A company that buries people. A budget motel chain nobody heard of. A telephone monopoly forced to break apart. A gourmet sandwich shop that expanded too fast. An airline held together with debt and duct tape.
Your wife comes home from grocery store with pantyhose in a plastic egg. Your teenager drags you to some clothing shop …
Most professional fund managers underperform a simple index fund. They have Bloomberg terminals, Ivy League MBAs, teams …
Some of the best investments are not elegant. They are messy. They involve complicated merger terms, hodgepodge asset …
When a company files for bankruptcy, most investors run. When a bank announces catastrophic losses, portfolio managers …
Some investors chase momentum. Others chase narratives. Seth Klarman chases the gap between what something costs and …
When a company gets acquired, shareholders usually get cash. Simple. But sometimes they get a strange basket of …
When corporation splits itself in two, Wall Street panics. Institutions dump shares they do not understand. Index funds …
Most investing strategies sound complicated. Hundreds of variables, proprietary screens, neural networks, teams of PhDs …
Every company tells a story with its financial statements. Problem is, some companies are better at fiction than others. …