. Klarman doesn’t believe that a computer can be programmed to invest the way […]

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Don’t Try This At Home

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October 24, 2012

Last week, a friend and I were musing over whether we would ever put 100% of portfolio NAV into one security. While pondering this question, my mind recalled the following passage that Jeremy Grantham wrote in his 2010 2Q letter on global warming: “Skeptics argue that this wide range of uncertainty lowers the need to […]

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Buffett Partnership Letters: 1962 Part 1

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July 8, 2012

This is a continuation in a series on portfolio management and the Buffett Partnership Letters. Please see our previous articles for more details. There are 3 separate letters detailing the occurrences of 1962: July 6, 1962 – interim (mid-year) letter December 24, 1962 – brief update with preliminary tax instructions January 18, 1963 – annual […]

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Buffett Partnership Letters: 1961 Part 4

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June 23, 2012

This post is a continuation in a series on portfolio management and the Buffett Partnership Letters. Please refer to the initial post in this series for more details. For those interested in Warren Buffett’s portfolio management style, I highly recommend the reading of the second 1961 letter in its entirety, and to check out our […]

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Invisible Hands Encore

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May 11, 2012

Many thanks to Adam Bain of CommonWealth Opportunity Capital for tipping PM Jar about this chapter in Steve Drobny’s Invisible Hands. “The Pensioner” interviewed “runs a major portfolio for one of the largest pension funds in the world.” He seems to define risk (for the most part) as volatility. Regardless of whether you agree with […]

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Rules of the Game

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April 16, 2012

A recent discussion led me to remember a WSJ article I read a few months ago on Bill Miller’s incredible trackrecord of beating the S&P 500 for 15 consecutive years. The author of the article pointed out the following: “Mr. Miller’s long spell of winning years was to some degree a quirk of calendars. Over […]

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