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Geoff Gannon June 21, 2017 Premium Articles-01

Finding the Right P/E Multiple – Or How to Handicap a Stock

First, a huge warning about the tables I’ll be showing you in this memo. The P/E multiples shown here are useful as a theoretical tool for getting some idea of how important durability – being able to know a stock will still be turning an annual profit more than 5 years from now – and growth (being able to know a stock will compound intrinsic value faster than the overall market) is in finding the right P/E for a stock. Basically, what I’m saying here...

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Andrew Kuhn June 13, 2017 Premium Articles-01

A Blast from the Past: Warren Buffett’s 1977 Shareholder Letter

Whenever someone comes to me asking for advice on how to get started in investing, the first place I direct them to is reading all Warren Buffett’s Berkshire shareholder letters. It is no secret that his letters have tons of golden investing-wisdom nuggets laid upon them. I have read them many times but interestingly enough, I always take something new away from them every time I reread them. In this series, we’re going to go all the way back and start from the beginning and...

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Geoff Gannon May 29, 2017 Premium Articles-01

Over the Last 17 Years: Have My Sell Decisions Really Added Anything?

I get a lot of emails from people saying that my strategy has changed – I’ve become more of a growth investor and less of a value investor – over time.   It’s true that the investments I’ve made in recent years have definitely changed.   But, my philosophy has changed less than it would appear from my stock picks. I concentrate heavily and go where I see opportunities I consider “nearly certain” rather than being the highest return opportunities based on pure probabilities.  ...

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