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theendofthedayifyoulivelongenoughmostpeoplegetwhattheydeserve.Charlie ideas.
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AsavalueinvestorandaseriousCharlieMunger(Trades,Portfolio)groupie,Ioftenremindmyself
pbarker46 RSIbuyideas
oftheabovequotefromMunger.Forme,valueinvestinghasbeenanamazingjourneyof
learning,ignoranceremovalandgradualwiseup. AXPPriceChart
Thisjourneyhasbeenbothchallengingand
AXP15YearFinancialData 1D 5D 3M YTD 1Y 5Y 10Y
gratifying.Insomewaysitislikeplayinga $77.8(1y:+48%)
TheintrinsicvalueofAXP gameinwhichonceyouhaveaccumulated
enoughcredentialsyouwilladvancetothe 75
PeterLynchChartofAXP
nextlevel.Themovefromonelevelbelowto 50
onelevelabovetakesbothtimeandeffort,butit'sanintegralpartofthefun.Inthisarticle,Idlike
25
tosharemyviewofdifferentlevelsofvalueinvestingbasedonobservations,thinkingandpersonal
Apr '16 Jul '16 Oct '16 Jan '17
experiences.
Beforegoingintothediscussion,Idliketomakeafewgeneralobservations:
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1.Youcanbeatthemarketregardlessofyourlevel.Thereisnoneedtodiscriminateamong
differentlevels.Whatsmostimportantistofindthestyleandstrategythatfitsyourown SkinnyTigers,LongFlightsandTalentedArmadillosbyTim
Melvin
personalityandlife.
Manning&NapierFebruary2017PerspectivebyHollyLaFon
2.Nomatterwhatlevelyouareat,youhavetounderstandbehavioralbiases. FirstPacificOpenLetterUrgesArconictoSupportElliott
ManagementChangesbyHollyLaFon
3.Asoundinvestmentphilosophybasedonmarginofsafetyisrequiredonalllevelsasisthe NewmontMiningWillContinuetoMoveHigherbyFaisal
Humayun
willingnesstoworkhard.
http://www.gurufocus.com/news/462427/the8levelsofvalueinvesting 1/8
2/9/2017 The8LevelsofValueInvestingGuruFocus.com
Withtheabovepointsinmind,nowletmemovetotheeightdifferentlevelsofvalueinvestingin
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myopinion.
HuntingtonAssetAdvisors,Inc.BuysTCFFinancial,Booz
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LevelI MyPortfolios MyGurus Get7DayFreeTrial
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AllenHamiltonHolding,ColgatePalmoliveCo,SellsSimon
PropertyGroup,UGI,MDUResourcesGroupbyinsider
Thisleveliswheremostvalueinvestorsbegintheirjourneys.Inthislevel,avalueinvestorwould Nelson,VanDenburg&CampbellWealthManagement
readmostofthevalueinvestingclassicssuchasTheIntelligentInvestorandCommonStock Group,LLCBuysSPDRNuveenBloombergBarclaysShort
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TermMunicipa,SchwabU.S.LargeCap,SchwabUS
andUncommonProfits.Heacquiresfamiliaritywiththemostimportantconceptsinvalueinvesting AggregateBond,SellsChevron,GeneralMotorsCo,
USGIstheBestWaytoPlayaHousingBoom
BerkshireHathawaybyinsider
suchasmarginofsafety,intrinsicvalue,moat,etc.Mostlikely,hewouldstarttospotvaluebased
19BiasesThatMakeYouLookFoolishandMakeBad
CatalystCapitalAdvisorsLLCBuysVanguardShortTerm
ondefinitivequantitativemetricssuchasnetnet,lowpriceearnings(P/E),lowpricebook(P/B) Decisions
Bond,iSharesRussell1000,VanguardSmallCapETF
andhistoricallylowmultiples.Ifhecanbuyabasketofthesecheapstocks,hewouldhavea DNQ,SellsActivisionBlizzard,MolsonCoorsBrewingCo,
TheKeytoWealthThatFewFollow
IntuitiveSurgicalbyinsider
statisticaladvantagetobeatthemarketinthelongrunby1%to2%.Thislevelcanbesummarized ScoreaTouchdownWithHibbettSports
AltegrisAdvisors,L.l.c.BuysiSharesiBoxx$Investment
asthecigarbuttlevel.Atthislevel,investorsoftenfallintothesocalledvaluetraps. USStockMarketRemainsSignificantlyOvervalued
GradeorateBond,SPDRSelectSectorFundConsumer
Staples,iSharesiBoxx$HighYieldorateBond,Sells
LevelII AllerganPLCbyinsider
Atthislevel,avalueinvestorstartstocaremoreaboutthequalityoftheunderlyingbusiness.Heis
likelytobeattractedtohighqualitybusinesseswithawidemoatandoftencharacterizedbyhigh MoreByGrahamites
returnoncapital.Hepreferstobuyagreatcompanyatafairpricethantobuyafaircompanyata
AnotherAttempttoTrumpetaMisjudgmentDec19,2016
greatprice.
HumbleAttempttoTrumpetaMisjudgmentDec14,2016
Atthislevel,avalueinvestorcanrecitemostofthefamousWarrenBuffett(Trades,Portfolio)and CEOsandCFOsWhoQuoteBuffettandGrahamDec12,
2016
Mungerquotes.Heknowsmostoftheimportantconceptswithinthevalueinvestingframework.He
ThoughtsonMediaCompaniesNov19,2016
candiscernpossiblewidemoatswithoutknowingwhyandwontspendmuchtimeonthelong
termsustainabilityofthemoat.Heisalsolikelytoanalyzeonecompanyatatimewithout
consideringthewholevaluechain. GuruInterviews
Quantitatively,valueinvestorsatthislevelusuallycollectenoughhistoricalfinancialandvaluation 24QuestionsWithValueInvestorJacobTayloroftheUC
dataandperformagoodamountofquantitativeanalysistocomeoutwithsomesortof DavisGraduateSchoolofManagementbyPJPahygiannis
projections. 23QuestionsWithBrazilianValueInvestorGustavoSaiani
byPJPahygiannis
Onecommonmistakeinvestorsmakeatthislevelistomissoutonrealgreatcompounders 13QuestionsWithArgentineValueInvestorSantiago
LuccabyPJPahygiannis
becausetheymayappearexpensive.
23QuestionsWithGreekValueInvestorDimitrios
KoutsoubosbyPJPahygiannis
LevelIII
Onceavalueinvestorhasacquiredagoodunderstandingofthevalueinvestingframeworkand
TopRankedArticles
learnedsomedifferentbusinessmodelsanddifferentcompetitiveadvantages,hecangodeeper
onbothqualitativeanalysisandquantitativeanalysis.Hecollectsasmuchdataaspossiblein AFondFarewellbyThomasMacpherson
ordertoperformindepthfundamentalresearch. KudostoGooglebyTheScienceofHitting
TheGrandDivorcebySmeadCapitalManagement
Atthislevel,aninvestorpaysdetailedattentiontosegmentfinancials,underlyinggrowthdrivers,
TheStripandtheStreet:AConversationWith
operatingmetrics,comparativeanalysis,etc.,inadditiontodetailedhistoricalannualandquarterly Mathematician,HedgeFundManagerandBlackjackPlayer
financialdata.Essentiallytheinvestorcantienumeracytoliteracyaboutabusinessonadetail EdwardThorpbyTimMelvin
level.ItisatthislevelthataninvestorfiguresoutmathematicallywhyAmericanExpress
(NYSE:AXP)couldnotrenewthedealwithCostco(NASDAQ:COST)ifithastomatchVisa
(NYSE:V)andCitis(NYSE:C)offers,orwhyESPNisadoubleedgedswordforDisney
(NYSE:DIS).
Atthislevel,aninvestorusuallycancomeupwithdetailednumericalprojectionsaboutthe
businessforthenextfewyears.Hecanexpressthequalitativeanalysisindetailedquantitative
terms.
Oneperilofwhichaninvestorneedstobekeenlyawareatthislevelisthefalsesecurityofferedby
thevastamountofdataaswellasthedetailedanalysis.Thenumbersmaytellyouonething,but
youmaystarttodevelopagutfeelingthatthenumbersmightbemisleadingeventhoughyou
dontknowwhy.
LevelIV
Basedonmyobservations,mostinvestorsgetstuckinoneofthepreviousthreelevels.Veryfew
makeittoLevelIVandabove.
AtLevelIV,aninvestorknowswellhowtoplayboththeclassicvalueinvestinggameaswellasthe
highqualitygame.Hecanincreasehisoddsofoutperformancebyintentionallyonlyplayinginless
efficientmarketssuchasdistresseddebts,emergingmarketsorspecialsituations.Heisalso
religiousaboutimplementingtherightprocessanddesigninganenvironmentthatencourages
doingtherightthing.
LevelV
SuperiorthinkingandsuperioranalysisarethemarkersofachievingLevelV.
http://www.gurufocus.com/news/462427/the8levelsofvalueinvesting 2/8
2/9/2017 The8LevelsofValueInvestingGuruFocus.com
Hereare10signsthataninvestorhasachievedLevelV:
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1.Heknowsthedifferencebetweenknowingthenameofsomethingandknowingsomething.
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2.Heunderstandscircleofcompetencyandknowshiscircleofcompetency.
3.Heachievesecolacybygoinganextrasteptoaskthequestionssowhatandthenwhat.
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4.Hecanquicklyfilteroutirrelevantdataandfocusonthemostimportant,relevantand
USGIstheBestWaytoPlayaHousingBoom
knowabledata.
19BiasesThatMakeYouLookFoolishandMakeBad
Decisions
5.Heknowsthehistoryandthecultureofthebusinesswell,andhestudiesthepastextreme
TheKeytoWealthThatFewFollow
successesandfailuresintheindustryinwhichthebusinessoperates.
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6.Heknowsthebusinesseswithinacompanysecosystemaswellasthecompany. USStockMarketRemainsSignificantlyOvervalued
7.Heseesrisksothersdontsee,andheseesrisksbeforemostpeopleseethem.
8.Heasksquestionsaboutthebusinessesthatmaynothavedefinitiveanswersbutare
importanttothinkabout.
9.Hecantellwhethermanagementislyingornot.
10.Hehasasuperlongterminvestmenthorizonandcanoftentellwhereweareindifferent
cycles.
Atthislevel,aninvestorwillrelylessonprecisenumbersproducedbydetailedmodels.Heknows
beingroughlyrightismuchbetterthanbeingpreciselywrong.Thisleadstominimumuseof
detailedfinancialmodelsandthehabitoffocusingonbigpicturenumbersanddeepsimplicity.
LevelVI
Atthislevel,aninvestorhasaholisticviewofthebusiness.Hecanincorporatemacroeconomics
intomicroeconomicanalysis.Letmeuseananalogytomakethispoint:Atthislevel,abusiness
canbethoughtofasatree.Mostpeopleseethetreeasitis.However,aninvestoronthislevel
cannotonlyseethetree,hecanalsoseetheforestinwhichthetreegrows,theparkinwhichthe
forestresidesandwhatthepark,theforestandthetreewillmostlylooklikein10years.
Anotherwaytoputthisisthefollowingquotefromthebook"101thingsILearnedFrom
ArchitectureSchool"whendesigningastair,window,column,roof,lobby,elevatorcoreorany
otheraspectofabuilding,alwaysconsiderhowitsdesigncanexpressandreinforcetheessential
ideaofthebuilding.
Atthislevel,aninvestoralsoseestheinteractionsandconnectionsamongdifferentindustriesand
differentcountriesmostthingsarelinkedonewayoranother.
IthinkLiLuatHimalayaisperfectexampleofLevelVandLevelVI.
LevelVII
Atthislevel,aninvestortakesinvestingupanotchbymasteringwhathasworkedinonemarket
andtransferringthatknowledgeandexperiencestoalessdevelopedmarket.Heisalsoactively
engagedinthecultivationofthebusinessinwhichheinvestsbyprovidingcapitalandbringing
togetherdifferentpartiesthatmayallbenefitfromawinwinsituation.
TomRusso(Trades,Portfolio)andZhangLeifromHillhouseCapitalManagementaretheveryfew
investorsatthislevel.TheBlueMoonexampleperfectlyillustratesthislevelofinvesting:
BlueMoonisinatraditionalliquidlaundrydetergentbusinessinChina.Formidableand
establishedplayerssuchasProcter&Gamble(NYSE:PG)andUnilever(NYSE:UN)(NYSE:UL)
bothplayinthisfieldandhavegreatestablishedbrandequityalready.NotonlydidZhangLei
providedcapitaltoBlueMoon,healsoarrangedforBlueMoonsexecutivestomeetwith
executivesfromChinasecommercegiantJD.com(NASDAQ:JD)soBlueMoonsexecutivescould
learnaboutecommercefromJDwhileJDsexecutivescouldlearnmoreaboutmerchandisingfrom
BlueMoon.ZhangLeididntcareaboutthecapitalspendingneededtobuildthebusiness,which
burdensshorttermfinancials.
ThisisnotazerosumgamebutawinwinsituationinwhichHillhouse,BlueMoonandJDcanall
benefitfromeachotherssuccess.Subsequently,BlueMoonredesigneditsdetergentpacksso
thattheycouldfitintoJDsdistributionnetworks.ZhangLeialsoappliedhisknowledgeinthesocial
mediaworldandpushedforanaggressivesocialmediastrategy.BlueMoonnowisthelargest
liquiddetergentbrandinChina.
LevelVIII
http://www.gurufocus.com/news/462427/the8levelsofvalueinvesting 3/8
2/9/2017 The8LevelsofValueInvestingGuruFocus.com
IcanonlythinkofBuffettandMungeratthislevel.NotonlydoBuffettandMungerpossessallthe
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capabilitiesneededintheprevioussevenlevels,theyalsohavemanycompetitiveadvantagesthat
areuniquetoBerkshireHathaway(NYSE:BRK.A)(NYSE:BRK.B),tonameafew:
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1.PeoplefromallovertheworldbringspecialdealsonlytoBerkshireHathaway.Companieslike
GoldmanSachs(NYSE:GS)andGE(NYSE:GE)onlyturntoBerkshireinstressfultimesfor YouMayAlsoLike
capitalandgrantBerkshireextremelyfavorableterms.
USGIstheBestWaytoPlayaHousingBoom
2.AlmosteverybusinessBerkshireboughtwidensitsmoat.
19BiasesThatMakeYouLookFoolishandMakeBad
Decisions
3.BuffettandMungerareperfectpartnersforeachotherandarguablyonlyforeachother.
TheKeytoWealthThatFewFollow
4.Berkshirehasmaximumflexibilityintermsofassetclassandsecurityclass.Theycaninvestin ScoreaTouchdownWithHibbettSports
commonstocks,preferredstocks,convertiblebonds,equityputs,derivativesandalltypesof USStockMarketRemainsSignificantlyOvervalued
securitiesinalltypesofbusinesses.
5.Negativeborrowingcostandconstantflowinofpermanentcapital.
LetmeendwithanotherMungerismwithwhichweareallfamiliar:
Investingisnotsupposedtobeeasy.Anyonewhofindsiteasyisstupid.
Disclosure:LongJD.comandBerkshireHathaway.
StartafreesevendaytrialofPremiumMembershiptoGuruFocus.
Alsocheckout:
WarrenBuffettUndervaluedStocks
WarrenBuffettTopGrowthCompanies
WarrenBuffettHighYieldstocks,and
StocksthatWarrenBuffettkeepsbuying
CharlieMungerUndervaluedStocks
CharlieMungerTopGrowthCompanies
CharlieMungerHighYieldstocks,and
StocksthatCharlieMungerkeepsbuying
TomRussoUndervaluedStocks
TomRussoTopGrowthCompanies
TomRussoHighYieldstocks,and
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Comments
Jtdaniel 2monthsago
HiGrahamites,
JustlettingyouknowhowmuchIenjoyedyourarticle.Yourfirstpointmayhave
beenthemostsalient"Youcanbeatthemarketregardlessofyourlevel".Thisis
contingentontheinvestorabidingwithinthatlevelandthenmaintaininga
reasonableamountofselfcontrolinvolatilemarkets.
IselfratedatLevelII,whichIthinkcouldalsoincludetheabilitytoengageinbasic
takeoverarbitrage.Missingoutoncompoundersisariskateveryvalueinvesting
level,butasyounotemaybemorecommonatLevelII.Ihavemissedalotof
http://www.gurufocus.com/news/462427/the8levelsofvalueinvesting 4/8
2/9/2017 The8LevelsofValueInvestingGuruFocus.com
them,because.agreatbusinesstradingat40XEPSisprobablynevergoingtobe
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myfirstchoice.NowwhenMicrosoftfellto10XEPSIreceiveditwarmly.Ican
alsobuyExxonwhenothersarefearfulandidentifygoodarbitrageplays.
Search EnterTicker,Guru,Company,etc.Go MyPortfolios MyGurus Get7DayFreeTrial
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Frommyexperience,somekeystosucceedingatLevelIIincludethe
ability/willingnessto(1)slowlybuildaportfolioofafewleadingcompaniesthatcan
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beboughtatbargainprices,(2)buywiththeintentiontoholdfordecades,(3)
reinvestdividendsand/ortrytoaveragedown,(4)keepasignificantamountof USGIstheBestWaytoPlayaHousingBoom
cashavailableforunforeseenopportunities,and(5)consideraddinganarbitrage 19BiasesThatMakeYouLookFoolishandMakeBad
Decisions
componenttotheportfolio.Best,dj TheKeytoWealthThatFewFollow
ScoreaTouchdownWithHibbettSports
USStockMarketRemainsSignificantlyOvervalued
Fung98152monthsagoReportSPAM
Greatarticleasalways,enjoyeditsomuch!
Iguessweallstartedoffatheoritical/textbookvalueinvestors(level13).Likeyou
said,manystuckatlevel3.Ibelievethatinordertomoveupward,weneedtobe
morephilosophicalthinkmoreabouthowthingswork,howpeoplebehave,and
thestorybehindthenumbers.
Rherion 2monthsago
Thankyouforthegreatarticle.SomethingIwouldaddbesidesevaluatinga
particularinvestmentandtheparticularsubsectionofthemarketthatthe
investmentresidesin,etc.,isriskmanagementandknowingwhen,andwhennot,
tobackupthetruck.Asimportanceasallofthelevelsofvalueinvestingfrom
aboveisseeingandcapitalizingheavilyonthenobrainersonthefewoccasions
thattheypresentthemselves,asMungerandBuffetttestifythisisresponsiblefor
alargemeasureoftheirsuccess(20investmentpunchcard).
Grahamites 1monthago
djThanksforthenicewordsandthanksforcommenting.Justbasedonyour
observations,IthinkyouarewaymorethanlevelII,especiallyphilosophically.I
totallyagreethatearlyinthevalueinvestingjourney,it'sveryeasyforvalue
investorstomissoutthefuturemultibaggersbecausethestaticvaluationmultiple
ishigh.IhavethoughtMasterCardandPricelineweresoexpensivebackin2011
or2012whenbothweretradingnoteven40xearningsbutmorelike25.Itishard
tocomeupwithconvictions,fortherightreason,thatafastgrowerlikethosetwo
cangrowatafasterthanaveragespeedforalongtimebutonceyoudogetthe
conviction,themistakeofomissionbecomeslesslikely.Andittakesafewmore
levelsofanalysistodothat.
But,aswebothagree,youcanstillbeatthemarkethandsomelyevenwithout
thosemultibaggers.Yourfourpointskeyssoundlikeagreatmarketbeating
framework.
Grahamites 1monthago
Fung9815Thanksforthenicewordsandthanksforcommenting.Youare
absolutelyrightthatinordertoadvancetohigherlevel,weneedtobemore
philosophicalthinkmoreabouthowthingswork,howpeoplebehave,andthe
storybehindthenumbers.Greatthinking.
Grahamites 1monthago
RherionThanksforthenicewordsandthoughtfulcomments.Iagreetotallythat
temperamentisalsokeyinbeatingthemarket.Veryfewpeoplecansticktothe20
punchcardphilosophy,verymucheasiersaidthandone.Andifonepossessesthe
temperamentofonlypunching20timesatthosebignobrainers,hedoesn'tneed
todotoomuchontheanalysislevel.Iknowadoctorwhodoesjustthatwithgreat
trackrecords.
http://www.gurufocus.com/news/462427/the8levelsofvalueinvesting 5/8
2/9/2017 The8LevelsofValueInvestingGuruFocus.com
Andgreatpointsonthis:"SomethingIwouldaddbesidesevaluatingaparticular
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investmentandtheparticularsubsectionofthemarketthattheinvestmentresides
in,etc.,isriskmanagementandknowingwhen,andwhennot,tobackupthe
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truck."
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Batbeer2 1monthago
USGIstheBestWaytoPlayaHousingBoom
>>Andifonepossessesthetemperamentofonlypunching20timesatthosebig 19BiasesThatMakeYouLookFoolishandMakeBad
Decisions
nobrainers,hedoesn'tneedtodotoomuchontheanalysislevel.
TheKeytoWealthThatFewFollow
Yes! ScoreaTouchdownWithHibbettSports
Ithinktheinvestorwhospends10%ofhistimetrackingauniverseofsay....150 USStockMarketRemainsSignificantlyOvervalued
companiesismuchbetteroffthananinvestorspending100%ofhistimesifting
throughhundredsofthousandsofstockseveryweek.Ofcoursewithsucha
limiteduniverseyou'llprobablynotbetradingmuch.
Anotherwaytoputitisthatitrequiresawelldeveloppedegotobelieveyoucan
figureoutwhichofthosethousandsofcheapcompaniesisqualitativelyOKor,
moreimportantly,filteroutthosethatarenot.
Reversingtheprocesandlookingatwhatyouunderstandandthenfiguringout
if/whenit'scheap:
1.Issafer.
2.Requireslesstime(oralternativelyleavesyouwithtimetodosuperiorresearch).
3.Doesnothingforyouregowhichmightexplainwhymostinvestorscan'tdoit.
Yes,alotofresearchindicatesthatstatisticallycheapstocksoutperform.I'dargue
thatthisispreciselybecausetoomanymenwanttobelievetheiranalyticalskills
canbeandshouldbeapplieduniversally.
Justsomethoughts.
JeanFrancoisNobert 1monthago
outstandingarticleasusual,butthisonemightbethebestieverreadon
Gurufocus
Vgm1monthagoReportSPAM
Thanksfortheoutstandingarticle,Grahamites.Andthankstoothersforinsightful
commentstoo.
IwonderifImightthrowinanotherangle.Itwon'tfitasoneofyourlevels,butismore
ofanalternativemindsettoinvesting.Somemightcallitheretical.
Itconsistsindevelopingasufficientunderstandingofinvestingwiththegoalof
identifyingapersonorpersonswithwhomtoentrustourmoney.Myfirsteverstock
purchase,whichwasaroundthetimeofthedotcomcrash,was3BerkshireA
sharesatabout$60kpershare.Inretrospectitwasaninspireddecision.Imade
onlytwomistakes:notputtingallmymoneyinBRK,andthennotholding'forever'.
Buffettisthemostobviousexample,butJohnMalone,PremWatsa(Trades,
Portfolio)andBruceFlattwouldbeotherswhosepubliclytradedcompanystock(s)
wouldhavemadeoutstandinginvestmentsoveralongperiodoftime.Iidentified
thembutdidn'thavetheconfidencetofollowthru.
Tomethehugeadvantageofthisstrategyisclear:thepeopleImentionedarefarfar
betterthanIcouldeverhopetobetheyareabletoanalyze,anticipate,decide,and
movebasedonknowledgeandexperienceIcouldneverhopetohave.Investing
alongsidethemwouldallowmetosleepwell,knowingthebestmindsand
practitionersontheplanetwerelookingaftermyfinancialneeds.
Investingisatoughbusiness,asweprobablyallfoundoutthehardway.Thereare
http://www.gurufocus.com/news/462427/the8levelsofvalueinvesting 6/8
2/9/2017 The8LevelsofValueInvestingGuruFocus.com
manywaystofail.Whynotsimplytravelonthesamevehiclesasthosesuperstars
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mentionedabove?Andwhowillbethenextgeneration?
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Thanksagainforabrilliantarticle.
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focusonLevels1&2.Everythingelseseemstoescapemenomattertheamount TheKeytoWealthThatFewFollow
ofreadingorcostlymistakes.Thanksagain.Tom ScoreaTouchdownWithHibbettSports
USStockMarketRemainsSignificantlyOvervalued
Snowballbuilder1monthagoReportSPAM
Interestingarticlegrahamites
Ivereallyenjoyedreading
PSifJTDandTomputtheirselfatlevel2....improbablyintheunderground!!))
BestSnow
Grahamites 1monthago
JeanFrancoisNobert:Thanksforthesupernicewords!
Grahamites 1monthago
VgmThanksforyournicecomments.Youhaveagreatpointandagreat
strategy.Idendifyinggreatcapitalcompoundersandjustletthemmanageyour
moneybasicallyatnochargeandtheyhaveeveryincentivetodoitwell.Very
smart.
Iwouldsaythiscanbepartoftheinvestmentanalysis.Youareidentifying
someonewhoisatlevelVandaboveinyourassessmentofthemanagement
team,whichprobabalyfallsintolevelIIIofthecompanyspecificanalysis.Iadmire
whatyouhavedonewithBRK.Aduringthedotcomyears.Impressive!
Grahamites 1monthago
TomThanksforthenicewords.Youarebeinghumble.Nintai'sinvestment
resultsspeakforthehighlevelyouareat:)
Grahamites 1monthago
SnowGladyoulikedthearticle.Thanksforthecomments.
Grahamites 1monthago
BatbeerWellthoughtoutandwellput:)
Tradezero3weeksagoReportSPAM
Valueinvestingrequiresasystematicapproach,asthisarticleneatlyreveals.
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