Author Archives: George Pica

The Value Guys

Some people like to listen to the Car Talk guys on Saturday mornings.  I sometimes catch their show on NPR while I make my trek down to the local coffee shop for my morning espresso.  I’m not inherently a car guy … Continue reading

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Book Review: Dark Pools

Small Enough to Fail Knight Securities’ recent $400 million trading loss on the day of the NYSE’s new retail liquidity provider program was a battle lost in the ongoing market microstructure changes that Wall Street Journal staff reporter Scott Patterson … Continue reading

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Deliberate Practice: Wal-Mart 1990 Follow-Up

Wal-Mart in 1988 Rayneman at Unreasonable Returns made a good point that it looks like it was more likely that Warren Buffett was purchasing Wal-Mart (NYSE: WMT) in late 1987 based on the U.S. News article that Whopper referenced in … Continue reading

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Deliberate Practice: Wal-Mart 1990

This week’s deliberate practice challenge from Whopper Investments was Wal-Mart (NYSE:WMT) in 1990.  As Whopper explains, legendary investor Warren Buffett began buying shares of WMT sometime around 1990 with the intention of purchasing 100 million shares of the company.  Buffett disclosed years … Continue reading

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Deliberate Practice: McDonald’s 2005 Follow-Up

While I did peak at Bill Ackman’s Burger King presentation while doing the McDonald’s (NYSE:MCD) deliberate practice, I did not peak forward to the section on McDonald’s in Ackman’s profile in the recently published book The Alpha Masters by Maneet … Continue reading

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Deliberate Practice: McDonald’s 2005

This week’s deliberate practice challenge from Whopper Investments was McDonald’s (NYSE:MCD) in 2005.  Well known value investor Bill Ackman of Pershing Square took a large and successful position in MCD in 2005.  The challenge was to analyze and value MCD … Continue reading

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Deliberate Practice

I recently read a Whopper Investments blog post on deliberate practice.  Whopper issued a deliberate practice challenge to analyze various companies that have been investments of well known value investors in the past.  The first challenge was Warren Buffett’s purchase … Continue reading

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Book Review: The Most Important Thing

Howard Marks wrote an instant classic with the publishing of his first book, The Most Important Thing:  Uncommon Sense for the Thoughtful Investor. The Chairman of Oaktree Capital Management in Los Angeles, Marks impressively puts together forty plus years of … Continue reading

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It’s Déjà Vu All Over Again

I about fell out of my chair at my local coffee shop while reading Seth Klarman’s Margin of Safety.  As a novice student of financial history, I have always operated under the apparently misattributed quote by Mark Twain, “History doesn’t … Continue reading

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Investing, Speculating and Gambling

It is not a case of choosing those [faces] that, to the best of one’s judgment, are really the prettiest, nor even those that average opinion genuinely thinks the prettiest.  We have reached the third degree where we devote our … Continue reading

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