NKE: This Is When You Back Up The Truck
I’ve had my eye on Nike (NKE) for a year and a half now, initiating a starter position 9 months ago, and waiting for a moment to go bigger. This is it. First let’s talk about the quarter. It was…
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The Enduring Investment Principles Of Warren Buffett
I have recently been reading the 5th edition of The Essays of Warren Buffett edited by Lawrence Cunningham. Reading these excerpts from Buffett’s Berkshire Annual Letters over the years has been an extremely calming experience for me, almost a form…
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ULTA: Buffett And The Missing Link In Value Investing
Earlier this month news broke that Berkshire Hathaway had acquired a position in beaten down retailer Ulta Beauty (ULTA). The stock soared the next day in reaction but it’s coming back to earth this morning after a weak earnings report…
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Don’t Call It A Bubble, BBY Earnings
Jon Sindreu wrote a very interesting article for the WSJ’s Heard On The Street section this morning (“Don’t Call AI Craze A Bubble” [SUBSCRIPTION REQUIRED]). Sindreu wants to make a distinction between the current market – in which blue chip…
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Is Value Investing Dead? A Look Back At The Last 15 Years
At the end of his long life, Charlie Munger expressed doubts about the future of value investing: I think that the modern investors, to get ahead, almost has to get in a few stocks that are way above average. They…
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In Search Of Deep Value: AAP & TGT
Two stocks that may represent deep value report earnings Wednesday morning: Advanced Auto Parts (AAP) and Target (TGT). AAP was decimated six months ago when it drastically cut full year earnings guidance. A quarter ago, AAP brought in a new…
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The Stock Game: Value, Macro, Momentum And Technical Approaches
Written on the occasion of Warren Buffett’s 93rd birthday (8/30/23): The game taught me the game – Jesse Livermore There are four perennial approaches to the stock game: value, macro, momentum and technical. Value investing was founded by Ben Graham…
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In Search Of Deep Value: ZM & AAP
Most of the time cheap stocks are cheap for good reason. While they look good on current financial metrics like the P/E ratio, their businesses are in decline and a more far sighted analysis of their business reveals them to…
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The Two Types Of Successful Investors
In general, there are two types of successful investors – and they don’t understand each other. Corresponding to each winning type, there is a losing type. One winning type buys what Peter Lynch called “stalwarts” and is exemplified by Warren…
