More Holiday Reading Links: Moats, Floats, Company Analysis, and Others

Gannon and Hoang On Investing-Unrepeatable Moats.

Csinvesting-A Reader’s Question On Niche Vs Moat and Greenwald Class Notes.  Make sure to read all the way to the comments as there is a very good discussion going on about moats there.

Fundoo Professor-Presentation on Moats and Floats.  Decided to post this again because it is so important.  Also read the comments section.

Fundoo Professor-All About Floats: Parts 1, 2, and 3.  Make sure to read the comments section as the discussion there goes quite deep into the inner workings of float.

Gannon and Hoang On Investing-Capital Allocation Discount.

ValueInvestingBlog.net-Audika Group: Can You Hear The Call Of Value.

Whopper Investments-$LAKE Update, The Bottom Has Fallen Out.

25iq.com-Charlie Munger On Moats (First Of The Four Essential Filters). Extremely valuable read for people learning about moats as I am right now.  Also contains a bunch of links to other Munger and moat information.

Gopal Gantayat-Evolving Competitive Advantages.

Psychology Today-Why Too Much Data Disables Your Decision Making.

Oddball Stocks-Thinking Like A Bond Investor.

Market Folly-Charlie Munger On The Psychology of Human Misjudgement.

Zenpenny-Here Is To The Downfall Of Micro Managing Portfolio Positions.

SMB Training-What A Star Portfolio Manager Can Teach Us About Improvement.

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Intel, Compounding Experience, Advice For New Investors, Yankees and Sunk Costs, Certainty, and East Coast Asset Management 3Q Letter

I forgot to mention Intel (INTC) in yesterdays portfolio update and that I still own stock in the company.  It falls in the bought before doing valuation category and it is a company I plan to own for years unless I find something better, or its business deteriorates.

Now that I have gotten rid of all the companies that I planned to get rid of, later today I am going to add a page to the site that lists what I hold in my current portfolio and will update the page any time I buy or sell stock in another company.

Compound Experience Not Just Interest is an article from Abnormal Returns about how gaining experience early in your investing career can be just as important, if not more so, than compounding interest.

Advice For New Investors is from Gannon and Hoang On Investing which contains lessons that I wish I would have seen when I first started investing.

The Yankees’ A-Rod Problem: Sunk Costs and Investing is another fantastic post from Aswath Damodaran on what the Yankees should do with A-Rod and how this situation can be related to investing.

Certainty In Investing is another excellent post from Oddball Stocks on what makes the certainty level in some investments go up, what can make the odds favorable for you, and what makes investments less certain.

East Coast Asset Management 3Q Letter On Investment Process.  This is from Market Folly and any lessons and examples from others investment process is always a good learning experience.

CSInvesting Update, Checklist Presentation By Mohnish Pabrai, How To Win In Investing, Leon Cooperman On How To Get Better, and The Benefits of Stress

I have finally found another company to do a full research article on and will have it up as soon as possible.  I am still doing research and waiting for its next quarterly results to come out this week so I can value the company with updated numbers so it will probably a little while until I write the article up.  Up to this point the company looks promising and as of its last quarterly results that came out in June, it is selling for less than the reproduction value of its assets, with about 50% of its value coming from cash and short term investments, and no debt.

CSinvesting update as John has now moved the blog over to csinvesting.org and the blog is up and running.  It also looks like the blog is going to become more focused on investing as well.

Checklist Presentation By Mohnish Pabrai from Hardcore Value where Mr. Pabrai uses examples from Graham, Buffett, Munger, and others to build a checklist.

“You Don’t Win By Predicting The Future, You Win By Getting The Odds Right” is another article from Farnam Street on how to win in investing.

Leon Cooperman On Hedge Funds, Investment Outlook, and Life, includes an hour long presentation.  Page is from Market Folly.

The Surprising Benefits Of Stress

Until next time.

Professional Analysis Versus My Amateur Analysis Of Jack in the Box

This first link from MarketFolly contains the presentation from the winner of the Value Investors Congress contest whose presentation and analysis was a bull case for Jack in the Box.

The above analysis is actually the one I voted for in the contest as I thought it was the best, and the analysis he did in his article is actually what led me to research JACK as a possible investment for myself as he laid out a very good bull case for the company.

This second link is my analysis which is a bear case for Jack in the Box.

We came to the same conclusions about future possibility which he counts on more than I like to.  I generally only count in my analysis what I can see now and do not base my valuations on speculation of what could happen in the future.

Please feel free to leave comments on the two articles: Where I might have gone wrong, what I could have done better, etc.  I would really appreciate your thoughts.