Buffett On Inflation Over The Last 50 Years There have been four key times when Warren Buffett has given his insights on inflation in Berkshire Hathaway's annual reports since the 70s. 1979 - After explaining that Berkshire’s book value compounded 20.5% annually for the previous 15 years, Buffett comments: “But before we drown in [...]
Spin-offs In The 1950s Maurece Schiller was one of the first investors to write about special situations investing. In 1959, he wrote the book “How to Profit from Special Situations in the Stock Market”. After leaving Dartmouth, Schiller went to Wall Street to work as an investment advisor. He began studying the way corporate actions [...]
Value Investing Q&A Series - Brown University Earlier this year, I had the opportunity to talk about spin-offs (and answer questions) with members of the Value Investing community at Brown University. It was a lot of fun! What we covered: My background (0:57) Why I focus on spin-offs (1:49) What resources would I recommend [...]
How Peter Lynch Beat The Market Peter Lynch is known as one of the best stock pickers of all time. At Fidelity’s Magellan Fund, he averaged an astonishing 27.9% return over the course of 13 years. He also was a notorious fan of spin-offs. Here's what Lynch looked for when picking stocks. Look for [...]
How to Short a Spin-off Before It Begins Trading I love spin-offs (shocker, I know). The main reason is that the indiscriminate selling pressure associated with spin-offs allows me to buy bargains. Why do spin-offs sell off when they begin trading? Seth Klarman of the Baupost Group explains why this dynamic exists in Margin [...]
Why You Need to Use Twitter I’ve wanted to write this article for a while. I delayed it time and again because I wanted to add more material. But I figure I will just publish this version, and then update the article over time. From 2006 to 2018, I worked at a large investment manager [...]