Wednesday, February 22, 2017
A lot of us spend our lives delaying gratification. Often, the reward is higher later if you can forego the pleasure today. Value investors know all about this. But there is a risk that tomorrow doesn't come. When Breath Becomes Air is written by a guy who spent his whole life deferring potential rewards, only to be cursed with terminal cancer just as he was about to graduate as a surgeon.
Monday, February 20, 2017
Wednesday, February 15, 2017
Thursday, February 9, 2017
I generally avoid cyclical companies: I don't think I can time when cycles turn, so I think there's always a big risk I'll become a bagholder. But there are exceptions. When negative sentiment is so pervasive that prices of even healthy companies fall to extreme levels, I think cyclicals can be great asymmetric opportunities.
Labels: Alliance Aviation Services
Thursday, February 2, 2017
Mark Twain was not a good investor. Though he made a ton of money, he managed to lose it on some terrible investments, and went bankrupt in the process. But that doesn't mean he doesn't have any redeeming qualities we can learn from. He eventually repaid his creditors in full, even though he had no legal obligation to do so. Oh yeah, he was also an author who has been called "the father of American literature".
Thursday, January 26, 2017
Wednesday, January 25, 2017
Two years ago I wrote about a tiny company called IWG Technologies (IWG) that makes water systems for aircraft. It had a net cash position, traded at a single-digit P/E for much of that year, and had decent growth prospects. The company was just taken private at a 75% premium to its price two years ago.
Labels: IWG Technologies