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Sylverlee Message

Sylverlee's Space » All messages

  • Geoff Gannon 2012-06-05 14:41
    Sylverlee: Hey Geoff, I recently started listening to some of the audio recordings you posted. You are really knowledgeable, what is your background?
    Glad you found the audio.

    My delivery isn't the best. But the audio content is often better than a lot of the articles I've written. It's a pity a lot of people who will read online won't listen to audio like that. There's actually more to learn from the audio.

    My educational background is that I am a high school dropout. My investing background is that I got interested investing when I bought my first stock at 14. That's when I read Ben Graham's Security Analysis and The Intelligent Investor. Over time, based on my own investing results, I probably became less of a Graham type investor and more of a Buffett type investor. I made the most money by far buying and holding companies with strong competitive positions when they were temporarily priced at 6 or 10 or 12 times earnings. I also buy net-net, net cash bargains, etc. But generally I like a reliable business with almost no history of losses and a market leading position in its niche. That's probably more Buffett than Graham.

    I buy very few stocks. Again, this comes from personal experience. By far, the worst losses to my portfolio came in years where I held the most stocks. The best performance came from 25% or bigger positions in my portfolio that I choose to hold longer term. Today, I would never buy a stock that makes up less than 10% of my portfolio. And I would prefer not to start a new position unless it is expected to eventually be 25% of my portfolio. I am not interested in owning more than 5 stocks at a time. I've done it - like with Japanese net-nets. I may do it again in similar basket type situations. But I'm a lot less likely too. So, basically I own 4-5 Warren Buffett type stocks (competitively) bought at Ben Graham type P/E ratios.

    Today, something like Dun & Bradstreet (DNB) or Corticeira Amorim (in Portugal) would be good examples of the kind of things I own. Right now, I own some DNB. No Amorim. But I'd consider buying both at today's prices. And they are very good examples of the kind of stocks I like.

    I own a bunch of George Risk (RSKIA). Have for like two years now. It's typical of the kind of thing I like.

    So, that's how I invest today. And that experience mostly came from learning through actually investing. But it also came a little bit from doing the blogs, podcasts, etc. starting in 2005 and going through today. So, for the last 6 or 7 years, everything about me in terms of investing is stuff you can see online. It's the articles at GuruFocus, the podcast, and the blog.

    That's about it. Not sure if that's what you were looking for in terms of background. But there's not much more to say.
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