Links (03/16/17)

Investing Mastery Through Deliberate Practice – MicroCapClub, Chip Maloney

Compilation of Year End Investment Letters – Reddit

The Difference Between “Moat” and “Durability” – Geoff Gannon


Links (03/13/17)

I try to spend a lot of time reading, but one of my issues is that I read an article I like, leave the tab open because I want to try to save some information from it, and forget about it. Right now, I have 23 tabs open in my web browser! After a while, the clutter bugs me way too much and I end up closing the tab and losing the information I wanted to save.

I’ll be the first to admit that I have a terrible memory, so writing things down helps tremendously. Not that I’m on his level at all, but Charles Darwin wrote everything down because of his terrible memory. One of his best qualities was that he identified a weakness of his – memory – and compensated for that weakness. This is my attempt to emulate him.

Hopefully on a daily basis I’ll post the links of things I’ve been reading and much less often I’ll post write ups on companies, my investment process, etc. In a self-serving way, this is all meant to help me, but hopefully it helps others who read it as well.

Here come the links:

For-profit education rebounds – WSJ

Short-term results – WSJ. I found this article quite interesting because it discusses how a hedge fund is the worst performing hedge fund of the year so far, even though we’re only in the middle of March! The hedge fund also gained 22% last year. Just another example of focusing on short-term results, when long-term results are really what counts. The article has no mention of how the fund has done over the last 5 years.

Saber Capital 2016 Annual Letter

When the Stock Market Plunges… Will You Be Brave or Will You Cave? – Jason Zweig