It was my birthday yesterday and I want to share a great information source with my readers: the Valor Intrínseco blog (translation: Intrinsic Value), which joins our blogroll. The blog posts are only in Portuguese, but its subject matter is Value Investing and the material they source is, 99% of the time, in English. I am more than glad to help this “competitor” out because great work always deserves praise – and because there is so much noise in the investment world, we need all the help we can get to hone in on the good stuff.
I have just finished reading Berkshire Hathaway’s 2015 10-K. The letter to shareholders by Warren Buffett (edited by Carol Loomis) is brilliant, as usual. I have written here about how these two “walk their talk” (Buffett and Munger), and this 51st letter to Berkshire shareholders is another fine example. The section on Productivity is mandatory reading, especially so for Brazilians.
Very interesting post today by The Brooklyn Investor showing, with real-life examples, what great CEOs or investors can do to generate value even when the market is flattish or going down for long periods of time. He’s humble enough to say that this is far from the norm, but that’s precisely the point of, well, pointing out these examples: it is possible and it’s our job as stock pickers to focus substantial portions of our time to finding these great companies run by great people.
Salon.com has a pretty good interview with Jim Chanos. He mentions some of the frameworks he uses, his influences and his focus on incentives. What he has to say about the current system of incentives in the US capital markets should be interesting to everyone.
Since I posted two days ago about the “new Warren Buffetts”, here’s an article with “plain old” Buffett saying “vintage Buffett” things about investing, conflicts of interest, shorting stocks… and even about money managers he admires nowadays (or “manager”, since he mentioned just one: Seth Klarman).
As part of the warm-up for Fortune editor Carol Loomis’ new book on Warren Buffett, Fortune is republishing a 1989 article called “Are These the New Warren Buffetts?” (H/T Abnormal Returns). It’s a highly talented group: Seth Klarman, Jim Chanos, Michael Price, Eddie Lampert… Better track record than BusinessWeek!
The Economist’s article on Seth Klarman is an interesting, if a little “beginner’s guide”-ish, read. If you haven’t yet, read his US$ 1,700-a-pop book “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor”.
Mr. Van Den Berg of Century Management has just given an interview to GuruFocus.com, an interesting source keeping track of big-name investors. We took the opportunity to link to several articles and interviews, but it’s nice to note that Century’s own website is filled with good material in their Library page.
In a first of what we hope to be many article collections about investors we keep track of, this one is about Glenn Greenberg of Brave Warriors Capital. He’s better know as the co-founder of Chieftain Capital, but in the end of 2009 him and John Shapiro parted ways (Mr. Shapiro and two other partners left but retained the name Chieftain Capital). Being the first to be profiled in this series isn’t a matter of order of preference at all.