ࡱ> LNIJK'` RbjbjVwVwD44orRRRRRRRfN1N1N18114f.11222^5^5^5rtttttt$hMdR^555@^5^5RR22q777^5R2R2r7^5r77~`8RR\21 K{$N15Xr0lb6^\\R"P^5^57^5^5^5^5^56^^5^5^5^5^5^5^5fffj!fffj!fffRRRRRR 15: The Superinvestors of Graham-and-Doddsville \R[O-N NNvP\ONdkb]8T__'`vla v^pvQbcܔgvGY_m[R0 Assuming that the winners are getting the appropriate rewards from the losers, in another ten days we will have 215 people who have successfully called their coin flips 20 times in a row and who, by this exercise, each have turned one dollar into a little over $1 million. $225 million would have been lost, $225 million would have been won. GP[b[SNN[Kb-N_0RS_vVYё Q~ǏAS)Y ~ g215*NNޏ~NAS!ks[cܔgv~g k*NNv^b_'Y~100NCQvVYё0[;`qQNQ2.25NCQ b[R_0R2.25NCQ0 By then, this group will really lose their heads. They will probably write books on "How I turned a Dollar into a Million in Twenty Days Working Thirty Seconds a Morning." Worse yet, they'll probably start jetting around the country attending seminars on efficient coin-flipping and tackling skeptical professors with, " If it can't be done, why are there 215 of us?" ُeP ُNS[hQl(W]vb1\-NNNS_YWfNz bYUOk)Yehf]\O30y (WNAS)YKNQ\ CQSb100NCQ0 f|v/f NNO(WhQVT0WSR`NO [lbYUO gHe0Wbcܔg v^NSsc`u`^vYec  Ygُ/f NSvN :NNHNO gbNُ215*NNbT? By then some business school professor will probably be rude enough to bring up the fact that if 225 million orangutans had engaged in a similar exercise, the results would be much the same - 215 egotistical orangutans with 20 straight winning flips. FO/f gFUf[bvYecSO|0WcQ yN[ Yg2.25NS)s)sSRُ:W'Y[ ~g'Y N_N/fYdk  g215S'Yv)s)s\ޏ~b_20!kvbc0 I would argue, however, that there are some important differences in the examples I am going to present. For one thing, if (a) you had taken 225 million orangutans distributed roughly as the U.S. population is; if (b) 215 winners were left after 20 days; and if (c) you found that 40 came from a particular zoo in Omaha, you would be pretty sure you were on to something. 6q b_{f MRNOTbsS\cQvHhO $NKNX[(W@wr^͑'Y]_0eHQ Yg(a)`O@b bv2.25NS)s)svR^rQ'Y NTVvNSR^v T;Yg(b)~Ǐ20)Yvz[ SiR N215Sb[;Yg(c)`OSsvQ-N g40S)s)segꁎNeYsTvg*NRirV RvQ-N_ gJ0 So you would probably go out and ask the zookeeper about what he's feeding them, whether they had special exercises, what books they read, and who knows what else. That is, if you found any really extraordinary concentrations of success, you might want to see if you could identify concentrations of unusual characteristics that might be causal factors. N/f `OO)s)s{tXTTy [NTNHNre0/f&TZPyrkvЏR0NHNfNM|& & bcKN Yg`OSsbRHhO g^k[8^vƖ-Nsa R`O ^g$R[dk_8^vyrr/f&T/fbRvSV0 Scientific inquiry naturally follows such a pattern. If you were trying to analyze possible causes of a rare type of cancer -- with, say, 1,500 cases a year in the United States -- and you found that 400 of them occurred in some little mining town in Montana, you would get very interested in the water there, or the occupation of those afflicted, or other variables. You know it's not random chance that 400 come from a small area. You would not necessarily know the causal factors, but you would know where to search. yf[vg_Nu_dkNb_`0Yg`OՋVRggyUvLvuSV  OY Vkt^S g1500*NuO  `OSs'Yb]vg*Nw:S\GONu400*NuO R`O_6q[S_0Wvn4l0u`vLNbvQNyySpeNutQ0`OwS (W *N\G-NSu400*NuO ~ N/f:gV }@b b0}6q`O*g_NuV FO`OwSNT̑@wKbg0 I submit to you that there are ways of defining an origin other than geography. In addition to geographical origins, there can be what I call an intellectual origin. I think you will find that a disproportionate number of successful coin-flippers in the investment world came from a very small intellectual village that could be called Graham-and-Doddsville. A concentration of winners that simply cannot be explained by chance can be traced to this particular intellectual village. dN0WtV[ ؏ gvQNe_SNLu[wn0dN0Wtvwn ؏ gb@b zfRvwn 0b:NTMO\(WbDWSs NbkOvܔgbcb[egꁎNN*Ng\vzfRQg^.[SNy:N yO VkN*N[^p`}YN6rNl/fw020)YKNT `O\Ss215MOb[/fegꁎN21.5*N[^0r^)YwvRg^SVdk :N bR0WsKmgbcv~g vQ-NwQ gؚ^vW OV }0S_6q ُ[E N NwQ gNUOaIN V:N`O@bb gv N/f215MO*N+Rb[ S/f21.5*N:gR^v[^0 In this group of successful investors that I want to consider, there has been a common intellectual patriarch, Ben Graham. But the children who left the house of this intellectual patriarch have called their "flips" in very different ways. They have gone to different places and bought and sold different stocks and companies, yet they have had a combined record that simply cannot be explained by the fact that they are all calling flips identically because a leader is signaling the calls for them to make. The patriarch has merely set forth the intellectual theory for making coin-calling decisions, but each student has decided on his own manner of applying the theory. b@bQvُNbRbD qQ gNMOqQ TvzfRe  ,gpgf" !!G#$'$dwdd1$[$\$a$gd.i$dwdd1$[$\$a$gd.i $dw1$a$gd.i'(*<+-/12M567~9;=D?CEDHI0MNQVS_UDW!YZ]P^$dwdd1$[$\$a$gd.iP^`b&ddg@ijk:mn9qs2uuwx{| ހ6N0c(,$dwdd1$[$\$a$gd.iesn't mean you can't do better than average when you get larger, but the margin shrinks. And if you ever get so you're managing two trillion dollars, and that happens to be the amount of the total equity valuation in the economy, don't think that you'll do better than average! vQ-Nv^ NmSTKNf0k\/fbcP~TONv`NN bS_e1\h:y YgNv~HeYؚQSfWnfcpeV*N~vRp ُO/f^8^3zVvhs0k\v~He܏uNdk N@b{tvDёĉ!j Ne0Wib'Y0ُO_{taegaV0Dёĉ!j/f~Hevb/} ُ/fkeuv0ُv^ NasTS_Dёĉ!jib'Y `OvhsOels^GW4lQ S/fvE^^O)\0Yg`O@b{tvDё/f2FQCQ R`Ovhs_6qels^GW4lQ V:N`OvDёĉ!jO/fte*Nhy^:Wv;`^fW'`0 One sidelight here: it is extraordinary to me that the idea of buying dollar bills for 40 cents takes immediately to people or it doesn't take at all. It's like an inoculation. If it doesn't grab a person right away, I find that you can talk to him for years and show him records, and it doesn't make any difference. They just don't seem able to grasp the concept, simple as it is. A fellow like Rick Guerin, who had no formal education in business, understands immediately the value approach to investing and he's applying it five minutes later. I've never seen anyone who became a gradual convert over a ten-year period to this approach. It doesn't seem to be a matter of IQ or academic training. It's instant recognition, or it is nothing. (Wdkd_;NN40RvNPT ُNWё~t*g_O/fb*NN-Nav b FONNwQ gN*NqQ Tvyrp sSWNNl0bNR_N ُNSbbNN,4lQN NvΘi;YuaNN(W^u1_gvU_0 It's very important to understand that this group has assumed far less risk than average; note their record in years when the general market was weak. While they differ greatly in style, these investors are, mentally, always buying the business, not buying the stock . A few of them sometimes buy whole businesses. Far more often they simply buy small pieces of businesses. Their attitude, whether buying all or a tiny piece of a business, is the same. Some of them hold portfolios with dozens of stocks; others concentrate on a handful. But all exploit the difference between the market price of a business and its intrinsic value. NNvbDΘNN*N{USvOP[(W1973t^ NSvblQSv;`^e_f[`Ns^Swww.TingClass.net f[ ~,TR N,TRX00MQ9,TR N}0www.tingclass.net -  PAGE 21 -  ,؝ΡhdZ(Ⱦpp6PTF$dwdd1$[$\$a$gd.i 0`^~   gd4$dwdd1$[$\$a$gd.i "fhgd4 $ 9r a$hǾh4h[3aJh RhujhuUmHnHsHtHh.iKHmHnHujhuKHU huKH huo( 0182P. A!"#$%S Fe(ᆆ5lE/JFIFC    $.' ",#(7),01444'9=82<.342C  2!!22222222222222222222222222222222222222222222222222" }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?]m_;Sw:AWm  Q1E~TbQpoa?*]'I1Ea?*7&( ~T\,. RbQpOʍ'I1Ea?*7&( ~T\,Oʍ'F( ~T\,. RbQpOʓ Q1@X7OʌQa?*7&( ?OʓbX]'FpOʍ'I1Ea?*7&(0_ʍ/I1J`~Toa?*1F) Ra?*LQa?*7&( Oʍ'I1Ea?*7&(0Oʍ'I1@X]'F,. RbP Q1F( ~T?Oʏ31F(  Q1@X7. 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