1. Search
Cheap
Ugly
Obscene
Otherwise ignored
2. Valuation
Assets
Earnings Power
Franchise
3. Review
Key Issues
Collateral Evidence
Personal Biases
4. Risk Management
Margin of Safety
Some Diversification
Patience - Default Strategy
Important Points
- Market Irrationality creates Opportunity
- Know what you Know
Cheap
Ugly
Obscene
Otherwise ignored
2. Valuation
Assets
Earnings Power
Franchise
3. Review
Key Issues
Collateral Evidence
Personal Biases
4. Risk Management
Margin of Safety
Some Diversification
Patience - Default Strategy
Important Points
- Market Irrationality creates Opportunity
- Know what you Know
- Inherent quality of information
- Circle of Competence
No comments:
Post a Comment