Mr. Market Blog "Investing is Most Intelligent When it is Most Businesslike"


Net Net Screen 9/23/14

With the markets experiencing a rough few days and global conflicts picking up even more steam; I thought I'd run my net net screener tonight. Below is the result which was scrubbed against my database of previously known shitty net nets, biotechs, or shell corps. These might be more of same, but I already recognize some of the names as being potential targets (Notably RELL & FORD). No positions. Do your own diligence.


Schloss 1994 Comments Celebrating Graham’s Birthday

Nothing to glean out of this post but keeping up with the theme of all things Schloss:

Schloss 12-6 Speech Link


It’s an Irrational World, So you Can’t Always do Things Logically

Walter-J.-Schloss_Searching-for-Value - PDF Link


Great Read – Reddit AMA w/ Alice Schroeder

A lot of interesting tid bits about Buffett, the snowball, and her investing work. Spend some time there today.

Memorable Quotes:

  • "Popular press. Yes, they get a lot wrong. The main thing is that Warren is extremely literal. You need to listen to what he says, and read his words, very carefully. People extrapolate and read things that aren't there. As just one example, he invited a bear to ask questions at this meeting. Then it was revealed there would be no bear. What got reported was that he "couldn't find a bear" or "no bear showed up" and the like. That's not what he said. There would not be a bear, however, it isn't because nobody volunteered. So you have to be careful not to read more into what he says than is there."
  • "I have copies of an envelope or two where he did his calculation on the back - literally. If the margin of safety is wide enough, it almost doesn't matter what method you choose."
  • "Well, I will tell you a little story. When I was 47, I was having a difficult year for a variety of reasons and Warren sat me down and said look, when I was 47 I thought my life was over. Susie had left me, and I had already accomplished everything I thought was worthwhile as an investor. Berkshire, as far as I knew, was at its peak. And to my surprise, my life kept getting more and more interesting since, and most of the really important things I've done happened after I was 47 and thought my life was over. The reason, he said, was that he had stored up so many experiences, good and bad, in the first part of his life, and as a form of compounding, their positive consequences unreeled over the next thirty-some-odd years."
  • "Sure. Dining with Warren is such an experience. Once, we were at a restaurant and Warren ordered a steak. The waiter offered him truffle sauce. The look on his face was priceless. it was as if someone said, would you like some arsenic, Mr. Buffett?

    He's a terrible driver. There's always something going on in his head and he's also talking to you, meanwhile the car wanders between lanes and goes through yellow lights. He drives slowly to make sure it won't cause too much damage if he gets into an accident. I think he is doing less driving these days and being driven more, thank goodness.

    Here's a good one. I bought a house in 2004 and when I told him he was aghast. That's when I knew we were in a serious housing bubble. Finally he said, well, don't worry, you'll be able to sell it in ten years, so just hold on unt