Tips by Murray Stahl

Most investment institutions define success as having a good result in each and every discrete time period, so it’s quite logical that people in...
Another example [of a high barrier to entry business] would be the defense industry. It’s very hard to get a government contract, not because the...
My law of money management profitability says that because of fee structures, the rate of return a money manager gets on its capital is, by...
In such a value-focused world, we need to be all the more contrarian in our views. It also requires additional research focus on unique,...
Tags: value, views, focus
Before I even look at a financial statement, I try to find out as much as I can about the history of the company, to understand how it has arrived at...
Many times companies find themselves in what the market considers predicaments because they have been far-sighted and are spending on future...
We’ll estimate what we think earnings can be four to five years out, apply the current multiple to those earnings, and then see what the price would...
If a company is doing well and continues to earn an attractive return on capital, I’m in no hurry to sell. We will sell when events materially...
A bubble is a logical impossibility, when people are investing on a premise that not only won’t happen, it can’t happen. The tech bubble in 2000...
Tags: activism, bubble
It seems much more likely that in the next five or ten years, the most successful investors will be of the growth variety, not of the value variety....