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PNJ hit the price I said I would buy at. I still haven't bought.
7 min read
PNJ after five limit-down sessions: three questions before I look at the price
8 min read
The Astor formula, and what Rothschild and Rockefeller added
12 min read
The One Thing Nobody Gives Up: Why Billionaires Keep Their Companies After Divorce
020 min read
Value investing when rates are high: lessons from 2008, 2011 and 2022
11 min read
Koos Bekker, the man who held Tencent for fourteen years
013 min read
Duan Yongping: The Man Who Calls His Hundred-Million-Dollar Gain a Mistake
023 min read
PNJ and the Eight-Year Promise Nobody Charged For
30 min read
A stock at 4x earnings: cheap on the numbers, cheap in reality?
010 min read
Borrowing from the bank to play the stock market
10 min read
PNJ's diamond scandal: is the moat destroyed, or is this temporary?
9 min read
Valuing CLX (Cholimex): hidden assets and the margin of safety
07 min read
If I were PNJ's CEO
11 min read
The whole diamond industry is closing. PNJ is not allowed to.
7 min read
PNJ: 923 billion in cash, a mountain of inventory, and the buyback move
8 min read
PNJ: three new developments, and a governance question nobody wants to ask directly
5 min read
PNJ and the cash register test: where does a value investor go when Mr Market panics?
6 min read
Wang Yung-ching and the low-cost moat
010 min read
Zhong Shanshan: Anatomy of a Money Machine Made of Water
018 min read
Zong Qinghou and Wahaha: starting a business at 42
013 min read
Nguyen Duc Tai and MWG: portrait of an outsider in Vietnamese retail
010 min read
Afraid when the price falls, afraid when it rises
9 min read
Jim Pattison: the man who built an empire in silence
09 min read
Fayez Sarofim, the Sphinx of Houston who sat still
09 min read
Serial acquirers: the compounding machines that buy small and win big
011 min read
The Outsiders: capital allocation lessons for Vietnamese investors
07 min read
Singleton's acquisition formula: the currency, and the screen
05 min read
Henry Singleton: a company as an arithmetic problem
09 min read
John Malone, the Cable Cowboy, and capital allocation
010 min read
Li Lu: The Student Who Went Looking for a Free Lunch
22 min read
Prem Watsa, Canada's Warren Buffett
010 min read
Donald Yacktman: catch the wind
09 min read
Marty Whitman: safe first, cheap second
08 min read
Jean-Marie Eveillard, the global value investor
09 min read
Graham, ROS and VIC: two kinds of mistake, one margin of safety
5 min read
Graham's net-net and two other ways to find cheap stocks
06 min read
Mario Gabelli: private market value with a catalyst
08 min read
Charles Brandes, the broker who met Benjamin Graham
012 min read
John Templeton: buy at the point of maximum pessimism
06 min read
Why the greatest value investors live frugally
5 min read
Irving Kahn: 109 years old, 86 years investing
06 min read
Michael Lee-Chin: a five-point formula, unchanged for 45 years
06 min read
Seth Klarman, the Oracle of Boston
06 min read
Mitchell Morgan: from a bankrupt shoe store to billionaire
6 min read
Walter Schloss, the great value investor in a closet
08 min read
Hetty Green, the first value investor
07 min read
Allen & Company's third generation: Herb III
08 min read
Allen & Company, Wall Street's secret merchant bank
010 min read
Charlie Allen: the merchant bank behind Richard Rainwater
05 min read
Richard Rainwater, the great investor nobody in Vietnam has heard of
07 min read
A promise of high returns is the warning sign
4 min read
Management buying its own stock: signal, or trap?
3 min read
High interest rates and the value investor
3 min read
Does value investing work in Vietnam?
06 min read
Five psychological mistakes that cost Vietnamese investors money
6 min read
Buying a house, buying a stock, buying any asset: fundamentally the same
4 min read
Norway's oil fund: a lesson in long-term investing (II)
8 min read
Norway's oil fund: a lesson in long-term investing
8 min read
Fuel prices are up. Don't panic: save, accumulate, wait for the opportunity.
3 min read
Your stock is down. Stay calm: this may be the chance to buy more.
3 min read
Watch patiently. Don't get restless when prices are rising.
2 min read
What should an investor do when the market panics?
2 min read
A good deal, and a very basic negotiating mistake
2 min read
The Iran–US war: opportunity or threat?
2 min read
When the world goes to war, markets usually panic
2 min read