Newsletter - May 4th, 2024

Dear Reader,

Attached is our latest list of stocks passing value screens (below net current asset value, tangible equity, etc.), which don’t meet our investment criteria - and our reasoning.

This may help you avoid some ‘value traps’, and stocks that aren’t sufficiently attractive compared to opportunities available today.

For reports of stocks that pass our quantitative and qualitative standards:

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Schwarzman: Academy of Achievement 1999 Interview

Some notes on an old Schwarzman interview below.

(We'll cover today's Berkshire meeting next week.)

4:30 Aim high

It takes just as much work to raise a small amount of capital as a large amount - so you might as well aim high.

9:00 Playing in the zone

At times, the opportunities are so obvious that it only takes courage to act without having others agree with you.

Schwarzman recounts the savings and loan ('S&L') crisis in the late 80s/early 90s, when over-extended S&L institutions were offloading real estate at high yields with little downside.

13:00 Downside Protection

Schwarzman resolved a knotty problem for a bond issuer by framing his solution for investors in a way that they couldn't lose much.

18:30 Seek to understand

Finance is mostly about understanding what's on the other person's mind, and solving his problem.

23:45 Training

"You've got to make deposits on training day to make withdrawals on meet day".

In investing, you've got to keep learning to succeed.

27:00 Vietnam Cargo Planes

In his job interview with Pan Am, he suggested they buy up surplus planes (at cheap prices), and go into the cargo business. Demand and supply.

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Wish you an excellent week ahead.