What I Wish I Wrote ~ Dec. 11, 2015

Some of our most common bias and blunders. (Farnam Street) 25 years later Peter Lynch says he never said to pull a Barbara Streisand. (The Wall Street Journal) Where have all the value stocks gone? (Barrons) How a certain Sci-Fi movie, predestined to bomb, made it to the theater and then into our hearts. (Now […]

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It’s Not Easy

It’s a topic we discussed in the last dividend letter, finding high-quality companies is the relatively easy part about investing. It’s mostly math. Holding onto high-quality companies for the 1,000%+ returns is the extremely hard part. You have to constantly overcome your emotions and biases to stop yourself from selling too early after an initial […]

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Chances Northrup Grumman’s Long Range Bomber Contract is Overturned

The biggest new defense project contract, the next generation long-range bomber, was awarded to Northrup Grumman (NOC). NOC beat out the combined bid by Boeing (BA) and Lockheed Martin (LMT). Upon losing the bid, Boeing and Lockheed Martin have formally challenged Northrup’s winning bid. Why are they fighting the bid? Because according to The Economist, […]

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Is Amerco Becoming a Consistent Dividend Payer?

I’ve been watching Amerco (UHAL) for a few years now. It is a high-quality company with a dominant market position in the do-it-yourself moving and self-storage business. One could even argue it holds an unassailable position. You might recognize Amerco for its primary business, U-Haul. For the last few years, Amerco has resumed buying back […]

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Kinder Morgan Dividend Cut?

As reported in Barrons, Kinder morgan released a statement last Friday that opens the door for a dividend cut next year. On Friday the company issued a statement that suggested a dividend cut is a possibility for next year. Kinder Morgan said it expects to generate over $5 billion of distributable cash flow (a cash-flow […]

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