Posts In: Premium Articles-02

Geoff Gannon May 13, 2018 Premium Articles-02

Goodness vs. Soundness

Tuesday, May 8th, Industrial Logistics Properties Trust (ILPT) by George Baxter To Focused Compounding members: Ben Graham wrote: “Confronted with a…challenge to distill the secret of sound investment into three words, we venture the motto, MARGIN OF SAFETY…all experienced investors recognize that the margin of safety concept is essential to the choice of sound bonds.” Note the word I bolded: “sound”. As I sat down to write this memo, I thought immediately of chess. Can a good chess move be an unsound chess move? Can…...

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Geoff Gannon May 8, 2018 Premium Articles-02

An Illiquid Lunch

To Focused Compounding members: There are a couple sayings every modern investor and econ student has had drummed into him over and over again. One is: “there’s no such thing as a free lunch.” It sounds like the kind of thing an economist would come up with. Though it’s not. In the 1970s, an economics writer (Milton Friedman) took the saying from a science fiction writer (Robert Heinlein) who had – in the 1960s – simply transplanted an old 1940s saying to the moon. The…...

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Geoff Gannon May 6, 2018 Premium Articles-02

The Urgent and the Important

Tuesday, May 1st – North American Energy Partners by Alex Middleton Wednesday, May 2nd – Entercom Communications by Vetle Forsland To Focused Compounding members: This is the time of year when value investors flock to Omaha and come the closest to being a religious sect. It’s a good time to think about both what value investors preach and what value investors practice. The day-to-day practical work of investing that becomes habitual to you is what matters most. This is what you should care most about…...

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Geoff Gannon April 29, 2018 Premium Articles-02

The Second Side of Focus

To Focused Compounding members: Back in 1991, Warren Buffett and Bill Gates were asked the same question. What one word described how they became successful. Both men said “focus”. Most investors I talk to understand the importance of focus. But, they understand it wrong. They think that Buffett and Gates mean they applied themselves longer, harder, and in a more disciplined way to a particular task. This is the focus means more school of thought. It’s half the story. There is a second side to…...

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Geoff Gannon April 22, 2018 Premium Articles-02

Patience as a Process

Friday, April 20th – Vestas Wind Systems by Kevin Wilde To Focused Compounding members: Andrew and I recorded four podcast episodes this past Friday. One of them was a Q&A podcast where the question was about patience: “Would love to hear your general thoughts about what I consider the greatest investment virtue of them all: patience. How do you think about it and how do you approach it practically? Can it be cultivated?” We didn’t give this question the time I think it deserved on…...

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Geoff Gannon April 15, 2018 Premium Articles-02

Fear, Greed, and Boredom

Sunday, April 15th – Computer Services, Inc. (CSVI) by Jayden Preston Sunday, April 15th – AutoNation (AN) by Dave Rottman To Focused Compounding members: In a recent interview, I said: “Stocks bounce around due to fear, greed, and boredom. You can make a lot of money being greedy when others are fearful. But, you can make at least as much money being bored when others refuse to be bored. There are a lot of boring stocks in the OTC market. They’re not cheap because people…...

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Geoff Gannon April 1, 2018 Premium Articles-02

Killing Your Horse

Monday, March 26th, Keweenaw Land Association by Geoff Gannon Friday, March 30th, EM Systems by Clayton Young Friday, March 30th, ExxonMobil by Trey Henninger To Focused Compounding members: Two-thousand-ninety years ago, a man by the name of Spartacus was leading a group of rebels – all escaped gladiators like himself – in the hopes of escaping Italy and finding freedom in what is now France. The gladiators’ passage was blocked by a Roman army. Spartacus had no choice but to fight. On the eve of…...

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Geoff Gannon March 25, 2018 Premium Articles-02

Choose to Choose

Wednesday, March 21st: Summerset by Andre Kostolany Thursday, March 22nd: Fairfax Financial by Alex Middleton Friday, March 23rd: Keweenaw Land Association by Geoff Gannon To Focused Compounding members: There are two kinds of stocks out there: stocks you find and stocks that find you. If you were on Twitter, read newspapers, or visited Bloomberg or CNBC this week – Facebook was a stock that found you. If not for the fact you’re a Focused Compounding member, Keweenaw Land Association would not have been a stock…...

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