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Origins Of High Performance Conglomerate Jack Henry $JKHY

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  • Bill Brewster:
    The culture thing is something that I was thinking about, because on our last podcast you had asked, “Isn’t that replicable?” One, I think it’s super interesting that we’re talking about a Missouri company.
  • He’s not public, so I don’t know what the valuation of his company or whatever is, but that guy has it.
  • I don’t know why if you find that culture in a reasonably priced bet why you wouldn’t take that versus maybe a different culture that’s a little bit cheaper, to me, is probably less good value over the long term.

Howard Marks: One Of The Most Essential Ingredients In Investing Is The Ability To Look Stupid

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  • In this interview with Shane Parrish on The Knowledge Project Podcast, Howard Marks provides some great insights into the importance of looking stupid in order to become a successful investor.
  • Some people don’t get contrarian thinking.
  • Number three – do you dare to look wrong because even things which are gonna be right in the long run maybe look wrong in the short run, so you have to be willing to live with all those three things.

The Anatomy Of A Forecast Error

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  • So I kind of thought that this is where we were going, and I kind of said… Actually, it was 2010.
  • Dylan Grice:
    I think that the main… where I went wrong, which is something that a lot of people do, but I guess there were three things really.
  • Dylan Grice:
    But I really felt that… I would write… these guys are… and all their doing, and I managed to still be kind of struck a chord, and people just love this.

Warren Buffett: Top 10 Holdings (Q4 2019)

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  • These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions.
  • This week we’ll take a look at Warren Buffett (12-31-2019).

We Could See Below 2% Q1 GDP Growth

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  • This report
    would have been great if it wasn’t for weak yearly growth in online sales which
    has a 12.55% weighting.
  • Monthly non-store sales growth rose from 0.17% to
    0.29%, but yearly growth fell from 18.25% to 8.39%.
  • Yearly manufacturing growth rose from -1.2% to -0.7%, while the comp only got easier by 0.2% (2 year growth stack up 0.3%).

Experts share their best advice for making the first investment

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  • Once you've pinned down your goal and your strategy, it's time to work out the best investment vehicle for you.
  • "You should be building a portfolio that's resilient to different risks," Brice added.
  • As Ferrario put it, unlike other purchases, "the thing you're buying when you invest is returns."

Coronavirus aftermath

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  • The second is that demand for our products within China has been affected.
  • All of our stores in China and many of our partner stores have been closed.
  • So what businesses will be affected?

7 Stocks Building A Higher Yield With Increased Dividends

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Every investor wants to earn more. It is how we define "more" and how we go about earning it that determines the type of investor we are. Income investors want more income. Yield is a significant determinate of income. Instead of buying a current high-yield stock, investors in dividend growth stocks prefer to build their own. Granted, the current yield may never be classified as high-yield, but...

63 – Your Portfolio should reflect your Investing Strategy

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  • Mental Models discussed in this podcast: Concentration vs Diversification Expected Value Probabilistic Thinking Please review and rate the podcast If you enjoyed this podcast and found it helpful, please consider leaving me a rating and review.
  • Your feedback helps me to improve the podcast and grow the show’s audience.
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Charles Munger: Classical Moats Are Rapidly Disappearing

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  • Here’s the question and his response:
  • There is this common sentiment that technology is both accelerating the pace of change and its impact is broadening across most industries usurping traditional moats.
  • Imagine all those monopoly newspapers going down.

(Ep.53) The Acquirers Podcast: Dylan Grice – Pop Delusions – The Golden Age Of Duration, Richard Feynman, Cargo Cults And Anatomy Of A Forecast

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  • Popular Delusions Allocating To Different Managers Provides The Holy Grail Of Portfolio Robustness The Anatomy Of Forecast Error The Golden Age Of Duration Richard Feynman – Cargo Cult Science Austrian Economics The Diversification Benefits Of Government Bonds Embrace Very Unusual Line Items Making Your Thesis Public Makes It Too Hard To Change Later What Will Work For The Next 40 Years In Investing Is What Didn’t Work So Well In The Last 40
  • That’s kind of what it is.

Making investment comparisons

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  • If I compare this to the simple risk-free cash amount (e.g. the brain-dead option is (TSX: PSA) which yields a net 2%), then yes, Input Capital looks fairly good by comparison.
  • So we compare two opposing options: INP and ELF – why in the world would you choose INP?
  • The baseline comparison of ELF compounding book value at 10% a year creates quite a hurdle for other below book value investments – the underlying mis-valuations must be very severe in order to warrant an investment in other vehicles.

Small Bank Investors React to the Bank of Utica Annual Report $BKUT $BKUTK

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  • How does a banker buy $86MM worth of stocks for his own bank’s account and neglect his own bank’s shares trading for 45% of book value?
  • $BKUT$BKUTK Has he no faith in himself?
  • — Phil Timyan (@TimyanBankAlert) February 16, 2020 I spend way too much time railing on second and third generation bankers who are very poor stewards of shareholders’ capital.Gates Little $SRNN Chevis Swetman $PFBX Tom Sinnott $BKUT John Demyan $GLBZ But by owning their stocks I am also being a poor steward of my own capital.

Small Bank Investors React to the Bank of Utica Annual Report $BKUT $BKUTK

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Bank of Utica - 2019 Annual Report

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  • We just received their 2019 annual report in the mail, included below.
  • More detailed analysis and commentary will be in the March Issue of the Oddball Stocks Newsletter .

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