September 6, 2010

Mongolia Part II (Company Visits)


Over the last decade of investing I’ve literally visited hundreds of companies. You never really know what you’re going to see, but there is a standard pattern to these visits. Usually it starts with some pleasantries followed by a pile of marketing materials being tossed at you. You go through the pitch book followed by a few questions. The CEO often has his CFO ... Read More
Categories: Travels
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September 1, 2010

Mongolia Part I (An Overview)


When I was younger, if I wanted to go someplace, my mother would complain that it was in Outer Mongolia. In reality, it was a 30 minute drive, but the point still survived—it was far away. Well mom, if you’re reading this, I am ACTUALLY in Outer Mongolia. You were right—it’s a long way from Long Island—25 hours by plane to Beijing and another ... Read More
Categories: Travels
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August 22, 2010

Riding The Trans-Siberian Railroad


I’m writing from the Trans-Siberian Railroad somewhere in southern Mongolia. I left Beijing a day ago and still have more than half a day on the train before arriving in Ulaanbaatar, Mongolia’s capital. I could have saved 30-something hours by flying, but I’m here to learn more about Asia. You cannot see anything from the air. I’ve actually seen a lot in the past ... Read More
Categories: Travels
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August 19, 2010

Challenge Your Perceptions


I’m staring out my hotel window at yet another beautiful sunny day in Beijing—or at least I think it’s sunny. Actually, I cannot see the sun through the all the pollution. I can barely even see the street below from the 27th floor of my hotel room. Visibility is only a few hundred feet, and most people swear that this is a good air quality ... Read More
Categories: Travels
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August 13, 2010

The Trend Is Your Friend


I am always amazed at how value investors tend to fixate on backwards looking metrics and conclude that a business is undervalued. Investing in a business is all about the future. When I invest, I always want the wind at my back. I know that I sometimes make mistakes and I want to be sure that the macro backdrop will bail me out of ... Read More
Categories: General
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