Thoughts on Investing
This manager commentary provides insight into our global, concentrated absolute value investing philosophy and the key tenets that have consistently underpinned our value investing approach.
The purpose of C&B Notes is to pass along ideas, concepts, stories, and information that are informing and influencing our worldview and “latticework of mental models.”
There is no substitute for being on the ground to assess how businesses are really performing. Accordingly, international and domestic travel is a critical component of our research. This Travelogue includes snippets from some of these international trips.
A group from Stanford is in the beta stage of developing what is effectively a disposable microscope, which they have dubbed Foldscope. Its low cost and ease-of-use is intended to promote widespread use in places where traditional microscopes are unavailable.
Cheap access to mountains of data that were previously uncollectible and/or unmeasurable will lead to transformative insights. Simply having greater amounts of information, however, does not allow users to ignore statistical foundations. Instead, it requires that they be more watchful for all the biases and/or errors that a data avalanche may obscure.