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The Infant Learner
Some stuff I read this week:
A. This week’s Special:-
Chuck Akre on Compounding Machines
Akre is the Managing Member, Chief Executive Officer and Chief Investment Officer at Akre Capital Management. Akre has been in the securities business since 1968. He founded Akre Capital Management in 1989 and relocated the business to Middleburg, Virginia, in 2002, where it still resides.
Akre is famous for his investment approach which he believes is perfectly captured by the visual of a “three-legged stool.” Akre says, “This metaphoric three legged stool describes what we look for in an investment: (1) extraordinary business, (2) talented management and (3) great reinvestment opportunities and histories. I have an old three-legged milking stool in our conference room and it is clear by looking at it that it is sturdy and durable. We believe our stool is just as sturdy and durable based on our many years of experience!”
One of the best resources for investors is the series of presentations at Google by a number of investing gurus called Google Talks. One of my favorites is Akre’s presentation in which he discusses identifying businesses that are compounding machines, it’s a must-watch for all investors:
B. Entrepreneurial Diary
C. Other Stories
Always Invert ( RP )
Stick To The Plan ( CW )
The GUPTA Bank ( MW )
Introduction To Bubbles ( MC )
What Is and Isn’t A Moat ( BJ )
One Of The World’s Widest Moats ( BH )
A Thumb Rule for Financial Independence ( WW )
Midcaps The Story of Emerging Microcaps ( BB )
Guy Spier’s Eight Rules for Value Investing ( CI )
Relationship Between Coffee Shops and High Rent? ( PC )
Investing in Yourself (Even When It Seems Irrational) ( CS )
“I read everything: annual reports, 10k’s, 10q’s, biographies, histories, five newspapers a day. On airplanes, I read the instructions on the backs of seats. Reading is key. Reading has made me rich over time” – Warren Buffett
“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up and boy does that help, particularly when you have a long run ahead of you” – Charlie Munger
You have to apply yourself each day to becoming a little better. By applying yourself to the task of becoming a little better each and every day over a period of time, you will become a lot better”- Carol Dweck