The Stingy News Weekly (10/18/2015)
New from StingyInvestor
The ability to suffer
"The capacity to suffer for a good cause is admired in heroes. But it also happens to be a quality that money manager Thomas Russo, of Gardner Russo & Gardner, looks for when selecting stocks. He's a devotee of Warren Buffett and seeks out high-quality businesses - that can withstand a few sword fights - with the view to holding them for the long term." [$]
Investing books to be thankful for
"When it comes to investing, I'm thankful for the great investors - both past and present - who've shared their wisdom through their writings. While many authors helped me along the way, I'm going to focus today on four books that have made an impact on my portfolio over the years."
Interview with contrarian David Dreman
"Dreman is also well known for sticking to a bottom-up, low PE stock-picking approach. In the interview below, he explains the extensive research that has proven the quality of the strategy, where he sees opportunities in the market and the 19th century book he says investors should read." [Dreman]
Michael Lewis on Tom Wolfe
"Michael Lewis delves deep into the archives of the legendary reporter turned novelist to discover what made the man in the white suit the voice of a journalistic generation." [Books]
Fall 2015 Graham & Doddsville
"The average investor tends to invest in the strongest past returns and get the worst forward returns." [Value Investing]
What they don't teach you
"There are no classes called 'Investing is Hard.' This was probably the main message I tried to convey to these students because they were in a class that required them to invest real money on behalf of the school through their class. No one ever really tells you how hard it can be to earn excess returns in the markets. At that age you're worried about creating the most precise Excel model you can to accurately value a business. Figuring out that successful investing is not easy is actually one of the first steps you have to take to become a better investor." [Academia]
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