Report Post | Recommend it! I am interested in the primary lessons you learned from Saul really. What made the largest differences? 60 secs, but nonetheless I am sure I could learn something by asking people as if you personally. I started to answer off-line, but when I got started, I thought my reply may be of general interest, so I’ll post my off topic reply on the table. I wish to add that I’ve discovered a great deal from a great deal of very smart investors who follow and post to this board.
Anyway, here is a stab at what I’ve learned in no particular order. Concentrate on what’s important: Sounds obvious; begs the relevant question, “what’s important?” That’s less obvious, and it changes. I’ll make an effort to illustrate. WHILE I am starting to follow Saul, he focused on the development and PE ratio. Obviously, PE ratio implies earnings. Have you seen anything about earnings as an important decision requirements recently? His focus remains on growth, however now it’s the way to obtain revenues (recurring) and factors like NRR (net retention rate) and margins a lot more so than before.
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Saul acknowledged that the IT factors have coalesced to produce home-based business imperatives and a fresh business design that address those imperatives. Be willing to change your criteria if the environment indicates that a noticeable change is required. I won’t elaborate on that a great deal. It’s not difficult to understand. Keep an open up the mind.
Keep thinking about if the same things that were most important last night are still the most important things today and tomorrow. If not, it’s less important to know why the change has taken place than to identify a change has taken place. Understanding why helps validate the observation, however the observation is the greater essential aspect. Be quick to identify your mistakes. Sounds simple, but it isn’t. How many of you have kept onto a posture that went sour with the conviction that it will come back. ONCE I first started following this board my profile was obese with poorly executing stocks which is maintained self-confidence in.
Don’t be confused by this – what I mean is that the stock price is a sign of poor performance, but it’s not the explanation. Saul is much more susceptible to buy a company with a increasing stock price, but he’ll buy when the stock price falls as well if the story plot has not transformed.
There are hundreds, many reasons a stock price may decline maybe, but only a few reasons to believe that we now have performance reasons. Stock price gratitude is the true name of the game, but it’s a final result not a major decision factor. The newest stock quotation is irrelevant. If you determine you were wrong, get away.
If you suffer a loss along the way, that’s better than a greater loss later on in conjunction with the lost opportunity of not making a much better investment. Use main resources of data when available. Saul has often admonished that one should only trust the business released financial quantities. There’s no more to it than that.
Relying on websites, brokers, and other supplementary sources for data is prone to be unreliable. OK, one more phrase about primary resources, be sure you trust the principal source. Saul (and I) won’t invest in Chinese companies. If they trade ADRs they must follow GAAP. Often they will use a Traditional western accounting firm to higher self-confidence in their financial reviews instill. But you will see on every survey the term “unaudited also.” Of course, you observe that word on reports of Western companies often.
I don’t want to go into details on this post, but quite simply it boils right down to have little trust in the financial reviews of Chinese companies (that, and political risk). Not all Chinese companies falsify data. Not absolutely all Western companies can be respected. Baidu, Tencent, Ali Baba, and other Chinese firms can be trusted probably but why make that choice whenever there are so many Western companies that are good investment opportunities?