SUMMITWhen you are trying to find great businesses early, intelligent fanatics early, before it’s obvious in the financials, there are a lot of moving parts and imperfect information. These companies …
A Tribute to Chuck Allmon
“Ben Graham called me on the phone, as I recall in 1969, maybe 1970. He said, ‘I’ve got a copy of your Growth Stock Outlook and I’ve been very intrigued …
The Best Defense is a Quality Business
The luckiest part of my investing career is that I’ve been old enough (37) to have emotionally invested through two bear markets (1999-2001 and 2008-2009) but still young enough to …
Invest in Owner Management
I’m a full time private microcap investor. The smaller the company the greater the emphasis investors should place on selecting the right founders and CEO’s. I try to find and …
Oh the Stocks You Will Buy
We are entering the graduation season which of course is the time of commencement speeches. It makes me reflect on what I want my children to know about investing particularly …
Investing is Hard
On June 30th 1997, Amazon.com (AMZN) was trading at a split adjusted $1.50 per share and was valued at $700 million. That day the stock traded 228,900 shares in a range …
How Do You Know that Management is Competent?
Management competence is a significant factor that investors should research about a company prior to investing. To be more specific, I mostly mean the CEO. Being a CEO of a …
A New Mental Model for Investing
One of my favorite investors is Nicholas Sleep of Nomad Investment Partners. He is famous in qualitative investment circles, but rather unknown to the rest of the investment world. He …
Morgan Housel on What Other Industries Teach Us About Investing
Morgan Housel gave an incredible presentation on What Other Industries Teach Us About Investing at our second annual MicroCap Leadership Summit (MLS). Morgan Housel is a partner at The Collaborative …