On Markets & Investing

Latest Updates on Loews and Exor, one more book in 'Do-not-waste-your-time' category

This is a short post to note that I have posted my updated thoughts on Loews (click here) and Exor (click here), following their recent financial results and corporate developments. Both companies continue to trade at 20-30% discounts to their NAVs and look quite attractive to me. This, of course, does not mean that their share prices cannot go down and most likely will at some point in the future. But I think their share prices should eventually better reflect the underlying value of their businesses, and, besides, both companies can still increase their NAV over time.

On a separate note, I have finished reading Phil Carret’s ‘The Art of Speculation’. I heard about Phil Carret’s during one of Berkshire’s shareholder meetings when Buffett introduced him as one of his guests. My verdict is that it is not really worth spending time on this book. It is a good book, in general, but if you read Graham, Fisher and Lynch, then there is little new you can find there. I feel bad writing this verdict since Phil Carret is one of the most outstanding investors while I have not written even a comic book. But as I wrote previously, the idea of this ‘Do-not-waste-your-time’ category is to save time and find the most useful books, not to grade authors and their careers or investment track records. A bit more detailed write-up on the book can be found here.