Investment Archive
In the Investment
Analysis
page of this website, I included the following personal adage:
Owning a concentrated portfolio without doing the research is suicidal;
don't own what you don't thoroughly understand.
The above is more than an aphorism - I would consider it an immutable axiom
of investing. Prices are established in securities markets by the purchases
and sales of the participants. This arena is dynamic because trades are
driven by differing, constantly fluctuating points of view. The analysis
included herein constitutes but one viewpoint. The intelligent investor
will never let him/herself forget that.
Research is uploaded to the website as it reaches the level of completion
necessary to be informative. This is not to say the work posted is ever
effectively "complete"; in a context of constantly changing circumstances,
no research ever is. As the disclaimer below makes clear, the reader is
forewarned to consider all research herein as simply information to be
considered, not investment advice.
Informational or analytical updates will inevitably lag real-time
developments, and my investment decisions will not necessarily reflect what
might be interpreted as the bias of the research as presented.
Opportunities can lapse, go stale, or reverse with the ebb and flow of
business or market conditions. And despite the effort that goes into any
investment analysis, there may be errors of analysis, judgment,
transcription of data, formulae, etc. If all humans are inherently
fallible, so too is all analysis. Although the etymology implies otherwise,
the fact that someone authors something doesn't make them an
authority.
Each monograph is included herein as a separate file, the links for which
are shown. The research may include background data, scanned third-party
documents, etc. The analysis is generally presented in narrative form and
self-explanatory. As an organizational convenience, I try to include all
SEC (or other regulatory) filings, utilizing hyperlinks within to direct the
reader to the indicated information. The reader will notice that the
materials accompanying the analysis frequently feature editorial comments,
questions, highlighting, etc. Some of these markings will be referred to
directly in the analysis, while others are simply points I focused on in the
process of my research.
View these and all investment opportunities - past, present and future - with the appropriate skepticism. As with your own analysis, think about what's missing rather than present. It's that mindset, as a habit, that safeguards against loss and paves the way to profits.
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