Walter Schloss was a legendary value investor who started on Wall Street as a runner, when he was 18 years old. Lots of reading there and useful stuff for those interested in value investing. Thanks to Elevation Capital.
h/t Value Investing
A good quote from Todd Combs in the FSU Alumni Association Magazine:
« you really just have to find your passion in life. Warren says to find the the job you would do if you didn’t need a job. The earlier you find that, the better – because it won’t seem like a chore to follow your dream, and you’ll outwork everyone in the process. Don’t be afraid to fail. In fact, you kind of want to fail early and often because it doesn’t cost you much when you’re young – and you learn a lot more from failure than success. »
I found it reading this good BBG article on how Combs was a key in setting up the partnership between Berkshire Hathaway, Amazon and JPMorgan.
Just read this, it’s very useful and shows nicely how a good investment manager works. Lots of interesting thoughts both on investing and human nature.
A word of caution from Morgan Stanley’s equity strategists:
« The latest burst of Tech outperformance has not been accompanied by superior EPS trends. Just now Tech shows few signs of stopping (or even slowing); for example: i) post its largest 1m outperformance versus the S&P since 2012, the NASDAQ is now 2.7SD above its 12M relative average; ii) 80% of constituents of MSCI ACWI’s IT index outperformed the market over the last month, the highest breadth reading since 2003. Amid all this euphoria we’d encourage investors to keep a close eye on EPS trends as the latest burst of price outperformance has not been accompanied by EPS outperformance. »
It seems investors have started noticing.