http://www.ridgewoodgrp.com/blog Explorations on the Art of Intelligent Investing TM Mon, 24 Sep 2007 02:47:22 +0000 http://backend.userland.com/rss092 en We've been cautious about real estate (especially residential real estate) for a few years now.  As a firm that focuses on value investing (quality when it is cheap or cheaper) we tend to have a contrarian orientation.  To paraphrase Buffett, when everyone is greedy, we often feel fearful.  Over the ... http://www.ridgewoodgrp.com/blog/?p=13 Every May, thousands make a pilgrimage to Omaha, Nebraska in America’s heartland to attend a meeting that is unique in global business. This year, Berkshire Hathaway’s Chairman and CEO Warren E. Buffett (the second richest man in the world) and Vice-Chairman Charles T. Munger (his long-time friend and partner) welcomed ... http://www.ridgewoodgrp.com/blog/?p=6 I had the opportunity to hear Peter Lynch speak at an investment conference in New York over a year ago. Peter is, of course, the famed ex-manager of the Fidelity Magellan Fund. Under his stewardship, the Magellan Fund, which he ran from 1977 to 1990 grew from a small $20 ... http://www.ridgewoodgrp.com/blog/?p=7 Warren Buffett is a hero and mentor to many of us in the value investing community, including those of us here at The Ridgewood Group. To those in the know, he is admired for his wit, wisdom, business acumen, and many other qualities as well. Until recently, I had personally ... http://www.ridgewoodgrp.com/blog/?p=8 Warren Buffett has said in multiple settings that Value Investing is a concept that is either immediately attractive upon initial exposure or else is never grasped. His comment implies that there may be little ground to acquire the mindset of value investing if you don't already have a strong affinity ... http://www.ridgewoodgrp.com/blog/?p=9 Speaking of headline risk (one of the reasons cited for Berkshire's current valuation discount), we think that “headline risk” along with other investment-speak terms like “profit taking” or “value trap” either don’t exist or aren't helpful. Saying it differently using Henry Miller’s words, “Confusion is a word we have invented ... http://www.ridgewoodgrp.com/blog/?p=11 Despite how visible it is, Berkshire may be a contemporary illustration of how the market provides long-term investors opportunities to buy quality at a discount. Sometimes, value is not hidden at all, but available in plan view.  In examining Berkshire, it is helpful to understand some of the concerns that are ... http://www.ridgewoodgrp.com/blog/?p=10 There is no doubt that web logging (blogging for short) is increasingly pervasive. It represents a true revolution in publishing since nearly everyone with access to a PC or terminal can now publish (share) their thoughts with the world wide web in a simple and easy fashion.   We have been thinking ... http://www.ridgewoodgrp.com/blog/?p=12