Trade Like Warren Buffett by James Altucher

By James Altucher

Very superficial remedy of so much subject matters however the publication does make you're thinking that! (especially the interview with Pabrai)...

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Trade Like Warren Buffett

Very superficial remedy of such a lot themes however the publication does make you think that! (especially the interview with Pabrai). ..

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People could shop from their homes, implying that the bricks-and-mortar approach of setting up stores everywhere, and the costs inherent with that kind of business, were not necessary for the winners in the Internet commerce gain. Additionally, the Internet also decreased the costs of communication as well as the costs of software development, since network protocols and interfaces were built into the underlying ideas of the Web. With all of the costs out of the picture and a potential customer base in the billions, the earnings created would be phenomenal and so would the returns—if it were possible to pick the winners.

Upon diversification to average out the effects of unforeseeable future developments . ” Graham-Dodd and a Dose of Fisher 35 And then they state: “Purchase of a single common stock not an investment” (italics their emphasis). They add: Group Purchases May constitute an Investment Operation—Group purchases of selected common stocks at attractive prices will very probably fall under our original definition of investment in Chap IV (“An investment operation is one which, upon thorough analysis, promises safety of principle and a satisfactory return”).

All of this is based on the notion of mean reversion. If a company were trading well above book value, then it would imply that the market was giving high value to the company’s earnings. If the earnings were of such high quality then eventually competition would set it, driving down the quality of those earnings, and the market would respond accordingly. Similarly, if a company were trading below book, then the market would not place any value on the company’s business, eventually causing potential competitors to look for other opportunities and industries, which in turn would drive up the quality of the company’s business (since all competitors are elsewhere).

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