Posts Tagged ‘When To Buy’

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: 1966 Part 2

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January 29, 2013

Continuation of our series on portfolio management and the Buffett Partnership Letters, please see our previous articles for more details. Duration “An even more dramatic example of the conflict between short term performance and the maximization of long term results occurred in 1966. Another party, previously completely unknown to me, issued a tender offer which foreclosed opportunities […]

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Buffett Partnership Letters: 1966 Part 1

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January 24, 2013

Continuation of our series on portfolio management and the Buffett Partnership Letters, please see our previous articles for more details. Conservatism, Volatility “Proponents of institutional investing frequently cite its conservative nature. If ‘conservatism’ is interpreted to mean ‘productive of results varying only slightly from average experience,’ I believe the characterization is proper…However, I believe that conservatism is […]

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Howard Marks’ Book: Chapter 8

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January 22, 2013

Continuation of portfolio management highlights from Howard Marks’ book, The Most Important Thing: Uncommon Sense for the Thoughtful Investor, Chapter 8 “The Most Important Thing Is…Being Attentive to Cycles”   When To Buy, When To Sell “Rule number one: most things will prove to be cyclical. Rule number two: some of the greatest opportunities for gain and […]

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An Interview with Bruce Berkowitz – Part 1

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January 20, 2013

Bruce Berkowitz of Fairholme Funds manages $7Bn+ of assets (this figure is based on fund prospectus disclosures, may not be inclusive of separately managed accounts) and was once named Morningstar’s Manager of the Decade. As you are probably aware, since 2010, it’s been a trying couple of years for Berkowitz. His fund was down 32% […]

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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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Stanley Druckenmiller Wisdom – Part 3

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December 19, 2012

Here is Part 3 of portfolio management highlights extracted from an interview with Stanley Druckenmmiller in Jack D. Schwager’s book The New Market Wizards. Be sure to check out the juicy bits from Part 1 and Part 2. Druckenmiller is a legendary investor, and protégé of George Soros, who compounded capital ~30% annualized since 1986 before announcing in 2010 […]

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Stanley Druckenmiller Widsom – Part 2

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December 14, 2012

Here is Part 2 of portfolio management highlights extracted from an interview with Stanley Druckenmmiller in Jack D. Schwager’s book The New Market Wizards. Be sure to check out the juicy bits from Part 1. Druckenmiller is a legendary investor, and protégé of George Soros, who compounded capital ~30% annualized since 1986 before announcing in 2010 that […]

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Lisa Rapuano Interview Highlights – Part 3

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November 27, 2012

Part 3 of highlights from an insightful interview with Lisa Rapuano, who worked with Bill Miller for many years, and currently runs Lane Five Capital Management. Selectivity, Hurdle Rate, Opportunity Cost, Sizing “We do not own many stocks, and anything we buy has to improve the overall portfolio and/or be better than something else we already own…I’ll […]

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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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Buffett Partnership Letters: 1963 Part 3

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August 30, 2012

Continuation in a series on portfolio management and the Buffett Partnership Letters, please see our previous articles for more details. Topics covered include: When To Buy, When To Sell, Activism, Catalyst, AUM When To Buy, Activism, Catalyst, Control “…controls develop from the general category. They results from situations where a cheap security does nothing price-wise […]

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Howard Marks’ Book: Chapter 4

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August 20, 2012

Continuation of portfolio management highlights from Howard Marks’ book, The Most Important Thing: Uncommon Sense for the Thoughtful Investor, Chapter 4 “The Most Important Thing Is…The Relationship Between Price and Value.” Topics covered: Volatility, Leverage, When To Buy, When To Sell   Volatility “…most of the time a security’s price will be affected at least as […]

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Baupost Letters: 1995

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August 1, 2012

Here is the first installment of a 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 for this series.   When To […]

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Howard Marks’ Book: Chapter 3

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July 23, 2012

Below is a continuation of portfolio management highlights from Howard Marks’ recent book, The Most Important Thing: Uncommon Sense for the Thoughtful Investor, Chapter 3 “The Most Important Thing Is…Value”: For anyone who has purchased a security too soon while the price continued to decline, I would highly recommend reading the last few pages of […]

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