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Grahamites
Articles(186) USGIstheBestWaytoPlayaHousingBoom
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The 8 Levels of Value Investing USStockMarketRemainsSignificantlyOvervalued

Advancingfromaleveltothenextissimilartoplayingagame

December07,2016|About: AXP+0% COST+0% V+0% C+0% DIS+0% PG+0% UN+0% UL+0% JD+0%

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SignswithAmericanExpressCo$AXP.

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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:
GuruNews
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
Home Screeners Gurus Insiders Market Articles ValueIdeas
Conference FreeSignup Tutorials
myopinion.
HuntingtonAssetAdvisors,Inc.BuysTCFFinancial,Booz
Search EnterTicker,Guru,Company,etc.Go
LevelI MyPortfolios MyGurus Get7DayFreeTrial
Subscribe
AllenHamiltonHolding,ColgatePalmoliveCo,SellsSimon
PropertyGroup,UGI,MDUResourcesGroupbyinsider
Thisleveliswheremostvalueinvestorsbegintheirjourneys.Inthislevel,avalueinvestorwould Nelson,VanDenburg&CampbellWealthManagement
readmostofthevalueinvestingclassicssuchasTheIntelligentInvestorandCommonStock Group,LLCBuysSPDRNuveenBloombergBarclaysShort
YouMayAlsoLike
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.
Search EnterTicker,Guru,Company,etc.Go MyPortfolios MyGurus Get7DayFreeTrial
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2.Heunderstandscircleofcompetencyandknowshiscircleofcompetency.

3.Heachievesecolacybygoinganextrasteptoaskthequestionssowhatandthenwhat.
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4.Hecanquicklyfilteroutirrelevantdataandfocusonthemostimportant,relevantand
USGIstheBestWaytoPlayaHousingBoom
knowabledata.
19BiasesThatMakeYouLookFoolishandMakeBad
Decisions
5.Heknowsthehistoryandthecultureofthebusinesswell,andhestudiesthepastextreme
TheKeytoWealthThatFewFollow
successesandfailuresintheindustryinwhichthebusinessoperates.
ScoreaTouchdownWithHibbettSports
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:
Search EnterTicker,Guru,Company,etc.Go MyPortfolios MyGurus Get7DayFreeTrial
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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

StocksthatTomRussokeepsbuying

Voters:
Rating:5.0/5(24votes)

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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
Home Screeners Gurus Insiders Market Articles Conference FreeSignup Tutorials
myfirstchoice.NowwhenMicrosoftfellto10XEPSIreceiveditwarmly.Ican
alsobuyExxonwhenothersarefearfulandidentifygoodarbitrageplays.
Search EnterTicker,Guru,Company,etc.Go MyPortfolios MyGurus Get7DayFreeTrial
Subscribe
Frommyexperience,somekeystosucceedingatLevelIIincludethe
ability/willingnessto(1)slowlybuildaportfolioofafewleadingcompaniesthatcan
YouMayAlsoLike
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
Home Screeners Gurus Insiders Market Articles Conference FreeSignup Tutorials
investmentandtheparticularsubsectionofthemarketthattheinvestmentresides
in,etc.,isriskmanagementandknowingwhen,andwhennot,tobackupthe
Search EnterTicker,Guru,Company,etc.Go MyPortfolios MyGurus Get7DayFreeTrial
Subscribe
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
Home Screeners Gurus Insiders Market Articles Conference FreeSignup Tutorials
mentionedabove?Andwhowillbethenextgeneration?
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Subscribe
Thanksagainforabrilliantarticle.

YouMayAlsoLike

ThomasMacpherson 1monthago USGIstheBestWaytoPlayaHousingBoom

19BiasesThatMakeYouLookFoolishandMakeBad
GreatarticleasusualGrahamites.Mylimitedprocessingpowerforcesmeto Decisions

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.

Pleaseleaveyourcomment:

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