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If I Ran a Value Investing Business School

March 16, 2014 | About:

About the author:

Tannor Pilatzke
I am a self taught investor through Warren Buffett, Charlie Munger, Ben Graham, Peter Lynch, Joel Greenblatt, David Einhorn, Seth Klarman, Howard Marks, Phillip Fisher and Thornton O'Glove. My focus is a bottoms up Value-GARP strategy with a mix of top down contrarianism.

"When you find yourself on the side of the majority, it is time to pause and reflect." - Mark Twain

Visit Tannor Pilatzke's Website


Rating: 4.7/5 (33 votes)

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Comments

gerrydjr
Gerrydjr - 5 months ago

Print..going on wall in home office.

TannorP
TannorP premium member - 5 months ago

Thanks for reading Gerry!

Most of the topics have links attached as well that are definitely worth watching and reading multiple times as well as printing. I’m glad you enjoyed the article, now if only we can convince business schools to pick up the curriculum and scrap CAPM haha. 



Cheers,



-Tannor

vgm
Vgm - 5 months ago

Inspirational post Tannor! A course with that content and philosophy could spawn a new generation of value investors.

Based on Buffett's praise last week for Tim Geithner's forthcoming book, Stress Test, that would be mandatory reading too.

(PS An excellent Kahneman video: http://contrarianville.com/a-psychological-perspective-on-rationality-daniel-kahneman/ )

AlbertaSunwapta
AlbertaSunwapta - 5 months ago

Consider adding the various Warren E. Buffett articles in Fortune especially "How inflation swindles the equity investor" and his writings in other periodicals particularly "How to tame [Reforming] the casino society"

Valu2day
Valu2day premium member - 5 months ago

Terrific article. One of the best I have read here recently. I think your class may also benefit by reading a 10-K, which I know you mentioned, but there are few books that take you straight through. Perosnally, I love Thorton O'Glove and Howard Schilit. They are definitely recommended reading. However, if there is a book that takes you through an annual report and 10-K that give you a better behind the scenes understanding, I would appreciate it you could mention one or two. Thanks! I've been thinking of picking up the book by Fridson, but I am not sure if it fits the bill.

One more thing, a book on evaluating banks, specifically small community banks would be great too. Any advice there?

Sorry for all the questions, but I really enjoyed your article and all of the links. I am familiar with many of the books and some of the links, but I will certainly check them out in more detail

Well done!

TannorP
TannorP premium member - 5 months ago

Thanks for the kind comments and reading everyone.



I have updated the article with "How inflation swindles the equity investor" it should definitely be on the list. Thanks for the video link VGM, it has been added. There is a great interview with Jason Zweig and Daniel Kahneman as well as Nassim Taleb and Daniel Kahneman that are great as well. Any thing else that I have missed please recommend as I would love to have the resources as complete as possible for others to use.

[Daniel Kahneman Speaks to Yale Students] – Thanks VGM
http://contrarianville.com/a-psychological-perspective-on-rationality-daniel-kahneman/

[With Taleb] https://www.youtube.com/watch?v=MMBclvY_EMA

[With Zweig] http://www.100womeninhedgefunds.org/connect/video/20121016ny.html

[How Inflation Swindles the Equity Investor, 1977]

http://features.blogs.fortune.cnn.com/2011/06/12/warren-buffett-how-inflation-swindles-the-equity-investor-fortune-1977/

Howard and Thornton both have articulate books that cut right through to the important metrics in a simplistic manner. I have never came across a book that teaches you to read a 10-k better than actually reading one. "Investing between the lines" has a intangible view at the language used and is an eye opener, or was at least for me. The best resources (outside of ones already listed) I know for banks, specifically small community banks, in a very simplified manner, would be Khan Acedamy.


http://www.khanacademy.org/economics-finance-domain/core-finance/money-and-banking/banking-and-money/v/banking-2--a-bank-s-income-statement

In his examples he uses gold to help conceptualize the problem simpler. Bank notes, reserve ratios, customer deposits and loan book are the areas that should be scrutinized in my opinion.

Cheers!

-Tannor

vgm
Vgm - 5 months ago

Tannor,

I really admire what you're trying to do with this. Given that Buffett devotes significant time to educational activities - and as you point out has told us what he would teach - have you considered the possibility of sending him your final document (or summary format) and asking for his feedback or comments or guidance? Worst case he says no. But the upside would be huge if he responded.

PS Here's the link to Geithner's book on the crisis which Buffett praised:

http://www.amazon.com/Stress-Test-Reflections-Financial-Crises/dp/0804138591/ref=sr_1_1?s=books&ie=UTF8&qid=1395098272&sr=1-1&keywords=geithner

eliasgut
Eliasgut premium member - 5 months ago

Just one word: Awesome

TannorP
TannorP premium member - 5 months ago

Thanks VGM and Eliasgut,

I have been meaning to write him a hand written letter (I heard he reads them) thanking him for everything he has done for me (and all value investors). I also wanted to ask to have my personal copy of Intelligent Investor or Security Analysis hand signed. I like your idea VGM as you miss 100% of the shots you do not take. Anyway, I hope everyone has enjoyed the post and look forward to further recommendations to add.

Cheers and happy hunting!

Eben
Eben premium member - 5 months ago

That was fantastic.

Thank You

Prislapp
Prislapp - 2 weeks ago

Where can I sign up? Great post!

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