InvestmentChecklist-csinvesting.docVIP

INVESTMENT PRINCIPLES CHECKLISTS “You need a different checklist and different mental models for different companies. I can never make it easy by saying, ‘Here are three things.’ You have to derive it yourself to ingrain it in your head for the rest of your life.” – Charlie Munger Table of Contents PROCESS 1 PLACES TO LOOK FOR VALUE 4 KEY CONCEPTS FROM GREAT INVESTORS 7 Seth Klarman’s Thoughts on Risk 7 “Becoming a Portfolio Manager Who Hits .400” (Buffett) 7 An Investing Principles Checklist 8 Charlie Munger’s “ultra-simple general notions” 9 “Tenets of the Warren Buffett Way” 9 Howard Marks and Oaktree 10 Phil Fisher’s 15 Questions 12 And more Fisher: 10 Don’ts: 13 J.M. Keynes’s policy report for the Chest Fund, outlining his investment principles 13 Lessons from Ben Graham 13 Joel Greenblatt’s Four Things NOT to Do 15 Greenblatt: The process of valuation 16 How does this investment increase my “look-through” earnings 5-10 years in the future? (Buffett) 17 Ray Dalio on “The Economic Machine” 17 Why Smart People Make Big Money Mistakes (Belsky and Gilovich) 17 Richard Chandler Corporation’s Principles of Good Corporate Governance 18 Tom Gayner’s Four “North Stars” of investing 19 David Dreman’s “Contrarian Investment Rules” 19 Principles of Focus Investing 22 Lou Simpson 22 Don Keough’s “Ten Commandments for Business Failure” 22 Jim Chanos’s value traps 23 Major areas for forensic analysis (O’Glove) 23 Seven Major Shenanigans (Schilit) 24 Walter Schloss: “Factors needed to make money in the stock market” 24 Chuck Akre’s criteria of outstanding investments 25 Bill Ruane’s Four Rules of Smart Investing 25 Richard Pzena 26 Sam Zell’s “Fundamentals” 27 Thoughts from Jim Chanos on Shorting 27 James Montier’s 10 tenets of the value approach 29 James Montier: The Seven Immutable Laws of Investing 29 Jeremy Grantham’s “Investment Advice [for individual investors] from Your Uncle Polonius” 30 Sir John Templeton’s “16 Rules for Investment Success” 30 Four sources of econo