Some of the best investments are not elegant. They are messy. They involve complicated merger terms, hodgepodge asset pools, and companies that Wall Street would rather pretend do not exist. That is exactly where patient investors make their returns – in the wreckage that nobody else wants to sort through.
When a company files for bankruptcy, most investors run. When a bank announces catastrophic losses, portfolio managers …
Some investors chase momentum. Others chase narratives. Seth Klarman chases the gap between what something costs and …
When a company gets acquired, shareholders usually get cash. Simple. But sometimes they get a strange basket of …
When corporation splits itself in two, Wall Street panics. Institutions dump shares they do not understand. Index funds …
Most investing strategies sound complicated. Hundreds of variables, proprietary screens, neural networks, teams of PhDs …
Every company tells a story with its financial statements. Problem is, some companies are better at fiction than others. …
When you line two companies up side by side, truth becomes hard to ignore. One looks expensive. The other looks cheap. …
There is a trick that experienced engineers use when evaluating two competing technologies. You do not look at each one …
One of the most useful exercises in investing is putting two similar companies next to each other and asking a simple …