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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (74935)	1/26/2024 6:17:10 AM
From: Harshu Vyas	1 Recommendation Recommended By Grommit Respond to of 78495

You could be right, but I feel there are tells. The Proxy statement, for example, is always a good starting point. And their successes/failures in the past - I'd much rather bet on management that has succeeded in the past than management who are constantly trying to improve on worsening results. And then you can stalk management's LinkedIn pages and see what hasn't been mentioned. Sometimes it's innocent, sometimes it's not. For example, you rarely find out that a CFO was previously working at Arthur Anderson in the SEC filings but you do on their LinkedIn pages. And then do the same with the Board of Directors - who else are they in bed with? It's a useful process. As mentioned in the previous post, I did get "seduced" by Pittman of IHRT. His consistent and large buys into the stock made me feel that maybe he was confident in executing a turnaround. In reality, he's probably being advised to make regular buys and be ridiculously optimistic on earnings calls. I should have figured it was all too good to be true. Results are more important than how they speak or present themselves. But I'm quick to write off management with certain, unlikable qualities. I think it's better to be incredibly careful about the management you choose, than take a punt on "potentially" good management. There's a book "The Investment Checklist" by Michael Shearn and it has a brilliant section on management - I highly recommend that section and wish I spent more time rereading that part in the summer last year. The overall book is also pretty decent, too. It's how I also found BKD (through his case study of VNO). Best, Harsh