When teaching graduate courses in investments, I always try to integrate books written by practitioners to provide a more pragmatic perspective on investments. One book I’ve used is James Montier’s Value Investing: Tools and Techniques for Intelligent Investment. My review of the book is provided below. James Montier’s book is a solid read for individual and institutional investors alike. Montier…
It’s not that I’m smart. I just stay with problems longer. albert einstein
In a prior post, I recommended Michael Shearn’s Investment Checklist: The Art of In-depth Research. A good checklist is short but not too short. If the list is too long, it won’t be used. Warren Buffett and Charlie Munger keep it very simple. The 4 criteria they use to evaluate new business ideas is outlined in Peter Bevelin’s Seeking Wisdom:…
“In expert tennis, 80% of the points are won, while in amateur tennis, 80% are lost. The same is true for wrestling, chess, and investing: Beginners should focus on avoiding mistakes, experts on making great moves.” -Erik Falkenstein Many value investors use checklists as part of their investment process. Perhaps the most notable is Monish Pabrai, whose long-only equity fund…
We valued Apple in my Financial Markets and Instruments class in November 2017. Afterward, I recorded a short video outlining the valuation process used. The video addresses some of the major themes we discussed during the course, including the importance of gaining an edge, linking your thesis points to your valuation model, and using multiple valuation methods.