Feb 1Liked by IJW

Loved it.

I believe one edge a value investor can know he has is discipline.

It is the hardest one to get AND to keep, though.

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Good stuff! Looking forward to more of these

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Thanks for the article. Here's another piece of the topic of having an edge by Joe Wiggins:

Having an Edge Isn’t Enough, Investors Also Need Patience:


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Great piece. Hard to disagree with anything you have outlined above. What do you think about the structural edge that most of us small investors enjoy like liquidity? And generally concept of discovery as a key aspect of your edge as an investor? (I guess turning the most rocks is exactly this)

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Oct 4, 2023·edited Oct 4, 2023Author

Yeah being able to get in and out more quickly when the story changes on a stock is a big one.

And not being led around by narratives, but having a focus on numbers. And having more variables and putting the right weight in each one of them. ROIC, past profitability, growth, earnings payout % etc. And then just patiently holding as long as the fundamentals don't change. I see too many investors focus too much on 1 metric, cheap PE, whether a stock is illiquid/OTC traded or whether management is saying the right things etc.

Another one is being picky enough where you only buy if something is really really cheap. So having a high enough hurdle rate.

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