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  • SerenityStocks commented on cody56's article 9 hr ago
    Whitney Tilson: Berkshire Hathaway Worth $267,000 A Share
    Whitney Tilson (Trades, Portfolio) sent out an email to his investors where he discussed a variety of topics ranging from Berkshire Hathaway...
    View all 1 comment
    SerenityStocks 08-01 15:49
    • Benjamin Graham was a scholar and professional investor who mentored investing legends such as Warren Buffett (Trades, Portfolio), William J. Ruane, Irving Kahn and Walter J. Schloss.

      Warren Buffett (Trades, Portfolio) wrote the preface to Graham's book - The Intelligent Investor - in which he calls it "by far the best book about investing ever written."

      Graham's first recommended strategy - for novice investors - was to invest in Index stocks. 

      For more serious investors, Graham recommended three different categories of stocks - Defensive, Enterprising and NCAV - and 17 qualitative and quantitative rules for identifying them. 

      For professional investors, Graham described various special situations or "workouts".

      For example, given below are Graham's prices for Berkshire Hathaway Inc (BRK.A), with no adjustments other than those for inflation.

      Defensive Price (Graham Number): $190,730.23

      Enterprising Price (Serenity Number): $126,393.54

      NCAV Price (Net Current Asset Value): -$178,760.00

      Note: Stocks failing Graham's rules are not necessarily bad investments. They may fall under Graham's "special situations" category. Graham's rules are also extremely selective.

      Most of Buffett's investments are what Graham defined as Special Situations.
  • SerenityStocks commented on Canadian Value's article 9 hr ago
    Notes From Hillhouse Capital's Lei Zhang's Lecture At Columbia Business School
    In the high flying world of investing, Lei Zhang maintains a relatively low profile. Yet since he was seeded by David Swensen of Yale Endowment with...
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    SerenityStocks 08-01 15:40
    • Benjamin Graham was a scholar and professional investor who mentored investing legends such as Warren Buffett (Trades, Portfolio), William J. Ruane, Irving Kahn and Walter J. Schloss.

      Warren Buffett (Trades, Portfolio) wrote the preface to Graham's book - The Intelligent Investor - in which he calls it "by far the best book about investing ever written."

      Graham's first recommended strategy - for novice investors - was to invest in Index stocks. 

      For more serious investors, Graham recommended three different categories of stocks - Defensive, Enterprising and NCAV - and 17 qualitative and quantitative rules for identifying them. 

      For professional investors, Graham described various special situations or "workouts".

      The first requires almost no analysis, and is easily accomplished today with a good S&P500 Index fund.

      The last requires more than the average level of ability and experience. Such stocks are also not amenable to impartial algorithmic analysis, and require a case-specific approach.

      But Defensive, Enterprising and NCAV stocks can be reliably detected by today's data-mining software, and offer a great avenue for accurate automated analysis and profitable investment.

      Most of Buffett's investments are what Graham defined as Special Situations.

      Warren Buffett (Trades, Portfolio) once gave a speech at Columbia Business School describing how Graham's record of creating exceptional investors (such as Buffett himself) is unquestionable, and how Graham's principles are everlasting. The speech is now known as "The Superinvestors of Graham-and-Doddsville".

2015-07-29

  • SerenityStocks commented on CodyEustice's article 07-29 15:50
    Charlie Munger's Ten Rules For Investment Success
    Charlie Munger (Trades, Portfolio), vice chairman of Berkshire Hathaway (BRK.A)(BRK.B), is a legendary investor who few value investors follow like...
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    SerenityStocks 07-29 16:50
    • Benjamin Graham - once known as The Dean of Wall Street - was a scholar and financial analyst who mentored legendary investors such as Warren Buffett (Trades, Portfolio), William J. Ruane, Irving Kahn and Walter J. Schloss.

      Warren Buffett (Trades, Portfolio) wrote the preface for Graham's book - The Intelligent Investor - in which he calls it "by far the best book about investing ever written."

      Graham's first recommended strategy - for novice investors - was to invest in Index stocks. 

      For more serious investors, Graham recommended three different categories of stocks - Defensive, Enterprising and NCAV - and 17 qualitative and quantitative rules for identifying them. 

      For professional investors, Graham described various special situations or "workouts".

      Most of Buffett's investments are what Graham defined as Special Situations.

      Warren Buffett (Trades, Portfolio) once gave a speech at Columbia Business School explaining how Graham's record of creating exceptional investors (such as Buffett himself) is unquestionable, and how Graham's principles are everlasting. The speech is now known as "The Superinvestors of Graham-and-Doddsville".

2015-07-23

  • SerenityStocks commented on Canadian Value's article 07-23 07:46
    What Value Investor Chuck De Lardemelle Learned From Warren Buffett's Purchase Of Burlington Northern
    Warren Buffett (Trades, Portfolio) was the subject of a lot of second guessing when he bought Burlington Northern. Time has once again proven...
    View all 1 comment
    SerenityStocks 07-23 08:46
    • Benjamin Graham - also known as The Dean of Wall Street - was a scholar and financial analyst who mentored legendary investors such as Warren Buffett (Trades, Portfolio), William J. Ruane, Irving Kahn and Walter J. Schloss.

      Warren Buffett (Trades, Portfolio) wrote the preface for Graham's book - The Intelligent Investor - in which he calls it "by far the best book about investing ever written."

      Graham's first recommended strategy - for novice investors - was to invest in Index stocks. 

      For more serious investors, Graham recommended three different categories of stocks - Defensive, Enterprising and NCAV - and 17 qualitative and quantitative rules for identifying them. 

      For professional investors, Graham described various special situations or "workouts".

      Most of Buffett's investments are what Graham defined as Special Situations.

      Warren Buffett (Trades, Portfolio) once gave a speech at Columbia Business School explaining how Graham's record of creating exceptional investors (such as Buffett himself) is unquestionable, and how Graham's principles are everlasting. The speech is now known as "The Superinvestors of Graham-and-Doddsville".

2015-07-22

  • SerenityStocks commented on John Emerson's article 07-22 15:14
    Constructing an Intelligent Investment: Risk vs. Reward
    I have never favored calculating discounted cash flow, projecting growth rates or constructing spread sheets. I have always been of the opinion that...
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    SerenityStocks 07-22 16:14
    • Actually, Benjamin Graham repeatedly emphasized the counterproductive nature of risk in investment. 

      From The Intelligent Investor:

      "there has developed the general notion that the rate of return which the investor should aim for is more or less proportionate to the degree of risk he is ready to run. Our view is different. The rate of return sought should be dependent, rather, on the amount of intelligent effort the investor is willing and able to bring to bear on his task."

      The issue is discussed in more detail at True Value Investing Includes Quality And Growth.
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