In 'Common Stocks and Uncommon Profits', Philip A. Fisher outlines his investment philosophy, which focuses on identifying and investing in high-quality growth companies. The book is renowned for Fisher's '15 points to look for in a common stock', which include evaluating a company's products, management, sales organization, research capabilities, and long-term growth prospects. Fisher advocates for a qualitative approach to investing, emphasizing the importance of understanding the business and its management rather than relying solely on quantitative metrics. The book also discusses when to buy and sell stocks, the role of dividends, and the pitfalls of short-term thinking in investing.
Janet Lowe ofrece en "Damn Right!" una biografía detallada de Charlie Munger, explorando su vida, su filosofía de inversión y su relación con Warren Buffett. La obra proporciona una visión íntima de la personalidad de Munger, su enfoque multidisciplinario y su búsqueda constante de conocimiento. Lowe presenta anécdotas y ejemplos que ilustran la aplicación práctica de los principios de Munger. El libro es una lectura esencial para comprender la mente de uno de los inversores más exitosos y perspicaces de la historia. Su prologo por Warren Buffett añade un valor adicional.
In 'The Sleuth Investor,' Avner Mandelman shares his proven methods for gathering exclusive information about companies by tracking the physical elements of People (employees, customers, suppliers), Product (inventory, product movement), Plant (production facilities), and Periphery (physical surroundings, community). This approach helps investors anticipate key company developments and make informed investment decisions. Mandelman, a former hedge fund manager, honed these techniques at his investment firm, Giraffe Capital Corporation.
In today's episode, Kyle Grieve will discuss the concept of scuttlebutt, made famous by Philip Fisher in Common Stocks and Uncommon Profits. You’ll learn why scuttlebutt is essential for building conviction and understanding both bullish and bearish perspectives, how it involves learning from key groups connected to a business, how asking the right questions can reveal valuable insights, why Industry specialists and strong networking are crucial for gathering expert knowledge, and how to utilize self-reflection, journaling to continuously improve your decision-making, and much more!
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
02:55 - Why scuttlebutt is so essential in building conviction and learning about a business.
03:32 - Why scuttlebutt can help you understand bullish and bearish perceptions on a business.
10:03 - The four parties related to a business that you should learn from.
26:34 - What you can learn and what questions to ask a business’s employees, from the people working at the “frontline” to the CEO.
36:49 - How Warren Buffett sleuthed GEICO, which was one of the most impactful events in his life.
49:50 - How to learn from industry specialists and what to ask to learn about specific companies or industries.
54:51 - Details on how Li Lu did scuttlebutt on a very successful investment in Timberland.
55:01 - Why networking is so crucial to the scuttlebutt process.
58:11 - How to use self-reflection and journaling to understand better your mistakes and how to avoid them in the future.
01:07:01 - My four-step framework for learning from my investing mistakes.
And so much more!
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
- Buy Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger here.
- Follow Kyle on Twitter and LinkedIn.
- Check out all the books mentioned and discussed in our podcast episodes here.
- Enjoy ad-free episodes when you subscribe to our Premium Feed.
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