14 Tips about Stock Research

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We have a disciplined process, but it has to be open to serendipity – often it’s the footnote in the trade journal where you see something...
Our research process brings us down to 50 or so companies about which we’ve affirmatively answered the question, “Would we want to own this...
The best investors often employ checklists for each idea, to ensure that no data-gathering shortcuts are made. General impressions also should not be...
In studying the common traits of those most successful at games of skill – across disciplines – researchers have found a clear tendency to focus...
There’s a virtuous cycle when people have to defend challenges to their ideas. Any gaps in thinking or analysis become clear pretty quickly when...
Julian Robertson was always adamant about seeking out the opposite point of view and then being completely honest with yourself in deciding whether...
We spend time early in our research process speaking with competitors, the one group with a vested interest in telling us why our thesis is wrong....
We’re constantly trying to triangulate and confirm what we hear or see elsewhere. If returns on invested capital tell us it’s a great business, we...
Pilots do the same thing thousands and thousands of times in their lives, but they still go through the physical pre-flight checklist to eliminate...
One of the first questions we ask about a possible investment is “Why is it mispriced?” If you don’t have a reason, there’s a good chance it...
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