May 24, 2008 –
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RELATED TICKERS: TIF
, PZE
I think retail gets a bum rap lately. Just saying that may lead many contrarians to jump right in… I’ve seen many posts here and the Fool and elsewhere, with sentiments like “Well, its retail, there are no competitive moats, so I’m not going to invest.” It’s true, retail is competitive and developing a sustainable competitive advantage is tough – but it can be done (I mean Tiffany’s played host to a movie). The think that I find odd, is that many of retails detractors are the same investors that will pile into technology stocks and energy stocks. Hopefully those investors are employed in those industries and have a circle of competence there, but I suspect… maybe not everyone. [more]
May 20, 2008 –
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RELATED TICKERS: NLS
A little closer to the top [more]
May 17, 2008 –
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RELATED TICKERS: JBSS
, NLS
Like many investors, I strive to buy high quality businesses, with strong competitive positions and great “moats”. Every once in a while (like the recent market madness), these businesses get served up cheap – then we pounce. That’s great, but what to do the rest of the time… The Buffet and Munger super duo are known to say “We’d rather purchase a great business at a good price, than an average business at a great price.” In my admittedly limited experience, the truly great businesses are richly valued and have a tendency to stay that way, and stay that way… and stay that way… Plus, gasp, I think I may not be as good as Buffet/Munger at identifying and mentally modeling which businesses are truly great. Wonderful self disclosure, so what to do while we wait for that juicy fat pitch? Well, there are many different strategies for investing; I personally think that one of the keys to success is to adapt your investment style to your personality and temperament. For me, that means finding profitable opportunities in the meantime. I just don’t have the patience to sit on my hands - for what may be years - to wait to buy great businesses at good prices. So I spend a fair amount of time looking at good (or even not so good) businesses for great prices. A couple of things that I find advantageous: [more]
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