15 Tips about Companies

1 2
If you don't study any companies, you have the same success buying stocks as you do in a poker game if you bet without looking at your cards.
Holding companies are particularly interesting now because for some odd reason the discounts to the sum of the parts usually increase in bad markets,...
Tags: value, companies
We value companies based on our estimate of earnings per share, usually two or three years out. I don’t look six months to a year out because too...
Julian [Robertson] was maniacal on the importance of management: ‘Have you done your work on management?’ Yes, sir. ‘Where did the CFO go to...
Most companies expand during good times and wind up over-leveraged and with too much capacity when the business goes south. We like to see the...
My feeling is that it’s beyond my skill set to try to buy local companies outside the U.S. Some people will make a lot of money doing that, but not...
If you can't find any companies that you think are attractive, put your money in the bank until you discover some.
One fruitful screen over the years has been for what we call low-P/E outliers – companies with the lowest 1% of trailing P/Es in the market, but...
Long periods of prosperity tend to breed overconfidence on the part of investors, which leads to a misassessment of risk. During times of excesses, we...
One challenge we’ve had in shorting is with growing but grossly overvalued companies, in which the market can delude itself for a long time. We gave...
1 2