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We've been having a little discussion over on this post about the original purchase, current state, and future prospects of American Eagle Outfitters. The stock is down roughly 50% from our original purchase which begs the true value investing question: Is it down...or is it cheap?

Continue reading Where Are We With AEO? ››   

For more than fifty years, great "value" investors — Warren Buffett, Benjamin Graham, Charlie Munger, Seth Klarman, to name a few — have been touting the benefits of investing when there is blood in the streets, buying businesses when they are on sale. At each turn, somebody would ask them: Aren't you concerned that, by constantly talking about how you became so successful, you'll create a following that will, in turn, increase competition and reduce your potential investment returns?

It is said that value investing is more popular today than ever before. I tend to disagree.

Continue reading Value Investing vs. Value Pretending ››   

It is just over a year since F Wall Street began on June 25, 2007. I first posted about the Blackstone (BX) IPO — a cautionary post warning visitors that excitement + lack of information = thanks, but no thanks. As many visitors know, my style is hardly predicated on activity. In fact, I'm more of a Charlie Munger assiduity-type investor — sit on your ass until a no-brainer comes along.

In this "rough and turbulent" market, let's take a look at the first year's success and overall performance.

Continue reading F Wall Street Investment Performance ››