"Winners Average Winners" "Let Your Winners Run" There are plenty of adages out there to let us "trimmers" know that it's pointless to sell/trim your big winners. And in some cases, they are right. But some cases are not ALL cases. Managing a portfolio of businesses goes well beyond "maximizing return". PM and investor emotions …
The modern factor investing thoughts around growth can be traced back to Eugene Fama and Kenneth French’s 1992 paper: The Cross-Section of Expected Stock Returns Except the word “growth” was never mentioned in the paper… It’s hard to pinpoint when growth became the de-facto opposite of value, but the justification given revolves around the idea that …
Continue reading *OLD BLOG* Giving Growth a Chance: A Factor Perspective
Disagreeing with folks smarter than me is not a great idea. But then again, I never said I was smart. Today’s topic is about diversification and why “concentrated” stock investors can be more diversified than you think. The general thought-process today is that in order to be truly diversified, you need to own hundreds (If not …
Continue reading *OLD BLOG* Myth Busters: 10 Stock Diversification Edition
Previous post in the series: https://quietprosperity.com/2023/09/23/old-blog-follow-the-fundamentals-altria-group-inc/ For business number three, I stayed in consumer land, but may have gone even more boring… AutoZone Inc (AZO). Everyone loves when their oil light comes on right? As a quick refresher, the question is straightforward: Based on what I have deemed to be important in business ownership, how many …
Continue reading *OLD BLOG* Follow the Fundamentals: AutoZone Inc
I kicked this series off with Apple: https://quietprosperity.com/2023/09/22/old-blog-follow-the-fundamentals-apple-inc/ So for business number two, I figured I would go in a different (although just as addicting) direction. Tobacco. As a quick refresher, the question is straightforward: Based on what I have deemed to be important in business ownership, how many good stocks would I have actually identified …
Continue reading *OLD BLOG* Follow the Fundamentals: Altria Group Inc
I outlined a major framework of my investing in a previous post: Microsoft versus IBM This of course got me thinking that I should do a regulars series on “following fundamentals”. So this is the start. To make things easy, I am stealing a list of the best performing 30 stocks from the last 30 years: …
Continue reading *OLD BLOG* Follow the Fundamentals: Apple Inc
I tend to have little light-bulb moments in my life that help cement learnings, ideas & theories. They happen quite a bit. I try to write them down in my Evernote if I am out and about, or Tweet about them. They rarely work out of course, but I enjoy the burst of enthusiasm I …
Continue reading *OLD BLOG* Follow the Fundamentals: $MSFT v $IBM
Quiet Prosperity 