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This year’s underperformance was almost all caused by one single stock, ITT Educational Services (ESI). The market environment for the for-profit college has changed dramatically. It can’t make money as easily as it used to. The company’s business predictability dropped. This is the largest risk in investing in predictable companies.
The remaining 24 stocks did very well, as you can see from the list below:
| Symbol | Company | # of Shares | Bought on | Share Cost | Current Price | Change | Value ($) |
| CASH | Cash | 161.34 | 12/31/1969 | 1 | 1 | 0 | 161.34 |
| ANSS | Ansys, Inc. | 115 | 01/01/2011 | $52.07 | 67.08 | +28.83% | 7,714 |
| ATRI | Atrion Corporation | 25 | 01/02/2012 | $240.23 | 190.4 | -20.74% | 4,760 |
| BRLI | Bio-Reference Labs, Inc. | 371 | 01/02/2012 | $16.27 | 28.61 | +75.85% | 10,614 |
| CHRW | CH Robinson Worldwide, Inc. | 72 | 01/01/2009 | $55.03 | 62.54 | +13.65% | 4,503 |
| CPRT | Copart, Inc. | 282 | 01/02/2010 | $18.31 | 29.03 | +58.55% | 8,186 |
| ESI | ITT Educational Services, Inc. | 94 | 01/01/2011 | $63.69 | 16.82 | -73.59% | 1,581 |
| ESRX | Express Scripts | 135 | 01/02/2012 | $44.69 | 52.87 | +18.3% | 7,137 |
| FCFS | First Cash Financial Services, Inc. | 194 | 01/01/2011 | $30.99 | 48.5 | +56.5% | 9,409 |
| FDS | FactSet Research Systems, Inc. | 78 | 01/02/2010 | $65.87 | 88.25 | +33.98% | 6,884 |
| GD | General Dynamics | 91 | 01/02/2012 | $66.41 | 68.01 | +2.41% | 6,189 |
| HRL | Hormel Foods Corporation | 268 | 01/02/2010 | $19.225 | 30.89 | +60.68% | 8,279 |
| IDXX | Idexx Laboratories | 78 | 01/02/2012 | $76.96 | 92 | +19.54% | 7,176 |
| JJSF | J&J Snack Foods Corp. | 124 | 01/01/2011 | $48.24 | 62.65 | +29.87% | 7,769 |
| JW.A | John Wiley & Sons, Inc. | 136 | 01/02/2012 | $44.4 | 38.5624 | -13.15% | 5,244 |
| LLTC | Linear Technology | 201 | 01/02/2012 | $30.03 | 33.74 | +12.35% | 6,782 |
| LMT | Lockheed Martin Corporation | 74 | 01/02/2012 | $80.9 | 90.66 | +12.06% | 6,709 |
| NEOG | Neogen Corporation | 197 | 01/02/2012 | $30.64 | 44.755 | +46.07% | 8,817 |
| NRCI | National Research Corporation | 155 | 01/02/2012 | $38.81 | 53.01 | +36.59% | 8,217 |
| RGLD | Royal Gold, Inc. | 89 | 01/02/2012 | $67.43 | 80.07 | +18.75% | 7,126 |
| SIAL | Sigma-Aldrich Corporation | 90 | 01/01/2011 | $66.56 | 72.85 | +9.45% | 6,557 |
| TEF | Telefonica SA | 360.2313 | 01/02/2012 | $16.7494884537 | 13.39 | -20.06% | 4,823 |
| WAG | Walgreen Company | 182 | 01/02/2012 | $33.06 | 36.8 | +11.31% | 6,698 |
| WAT | Waters Corporation | 77 | 01/01/2011 | $77.71 | 86.41 | +11.2% | 6,654 |
| WMT | Wal-Mart Stores Inc | 111 | 01/01/2011 | $53.93 | 67.62 | +25.38% | 7,506 |
| WRLD | World Acceptance Corporation | 202 | 01/01/2009 | $19.76 | 73.96 | +274.29% | 14,940 |
| Total Market Value: $180,983; Cost: $100,000; Change: 80.98% |
This is the annual performance number of the Buffett-Munger portfolio:
| Year | S&P 500 | Buffett-Munger Screener top 25 |
| 2009 | 23.5% | 29.1% |
| 2010 | 12.8% | 19.1% |
| 2011 | -0% | 6% |
| 2012 | 12.1% | 11% |
| Since Inception | 80.9% | |
| Outperforming the S&P | 24.7% |
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