The Owner’s Memo - Become A Better Investor
Hi, I’m Tim. Welcome to TheOwnersMemo.com. I’m glad you’re here.
What To Expect
☀︎ Weekly Article: Starting on May 5th, and every Tuesday morning, I’ll deliver another edition of The Owner’s Memo to your inbox and the website. I explore case studies of great investments from the past, review investment research, writings, and discussions, share occasional current investment ideas, and consider other interesting investing topics. I try to write for individual investors in a way that even professional equity investors will find interesting.
All subscriptions are free.
The Owner’s Memo will take a vacation break during the following days:
🌴 Tuesday, August 18 & Wednesday, August 25
🎄 Tuesday, December 22 & Wednesday, December 29
About The Owner’s Memo
The Owner’s Memo is a newsletter about what it takes to do great long-term investing, written with as little pretense as possible. I started it primarily for myself, to record my thinking, sharpen my ideas, and keep working toward becoming a better investor and generating the highest possible returns.
Select Pieces
Here are a few recent case studies that have been popular and that you may enjoy.
Li Lu’s investment in Timberland, which returned him 7x his money in two years,
Charlie Munger’s investment in the stock and bonds of Tenneco, an automotive parts maker on the verge of bankruptcy, and which made him 4 1/2 to 7x his money in three years,
Li Lu’s investment in Lukoil and other businesses, as Russia emerged from communism and privatized businesses around the country, and
Eddie Lampert’s investment in AutoZone, which produced for him an annualized 21.3% over 15 years. Most people think of AutoZone as a stock buyback story, but that was not the primary driver of Lampert’s investment; AutoZone was a truly great business.
And here are a few pieces on investment research studies that help with understanding what a great investment is.
A Study of Exceptional Companies, which describes how only about 4-5% of companies can be described as truly great, and
A Study of Annualized Stock Returns, which shows what it takes for investors to target the highest possible returns over long periods of time.
About Me
I’ve been working professionally in finance since 2007, first as a research analyst for a large investment bank, then as a portfolio manager for a large commercial bank, then as the Chief Investment Officer of a mortgage company. I am a CFA charterholder, and prior to my career in finance, I completed my doctorate in physics.
If those credentials help convince you to sign up for The Owner’s Memo, then I’m happy. But ultimately I hope you forget all those things and the good writing I do here will stand on its own and produce great results.
Thank you for joining me,
Tim Isgro
