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I just wanted to share an absolutely amazing testimonial that a reader emailed me recently about my book that literally brought tears to my eyes. Thank you so much to this reader and to everyone else who has bought or read my book, left a testimonial or review, or read this blog.
“I knew all the terms and read all the books but when it came to actually reading an annual report and getting something out of it I was lost. What your book did for me was offer concrete examples of how to find the information in an annual report that will allow an investor to make a conservative estimation of the true value of a company. Not only did it explain value matrices and why they are important and how they should be applied; but how an investor can find the inputs for these calculations in the annual report. For me that was a real eye opener. I would not change your book. I think it is the perfect starting point for someone who wants to start digging deeper into valuing businesses. It is a simple read and the cases and techniques used in each case are well explained. It does not overload the reader with either high theory or esoteric math. I think it does just enough to explain mind set when value investing and how to “discover” the value of a business. So I would not change your book; it provides a great starting point for someone interested in valuing businesses.” Testimonial that a reader sent to my email.
Portfolio Update – Sold Vivendi. Now Portfolios Are 69% Cash.
I made a transaction for the first time in more than a year in the portfolios that I manage and wanted to update where those stand as of today. I sold out of Vivendi today up 50% in the nearly 2 years that I held the company. My reasons for selling were simple: 1) Vivendi was one of the first companies I bought into after I started doing actual company analysis and the thesis played out exactly as I had hoped it would. They sold assets, paid down debt, and are in a much healthier position now going forward. 2) Going forward there is now too much uncertainty for me on what their plans are with their massive amount of cash they will soon be getting and I do not want to see a repeat of the early 2000’s acquisition spree that went horribly wrong. 3) MOST IMPORTANT POINT. I am now much more confident in my abilities to analyze companies for potential investment then I was two plus years ago when I bought Vivendi and think that I can do much better buying microcaps and/or special situations companies and want to be ready for any kind of market crash with a lot of cash in the portfolios.
The percentages below are the percentages (rounded) that make up the current portfolios. Also, until the market drops significantly the make up of the portfolio below will likely remain intact until more companies become undervalued again and I can start buying again.
Dropbox – Via The Equity Desk Group I am a part of on Facebook – A Free eBook Copy of one of my favorite books ever Poor Charlie’s Almanack. In my experience the file is so big that the book will need to either be read on a tablet or computer. It did not work on my phone. The book has also been added to the Recommended Reading and Viewing page of this blog as well.