What I’ve Learned From Saul / Saul’s Investing Discussions

Report Post | Recommend it! I am thinking about the primary lessons you learned from Saul really. What made the largest differences? 60 secs, but still I am certain I could learn something by requesting 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 board. I wish to add that I’ve discovered a great deal from a lot of very smart traders 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 question, “what’s important?” That’s less apparent, and it changes. I’ll try to illustrate. WHILE I start pursuing Saul first, he focused on PE and development percentage. Obviously, PE ratio implies earnings. Have you seen anything recently about earnings as an important decision criteria? His focus remains on growth, however now it’s the source of revenues (recurring) and factors like NRR (net retention rate) and margins a lot more so than before.

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Saul recognized that the IT factors have coalesced to produce home-based business imperatives and a fresh business model that address those imperatives. Be willing to change your requirements if the environment indicates that a noticeable change is required. I will not elaborate on a great deal. It’s not difficult to understand. Keep an open 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 learn why the change has occurred than to identify a change has taken place. Understanding why helps validate the observation, but the observation is the greater essential aspect. Be quick to recognize your mistakes. Sounds simple, but it’s not. How many of you have kept onto a position that has gone sour with the conviction that it’ll come back. ONCE I first started following this board my stock portfolio was overweight with poorly performing stocks which is maintained confidence in.

Don’t be baffled by this – what I mean is that the stock price is an indication of poor performance, but it isn’t the explanation. Saul is much more susceptible to buy a company with a increasing stock price, but he will buy when the stock price falls as well if the complete story has not transformed.

There are hundreds, thousands of reasons a stock price may decrease maybe, but only a few reasons to suspect that we now have performance reasons. Stock price gratitude is the name of the game, but it’s an end result not a main decision factor. The most recent stock estimate is irrelevant. If you determine you were wrong, get away.

If you suffer a reduction along the way, that’s better than a greater loss later on coupled with the lost opportunity of not making a much better investment. Use main sources of data when available. Saul has often admonished that you need to only trust the ongoing company released financial amounts. There’s no more to it than that.

Relying online, brokers, and other secondary resources for data is susceptible to be unreliable. OK, one more phrase about primary sources, make sure you trust the primary source. Saul (and I) won’t spend money on Chinese companies. If they trade ADRs they must follow GAAP. Often they will use a Traditional western accounting company to higher self-confidence in their financial reports instill. But you will see on every report the word “unaudited also.” Obviously, you often see that word on reports of Western companies.

I don’t want to go into details on this post, but simply it boils down to have little trust in the financial reviews of Chinese companies (that, and politics risk). Not absolutely all Chinese companies falsify data. Not absolutely all Western companies can be trusted. Baidu, Tencent, Ali Baba, and other Chinese firms can probably be trusted but why make that choice when there are so many Western companies that are good investment opportunities?