Hey guys, my name's Twaddle_Inc. It's a funny term for bullshit used by Munger (because that's what my ideas are :) ). I'm a relatively new deep value investor / left for dead investor. I take huge inspirations from Benjamin Graham, Walter Schloss, Peter Cundill, and early Warren Buffet as well as other current investors on Twitter. Recently I've been incorporating Ted's style into my work.
I'm not much of a believer in manipulators, I believe the strong hands Ted mentions are other long-term patient multi-year fundamental investors holding the base of the stock as well as insiders in the company, and others who really know the company well and will not be inclined to sell. Whereas the weak hands are the usual short-term minded traders trying to get a quick buck.
When a majority of shareholders are weak hands, stock can continue to go down and down and down regardless of the fundamental value of the business as shareholders are running to the exit, or disullioned after years of stagnant behavior. The base is always interesting, who is holding up the price, who keeps slowly accumulating shares over the years quietly as the stock is left for dead. I now often look for this base or at the very least a reversal of downtrend. It's an additional margin of safety to me as well as value. To be buying with the "strong hands" who have set up a base, while also knowing what you are buying and why you hold (dividend yield, share buybacks, discount to book value or replacement cost, potential sale of assets, hidden asset value, good ROE, insider buying, other fundamentals, ect...).
Ultimately I lean far more towards value, but am now incorporating Ted's strategies to help me with entry points, and even selling. My philosophy is to buy assets, hold earnings, and sell narratives.
I first learned about Ted via my friend David Flood (https://www.elementaryvalue.com/) who himself started off like me as a pure deep value shitco type of guy :) . He learned about Ted from another blogger Dan Schum of No Name Stocks (https://www.nonamestocks.com/) who himself learned from his own mentor. I've been heavily inspired by the two above and have been on the search for anything related to Ted.
I found this forum yesterday and was up till 4am reading old posts. I thought to myself that at this point I might as well join.
I might not agree with everything here and all that Ted says. But I'd love to learn more and slowly incorporate Ted into my personal style. It's an honor to be here, and I'm excited to start sharing some charts with you guys!
P.S.: If you guys are interested feel free to follow me on Twitter at @twaddle_inc, just let me know who you guys are and I'm down to dm. My content is mainly gonna be deep value stuff like net nets, special situations, and companies trading below book (though I do dable in special situations like $BUR). |
