Spin-Offs: A Source of Hidden Value

Researched and written by Jamie Grundman, who joined our team in December 2014. He’ll be contributing regularly.

The S&P 500 Index rose 11.4% in 2014 and it’s trailing price-to-earnings multiple rose 12% from 15.5x to 17.4x. This is on the back of an over 200% return since the market bottomed in March 2009. With those gains, it is getting tougher and tougher to find good companies at deeply discounted valuations. In an interview, Charlie Munger, Vice-Chairman of Berkshire Hathaway, and one of the most successful investors of all time, said “a great Read More »

What Do Successful Investors Have in Common?

If you said “luck,” you’re wrong. If you’re thinking whatever it is, you haven’t got it, you’re also wrong. Because they’re traits that are available to each and every one of us:

Above all else, successful investors are savvy shoppers. They also have a lot of patience.

That’s right. They look for bargains. They know value when they see it. And until they see it, they wait. They also understand and appreciate the power of compound interest — and Read More »