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com Dec 26, 2005 Issue 051226

Enlightened Investor Digest


BEST IDEAS, BEST PRACTICES AND BEST JOKES FROM THE WORLD’S BEST INVESTORS

ACTIVITIES OF THE WORLD’S BEST INVESTORS


QUARTER ENDING SEPTEMBER 30, 2005

Enlightened Investors Buys Sells


BAUPOST GROUP
Seth Klarman ACUS CALGZ, UNS, HCBK
BERKSHIRE HATHAWAY
Warren Buffett, Lou Simpson, TYC, USG
BRANDES Investment Partners EK, PXT, CV, ATYT, BORL, LZB,
Charles Brandes, Glenn Carlson QNTA, FITB S, RAI, CTL, FLE, AOC
CENTURY Management WBSN, CT, IWN, IJR, CNC, PFCR,
Arnold Van Den Berg JWN, RCI VAR, CTXS, EDO, XXIA, BECN
CNA Financial Corp
James Tisch, Joe Rosenberg WMT, CHK FHN, RHI, FCS, VTR
CUNDILL, Peter & Associates
Peter Cundell, Tim McElvaine L, DTV LTR
DAVIS Advisors FMD, AMB, LM, FELE, SFC, TIF, FLA,
Chris Davis, Ken Feinberg NWS, S ITD, KBH
ESL Investments
Edward Lampert
FAIRHOLME Capital NLY (Insider buys, price drop, positive
Bruce R. Berkowitz cash flow, low capex), FRE, CFC EAC
GMO Jeremy Grantham KO (Historical valuation low), USPI SEE, ECL, ITUI
BKF (Large price drop, insider buy,
ICAHN Group JANA Partners improving cash flow, low capex), ANX,
Carl Icahn, Barry Rosenstein FHR, LEXR, WLT, ANX MYL, PPP, SEBL, MWD
KAHN Brothers ALV, IDT
KINETICS ASSET MGMNT GBLBF, IMO, TKC, RHD, PICO, DEO,
Peter Doyle LICT, AMP
IACI, NIHD, PHG, USB, MWD, TO,
LEGG MASON FWLT, MRX, DNA, USG, RTN, SPP,
Bill Miller & Company LRW
LEUCADIA NATIONAL IAAC, PRKR, VECO, ACCL
OAKMARK Oak Value Fund
Bill Nygren IWR JNJ, PRE
OLSTEIN & Associates BMS, LXK, WLM, MTW, SYNA,
Robert Olstein FL, AIG, MTLG, FINL PA
OMEGA Advisors S, MCD, RDSA, MSFT, NWSA, CTX, VOD, FBN, TPX, BAC, LLY,
Leon Cooperman VIA.B, CNX, KND RDPL
PRIVATE CAPITAL
Bruce Sherman, Gregg Powers AGI, TD
PROSPECTOR PARTNERS PFE, MRK, DD, NYT, OTL, AMD,
John D. Gillespie TRH, NEM, ABX, ABS, JPM, MMM C
SEQUOIA FUND INC
Bob Goldfarb MICC, PCLN, NMHC, MCF, LEAP
SOURCE CAPITAL
Eric Ende
SOUTHEASTERN ASSET MGMT
Mason Hawkins DELL, BUD, NSRGY, PHCT FIC, CKP

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Page 2 Enlightened Investor Digest

THIRD AVENUE Funds BORL, HVT, HDL, GSIG, IDT, OME, COMS, ASGN, OFLX, BBX, SXC,
Marty Whitman TSG, PAAS, MOVI WRP, FAL, PWR
TRACINDA Corp
Kirk Kerkorian GM
TWEEDY BROWNE
Chris & Will Browne, John Spears SNY, LXK, BUD SLE
VINIK ASSET MANAGEMENT SYGR, WSCI, RCKY, KSWS,
Jeffrey Vinik NSC, OS, EFII, IPS, HAL, RHI, ARG PCR
WASATCH ADVISORS INC EASI, MVL, JBHT, WCG, SINT, TUTR ECPG, GPI, CARS, IPMT
WEITZ FUNDS
Wallace R. Weitz BUD, LEAP HCM, COF, PBCT
WHITE MOUNTAINS Insurance
Note: The most interesting moves are underlined or in bold face. The accuracy of the information above is NOT guaranteed. Please
read our legal disclaimer here: http://zenway.com/disclaim To suggest an enlightened value investor worth tracking, please email:
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Z
Golden Nuggets & Zen Wisdom from Warren Buffett (in his lectures to student groups)

How to Make 50% a Year write down why you are buying the business.
♦ First off, follow Graham and you’ll be fine. If you can’t, then you have no business doing
♦ You have to turn over a lot of rocks to find it.
those little anomalies. ♦ Don't put yourself at risk of a bad day.
♦ You have to find the companies that are off Meaning: don't get in a position that a single
the map - way off the map. You may find bad, low probability day would damage you.
local companies that have nothing wrong with
them at all. Capitalize on Volatility
♦ When investing you don’t have to invest in all ♦ Markets are there to serve you, not to instruct
10,000 companies available, you just have to you. Most people think that what the stock
find the one that is out of line. You can often does from day to day contains information,
find a couple of companies that are out of line. but it doesn’t. It isn’t just something that
Find one; get rich. wiggles around.
♦ No one will tell you about these businesses. ♦ Mr. Market is your servant. Mr. Market is
You have to find them. your partner and wants to sell the business to
♦ “Investing is Journalism.” Investing is finding you everyday. Some days he is very
out about something most people don’t know optimistic and wants a high price, others he is
about, just like a reporter wanting to break a pessimistic and will sell at a low price. You
big story. He further stated, “You don’t need have to use this to your advantage.
99 percent of the information out there for ♦ The stock market is the best game in the world.
investments.” You can take advantage of people who have
♦ It would perhaps even be easier to make 50% no morals.
a year with smaller amounts in today’s ♦ The market is the greatest game in the world.
environment because information is easier to There is nothing else that can, at times, get
access. this far out of line with reality. For example,
♦ The answer is still yes today that you can still land usually only fluctuates within a 15%
earn extraordinary returns on smaller amounts band. Negotiated transactions are less volatile.
of capital. For example, I wouldn’t have had Some get this; others don’t. Just keep your
to buy issue after issue of different high yield wits about you and you can make a lot of
bonds. Having a lot of money to invest forced money in the market.
Berkshire to buy those that were less attractive. ♦ High prices inside of a year will typically be
With less capital, I could have put all my 100% of the low price. Businesses don’t
money into the most attractive issues and change in value that much. That is simply
really creamed it. crazy. There are extreme degrees of
♦ If you buy GM, you need to write the price fluctuation, and Mr. Market will call out the
and the respective market valuation. Then

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Enlightened Investor Digest Page 3

prices. Wait until he is nutty in one direction words they were willing to sell us money that
or the other. was worth $1 for $0.25. According to
♦ Never has so much been managed by so few efficient markets, the beta was higher when
that care so much about what happens the stock was at $20 than at $37. This is
tomorrow. So much of the world of investing insanity. We bought what was then worth $9
is people who are trying to beat indexes, and million that is now worth $1.7 billion.
they have a willingness and eagerness to make
decisions in the next 24 hours. This condition It’s Hard to Profit from Bubbles
didn’t exist years ago. It has created a “hair ♦ Identifying bubbles is fairly easy. You don’t
trigger” effect. An example of this hair know how big they will get and you don’t
trigger effect was Black Monday in ’87. The know when they will pop. You don’t know
cause was program trading and stop loss when midnight will hit, but when it does, it
orders. turns carriages to pumpkins and mice. What
markets will do is pretty easy. When they will
Prudence and Margin of Safety do it is more difficult. Some people want to
♦ Put in a margin of safety. Don’t find a bridge stick around for the last dance, and they
that says no more than 10,000 pounds when thought that a bigger fool would be just
you have a 9800 pound vehicle. It isn’t a around the corner tomorrow. [Cashing in your
function of IQ, but receptivity of the mind. chips at the top is not easy.]
♦ Be careful that when you buy something for a ♦ If you are buying to own a home, that is fine.
sound reason, make sure that the reason stays Otherwise, real estate seems to be getting into
sound. bubble territory.
♦ Ben Graham said: “You can get in more ♦ “Never get into something if you have the
trouble with a sound premise than an unsound intention of someday wanting to get out of it.”
premise because you’ll just throw out the For instance, Buffett stated he does not invest
unsound premise”. [Editor’s note: Therefore, in IT stocks because technology changes too
write down the pros and cons. Debate with much.
yourself. Debate with other smart people,
preferably in the Zenway Mastermind Group.] The Zen of Inner Happiness
♦ Don't mess with borrowed money. (His max ♦ “Your inner scorecard is more important than
debt to equity ratio used to be 25 percent.) your outer scorecard.” It’s very important for
♦ To value a business, analyze where it will be people to evaluate how they behave over a
10 years down the road. Is there someone to lifetime morally and ethically and not be
run the business, and is it reasonably priced? overly concerned with other people’s
The only two classes you need as an investor impressions. Keep an inner scorecard: judge
are "how to value a business" and "how to yourself by your own standards. This keeps
think about the stock markets." you focused when you have many people
giving you advice.
Investment Case Studies ♦ You should do the job you love whether or not
♦ Western Insurance Securities, found by going you are getting paid for it. I didn’t know my
over the S&P stock guide page by page, was salary when I went to work for Graham until I
trading for $3/share when it was earning got his first paycheck. Do what you love and
$20/share!! Buffett tried to buy up as much of don’t even think about the money.
it as possible. ♦ If there is a place that is warm in the winter
♦ Genesee Valley Gas, public utility trading at a and cool in the summer, and you do what you
P/E of 2, GEICO, Union Street Railway of love doing, you will do fine. I will take a trip
New Bedford selling at $30 when $100/share on Paul Allen’s Octopus ($400M yacht), but
is sitting in cash, high yield position in 2002. wouldn’t want one for myself. A 60 man
No one will tell you about these ideas, you crew is needed. They could be stealing,
have to find them. sleeping with each other, etc.
♦ Berkshire owned the Washington Post, the ♦ You’re rich if you are working around people
ABC network and Newsweek. It was selling you like. You will make money if you are
for $100 million based on the stock price. No energetic and intelligent. This society lets
debt. You could have held an auction, and smart people with drive earn a very good
sold off the companies individually for $500M living. You will be no exception.
total, but $100M was the price. In other

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Page 4 Enlightened Investor Digest

♦ Hang around people who are better than you network paid you; car dealers paid you, and
all the time. You do pick up the behavior of you made money.
people who are around you. It will make you ♦ But in retail you have to be smarter than Wal-
a better person. Marry upward. That is the Mart. Every day retailers are constantly
person who is going to have the biggest effect thinking about ways to get ahead of what they
on you. A relationship like that over the were doing the previous day.
decades will do nothing but good. ♦ Retailing is like shooting at a moving target.
♦ “A person must have a passion for the In the past, people didn’t like to go excessive
business they are in – they have to prefer distances from the street cars to buy things.
going to work that day than any other option People would flock to those retailers that were
in the world.” Mr. Buffett considers himself near by. In 1996 we bought the Hochschild
unable to ever retire because what he does for Kohn department store in Baltimore. We
a living is not a job in his eyes. Says Buffett: learned quickly that it wasn’t going to be a
“I don’t work.” winner, long-
♦ I was lucky because I knew what I loved at an term, in a very
early age. I was wired in a certain way when I short period of
was born, and I was lucky enough to stumble time. We had
upon some books at a library at a very early an antiquated
age. In 1930, I won the ovarian lottery. If I distribution
had been born 2000 years ago, I’d have been system. We
somebody’s lunch (laugh). I wasn’t strong and did everything
I couldn’t run fast. else right. We
put in
Learn from Mistakes and Move On escalators.
♦ My biggest mistakes were errors of omission We gave
vs. commission. Berkshire Hathaway was people more
also a big mistake. credit. We had a great guy running it, and we
♦ Sometimes the opportunity costs of keeping still couldn’t win. So we sold it around 1970.
money in something (like a lousy textile That store isn’t there anymore. It isn’t good
business) can be a drag on Berkshire’s enough that there were smart people running it.
performance. We didn’t learn from the ♦ It will be interesting to see how Kmart and
previous mistake and bought another textile Sears play out. They already have a lot of real
mill (Womback Mills) 6-7 years after buying estate, and have let go of a bunch of Sears’
Berkshire Hathaway. Meanwhile, I couldn’t management (500 people). They’ve captured
run the one in New Bedford. some savings already.
♦ Don’t worry about mistakes. You’ll make ♦ We would rather look for easier things to do.
mistakes. Get over it. At the same time, it’s The Buffett grocery stores started in Omaha in
important to learn from someone else’s 1869 and lasted for 100 years. There were
mistakes. You don’t want to make too many two competitors. In 1950, one competitor
mistakes. went out of business. In 1960 the other closed.
♦ Don't take yourself out of the game because We had the whole town to ourselves and still
you are fearful of making mistakes. You have didn’t make any money.
to be able to make mistakes to make decisions. ♦ How many retailers have really sunk, and then
come back? Not many. I can’t think of any.
Thoughts on Sears/Kmart and Eddie Lampert Don’t bet against the best. Costco is working
♦ Nobody knows. Eddie is a very smart guy but on a 10-11% gross margin that is better than
putting Kmart and Sears together is a tough the Wal-Mart’s and Sams’. In comparison,
hand. Turning around a retailer that has been department stores have 35% gross margins.
slipping for a long time would be very It’s tough to compete against the best deal for
difficult. Can you think of an example of a customers. Department stores will keep their
retailer that was successfully turned around? old customers that have a habit of shopping
♦ Broadcasting is easy; retailing is the other there, but they won’t pick up new ones.
extreme. If you had a network television ♦ If Eddie sees it as impossible, he won’t watch
station 50 years ago, you didn’t really have to it evaporate. Maybe he can combine certain
invent or being a good salesman. The things and increase efficiencies, but he won’t
be able to compete against Costco’s margins.

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Enlightened Investor Digest Page 5

Ignore the Macro Stuff Investors Are Not More Intelligent Today
♦ Risk premiums are mostly nonsense. The ♦ There is no doubt that there are far more
world isn’t calculating risk premiums. I don’t “investment professionals” and way more IQ
think that the stock market will return 6.5% in the field, as it didn’t use to look that
over bonds in the future. Stocks usually yield promising. Investment data are available
a little more, but that isn’t ordained. Every more conveniently and faster today. But the
once in a while, stocks will get very cheap, behavior of investors will not be more
but it isn’t ordained in scripture that this is so. intelligent than in the past, despite all this.
♦ There is a recent WSJ article written by ♦ How people react will not change – their
Jeremy Siegel that discussed funds flowing psychological makeup stays constant. You
out of investments because baby boomers will need to divorce your mind from the crowd.
need to cash in their investments during The herd mentality causes all these IQ’s to
retirement. “I respected Siegel, but I don’t become paralyzed. I don’t think investors are
find fund flows data useful,” said Buffett. now acting more intelligently, despite the
♦ We aren’t big on demographic trends. It’s intelligence.
difficult to translate that information into ♦ Smart doesn’t always equal rational. To be a
profitable decisions. It is hard to figure out successful investor you must divorce yourself
what businesses will prosper in the future, from the fears and greed of the people around
based on macro trends. See’s candy is for you, although it is almost impossible.
anyone and Fruit of the Loom is for people ♦ Do you think Ponzi was crazy? The tech and
who need underwear today. telecom madness that existed just 6 years ago
is right up there with the craziest mania’s that
Focus on the Present “Here and Now”
have ever happened. Huge training in capital
♦ We want to be right on something that will
management didn’t help.
work right now, not something that might
♦ Take Long Term Capital Management. They
work in the future. I doubt that Wal-Mart
had 100’s of millions of their own money, and
spends a lot of time on demographics. They
had all of that experience. The list included
instead focus on where to put the store and
Nobel Prize winners. They probably had the
what to put on the shelves. I’ve never found
highest IQ of any 100 people working
those kinds of [demographic] stats useful.
together in the country, yet the place still blew
People were all excited to go into stocks 6
up. It went to zero in a matter of days. How
years ago, but it wasn’t because of
can people who are rich and no longer need
demographic trends.
more money do such foolish things?
♦ “There is no rerun button in life…the time to
♦ Humans are still made up of the same
do things you want to do is today.” “If there
psychological makeup, and opportunities will
is a job you want to do – do it today.” He
stated how it’s important in life for students always present themselves. All these people
have not gotten more rational. They are
not to worry about building a resume you
think others want to see. moved by fear and greed. Z
♦ [Editor’s note: A single-minded focus on the
present moment, here and now, is the central
idea of the oriental wisdom of Zen. It is
interesting to note that Susan Buffett, the late
wife of Warren Buffett, was a fan of Zen
Buddhism.]

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Page 6 Enlightened Investor Digest

Graham-Buffett-Fisher Value Investing mampara: yes, John, that's what we are talking
Online Research Meeting (Scuttlebutt) about
Dec. 25, 2005 Meeting Transcript Brian Zen: Yes, John.
JohnReuwer: Great.
Brian Zen: We hear you, leon, great!
Place: http://www.paltalk.com Please
Welcome aboard!
download the Paltalk Messenger and look for
JohnReuwer: Welcome Leon!
room “Value Investing. Or look for pal “Brian
JohnReuwer: If you'd like.
Zen”.
JohnReuwer: I am looking for 2 things for the
Time: Every Sunday at 5PM New York
beginnning of 2006...
Eastern Standard Time: Let us meet here to
JohnReuwer: LOL! OK, so you want my non-
debate specific investment ideas, discuss
Large cap ideas then?
wealth strategies and swap great jokes. Let us
JohnReuwer: Ok, 3 quick picks I am looking
scuttlebutt like Fisher and Buffett.
for: 1. Altria is probably going to break up the
company into 3 parts: PM Domestic, PM
Note: The experience of joining our
International and Kraft.
investment war room meeting is 10 times
JohnReuwer: Both PM have extremely
better than reading this transcript. By reading
predictable earnings but Kraft, however, does
this transcript, you miss all the audio debates,
not.
voice presentations and the hilarious jokes.
Brian Zen: Ok, MO.
JohnReuwer: I plan on going Long Altria and
Brian Zen: :):) Merry Christmas! :):):):):):):)
short Kraft.
JohnReuwer: Merry Christmas to you too
JohnReuwer: When the company breaks up,
Brian!
the big inst. players will probably sell off their
JohnReuwer: Yep, we can hear you
Kraft to take the cash.
mampara: same to you ... and wish you a very
Brian Zen: Too bad, I sold MO recently.
prosperous New Year ... may your assets
Bought around $32.
grow!!!!
JohnReuwer: 2. Smaller company - ASFI
JohnReuwer: I am actually out of town myself
(Asta Funding - Shai's idea). 30% earnings
but I couldn't miss the meeting!
growth, almost no debt, 25% ROE and selling
mampara: i bought a mic ... but my sound card
for 11X forward earnings.
needs replacement
JohnReuwer: They buy defaulted credit card
mampara: about Greenblatt
debt for pennies on the dollar.
mampara: i just got an accunt opened at
JohnReuwer: CC defaults are at an all time
foliofn.com
high and will be for many years in the future
Brian Zen: I bought some Greenblatt stocks.
JohnReuwer: Market Cap of about $360
Brian Zen: Here are the symbols:
million BTW.
mampara: mid january i'll be buying 5
Brian Zen: Ok, John, you are in for ASFI. Do
Greenblatt stocks
you want to put ASFI on the record as your
mampara: i can hear you clearly
pick?
Brian Zen: CECO, HRB, WON, TRB
JohnReuwer: Sure, I would love it.
Leonartist: hi all
JohnReuwer: 2 potential problems with ASFI
Brian Zen: BSX, too.
for those interested:
mampara: how many stocks are you planning
Brian Zen:
to put in your Greenblatt portfolio?
http://finance.yahoo.com/q/pr?s=ASFI
Brian Zen: Planning on buying 20.
JohnReuwer: They were late with their
JohnReuwer: Hey Leon
earnings report last quarter. They cited
Brian Zen: Trying to see if the computer is
Sarbanes-Oxley but that has been in place for
smarter than myself.
some time now.
JohnReuwer: By "Greenblatt stocks" are you
mampara: nevertheless, net margins and
referring to his formula in his "Little Book?"
ROA/ROE are pretty healthy

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Enlightened Investor Digest Page 7

JohnReuwer: Very healthy. This entire JohnReuwer: PB is about 2.7 I believe


industry has unbelievable financials. JohnReuwer: Do you guys hear that?
mampara: late reporting is definitely a red flag Brian Zen: asfi seems to be a play on growth.
JohnReuwer: PRAA is their competitor and is Right?
a larger company. JohnReuwer: Growth and on an absolute
JohnReuwer: However, PRAA stated that valuation, I show Margin of Safety of about
there is so much defaulted debt around right 20% at about 24.
now that companies are not truly competing JohnReuwer: in my DCF that is.
for debt at this point. mampara: PCU
JohnReuwer: This means debt, for them, is dirt Brian Zen: OK, PCU, we are all ears. Why
cheap. you like it?
Brian Zen: Insider selling is another issue. JohnReuwer: Nice dividend!
JohnReuwer: Agreed. That was another issue mampara: i've been trying to do my own stock
that I was going to mention. screen like Greenblatt's on Reuters and this
JohnReuwer: It wasn't an obscene amount and company came up on the screen
ASFI is near highs so I am not too concerned. Brian Zen:
When insiders sell near the bottom, then I am http://finance.yahoo.com/q/ks?s=PCU
concerned. mampara: it expected to be a 20% grower ...
mampara: analyst long-term projected not sure if it will do well within on year, but
earnings growth rates for PRAA and ASFI are i'll stick with it
19% and 15, respectively JohnReuwer: How sensitive is the company to
mampara: any ideas why? falling copper prices? I believe copper is near
Brian Zen: Whether they could collect on the almost all-time highs (I could be wrong).
loans would be the key. mampara: don't know quite yet, i'll have to do
Brian Zen: Anyone has insight into the loan some more research on it ... what i do know is
collection business? that gross margins have gone as low as 30%
JohnReuwer: Exactly. Another issue is how and as high as 60%
long this debt bonanza will continue. If it Brian Zen: Do you have three reasons why
dries up, competition for debt will be fierce. you like PCU? High roc, high ebit/ev?
mampara: i do a little bit JohnReuwer: Wow, those are nice margins for
Brian Zen: How do we evaluate the quality of copper.
those loans? Are there enough disclosure in Brian Zen: Hi, mamalie.
the 10K? mampara: roe, roa, and net margins are
mampara: i've been owning a few units of a attractive, try that for 3 reasons
CA limited partnership that has been doing Brian Zen: Leon, do you have a stock pick for
this for over ten years 2006?
JohnReuwer: The 10K looks ok to me, but one JohnReuwer: How about a quick joke Brian? I
thing that is usual about ASFI is that they heard you have a good off-color joke.
make money from not only collecting on the Brian Zen: Let me put in mine: QLTI, reasons:
debts but reselling the debt. PRAA, however, 1) blow BV, near Tangible BV, 2) positive CF
seems to derive more income from the and earnings, 3) insider buy, 4) the first
collections themselves than ASFI. This dominant player in a high professional frield
probably means ASFI is more sensitive to usually stays.
changes in the availability of debt. mampara: i agree with your reasoning
mampara: defaulted and non-performing regarding switching cost
loan/debt assets requires skip tracing ... it's JohnReuwer: So this is already an established
usually done via information ferreted out of company correct? This is a big advantage in
the credit reporting agencies, etc., a lot of high this field.
tech software involved mampara: i have a company in my portfolio
JohnReuwer: For the sake of honesty, I own whose products have high switching costs
both PRAA and ASFI. Brian Zen: Yes, it is a one-drug wonder
Brian Zen: What is the bench mark for these company. The growth prospect is perhaps dead.
companies? Any other negatives you guys see in QLTI?
JohnReuwer: PE for the industry is about 15

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Page 8 Enlightened Investor Digest

mampara: do you consider QLTI as =================================


turnaround play? On March 15, 2005, Dr. Brian Zen, CFA, told
Brian Zen: Yes. his "Enlightened Investor Digest" subscribers
JohnReuwer: Exactly. Every good portfolio to buy Netflex (NFLX) at $9.15. NFLX
should have some well-thought out zoomed to $30 within a few months.
speculation.
Brian Zen: It is a bet on switching cost. Here is a sampling of Dr. Zen's
mampara: John, I'll have to work on the well- recommendations over the years:
thought out part [1] Microsoft (MSFT) recommended on
JohnReuwer: lol. You and me both. 11/23/1990 at $0.90(split adjusted). Now $27.
JohnReuwer: Brian, I actually have an eye [2] Berkshire Hathaway (BRK) strongly
appointment in about a week. Do you want recommended on 2/18/1993 at $12,100. Now
me to ask about this technology? $90,000.
JohnReuwer: And my family is in medicine so [3] Dell Computer (DELL) on 1/13/1996 at
I could get you a decent answer sooner if $0.99(split adjusted). Now $32.
necessary. [4] Philip Morris (MO) on 3/10/2000 and
JohnReuwer: LOL1 4/8/2003 at $19.63 and $30. Now $76
mampara: lol [5] Citicorp (C) on 10/10/1994 at $5.42(split-
JohnReuwer: That is actually very good adjusted). Now $50.
Leonartist: loll
JohnReuwer: Leon is back! For only $21.6 per month ($259 per year),
Leonartist: oh , no thank brian as an EID deluxe subscriber, you will get:
JohnReuwer: Do you know a good joke Leon? 1) Enlightened Investor Digest (Deluxe) with
Leonartist: i got some problem with my mirc best ideas, best practices and best jokes
now from the world's best investors.
Brian Zen: Guys, Merry Christmas!!! It's time 2) Portfolio reports about the recent activities
to go out for parties and profits! of superinvestors like Warren Buffett, Eddie
Leonartist: Lampert, Martin Whitman, Seth Klarman
Leonartist: all right , merry christmas all and Joel Greenblatt, etc.
Brian Zen: I see a couple of people coming in 3) Updates on “Zenway Model Portfolio”
and out. They must have computer problems. 4) "Hidden Treasures Watch List" from
mampara: Merry Christmas to you as well ... i Zenway.com Enlightened Investors
will be doing my portfolio checkup within the Network.
next week 5) Billionaire Lecture Notes (covering lectures
mampara: so it's going to be fun of superinvestors like Warren Buffett and
Leonartist: i have to go now , bye all , good Seth Klarman, etc.). All our notes are in
luck zenway bullet-points concise format to save
JohnReuwer: Merry Christman everyone! you valuable time. If we could save one
JohnReuwer: See you all next week. hour for you per month, you would be
JohnReuwer: Bye Leon. getting a good return on your subscription
mampara: bye investment, not to mention that one
Leonartist: see you ya proprietary stock pick from us could make
sydorf: Too bad, I missed the show. you many times your annual fee.
6) Monthly Graham-Buffett Investment
Research Online Meeting (Voice and Text)
2006 Stockpicking Contest 7) Investment Research Mastermind
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