Advice from Hedge Fund Manager – Isaac Schwartz
1. English language financials
2. Lots of established companies
3. High dividend yield
4. Low P/E
5. Long track records as public filers
1. Actively seek advice from those more established – but then just as actively have the confidence to tune it out
2. Great investment ideas can strike at the beginning of the research process – or at any other time, even many years in following a company, industry, or country – so keep flexible
1. The number one skill, is have passion
2. Get a mentor, someone who you connect with, who isn’t your boss
3. Attend conferences, meet new people, find people who are deeply involved in areas that interest you
4. Don’t be afraid to do something others aren’t doing – whether that’s a region, an asset class, or a style
1. Finding a fertile pond with less competition
2. The behavioural side of the business – everyone talks about an analytical or information edge, at Robotti they believe they can do that, but it’s not where they differentiate. Their focus is on the behavioural edge. History has shown they can buy what and when others won’t – and this has worked over time.
3. Being able to change his mind when required, he reminded me of a Soros quote about the contingent nature of human knowledge, whereby Soros conceptual framework emphasises the importance of misconceptions, making Soros very critical of his own decision-making process,
I know that I am bound to be wrong, and therefore am more likely to correct my own mistakes
Where are the customer’s yachts? by Fred Schwed
Indecent Exposure: A true story of Hollywood and Wall Street by David McClintick
The Wisdom of Andrew Carnegie as Told to Napoleon Hill by Napoleon Hill
Go ahead, see what you’ve been missing.
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