TIME OUT: Franchise Investing (Pat Dorsey)
Thanks to www.santangelsreview.com
A franchise-type company typically (but not ALWAYS) becomes a distressed, deep value investment. But since we will next be discussing Buffett and his development from cigar-butt investing to buying See’s Candies, I thought a review of franchises by this money manager would interest you.
One mistake investors make is confusing an average company with a franchise. Not to pick on anyone but when Mohnish Pabrai said Pinnacle Airlines had a moat due to the type of aircraft the airline was flying or Exide Batteries had a brand, he thought he was investing in a franchise. Yes, Excide batteries may be well-known but it doesn’t change a consumer’s behavior.
Michael Mauboussin: Here’s what active managers can do
The debate over active versus passive management continues as trends show the ongoing shift from active into passive funds. Q2 2020 hedge fund letters, conferences and more At the Morningstar Investment Conference, Michael Mauboussin of Counterpoint Global argued that the rise of index funds has made it more difficult to be an active manager. Drawing Read More