Message Font: Serif | Sans-Serif
 
No. of Recommendations: 11
"This must be at least part of what Buffett is talking about when he says he could do 50%/year if he only had $1,000,000 to invest. Do you see anything like that kid of success?"

I'm no Warren Buffett. Supposedly he reads thousands of 10-K reports every year. They say he never forgets a number. I can read a 10-K on Monday and then read the same one again on Saturday and only have a vague sense of deja vu.

Buffett said you have to turn over a lot of rocks to find those kinds of investments. And of course we all know what's under most of those rocks: Horrible things that can give you nightmares. A company making parachutes for entire airplanes (ultra-lights) with a parachute failure lawsuit. A company called BoyToys.com which for some reason has the ticker symbol GRLZ. Companies with zero revenues. Companies that have to re-state restated statements. Companies that can't even file a late-filing statement on time. Zombie companies like Enron and Worldcom. Companies with only a "last known address". Fleeing herds of runaway accountants whose last written words always contain "doubts about going concerns". Broken dreams. Missing funds.

As they say, with all this manure I'm digging through there's got to be a pony in there somewhere.

DeliLama
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.