Notes & Commentary on “Common Stocks & Uncommon Profits” by Phil A Fisher (with applications to private companies)

Posted on February 14, 2020 by Daryl Starr

I recently re-read Phil A Fisher’s classic, “Common Stocks and Uncommon Profits.” After first speed-reading a book, I return to those I think worthwhile, and the second time through take notes. On subsequent times I refine my notes. Below are my refined notes after several re-reads. Most of the words are the authors. Any errors Read more about Notes & Commentary on “Common Stocks & Uncommon Profits” by Phil A Fisher (with applications to private companies)[…]

Where Is All Your Writing?

Posted on January 31, 2020February 1, 2020 by Daryl Starr

Each year we revalue all companies we control. This investigation leads me to write somewhere between ten and twenty five pages per company. I then edit the valuation memos down to five to fifteen pages each. With so many new companies this year’s valuation memos took longer. This cut into my blog writing time. In Read more about Where Is All Your Writing?[…]

Water, Weather, Vessel & Captain

Posted on November 10, 2019November 10, 2019 by Daryl Starr

A friend said business can be compared to boating. I love boating and I love metaphors. So here goes: He said the body of water is akin to the industry. It could be a vast ocean or a small pond. The weather is the present business climate. The vessel is the business. It could be Read more about Water, Weather, Vessel & Captain[…]

Low Opportunity Cost Investing

Posted on September 16, 2019September 16, 2019 by Daryl Starr

Opportunity cost is one of those concepts that slinks away from you when you’re not looking. For that reason, I start with the definition. Opportunity Cost – “the loss of potential gain from other alternatives when one alternative is chosen” How can the opportunity cost be zero? When you select your best alternative you sacrifice Read more about Low Opportunity Cost Investing[…]

Too Much Information

Posted on August 28, 2019 by Daryl Starr

This upcoming Friday I have a meeting with a partner that was not able to attend the LEV Annual Meeting. During the scheduling process, I sent a link my notes and asked what our agenda was. He replied with the following: Review statements. How do I read these? Review current metrics and translation into goals. Read more about Too Much Information[…]

2019 Annual Meeting Notes

Posted on July 30, 2019July 30, 2019 by Daryl Starr

Thank you for participating in the Little Engine Ventures Annual Meeting 2019. Your encouragement will propel us another year. +++Below are a few of my highlights from my notes. I’d love to hear yours. The new location matched our style. Thanks to DJ Powder and Nami’s for support. Compliments to Mike Witteveen on maintaining a Read more about 2019 Annual Meeting Notes[…]

Review of BRK AGM 2019

Posted on May 8, 2019 by Daryl Starr

Attending the Berkshire Hathaway Annual Shareholder Meeting was a bucket list item of mine. This year, I rented a house on VRBO and then figured out how to get there. What I learned was that waiting in line for two hours was near pointless… I still wound up in the second balcony. I also took Read more about Review of BRK AGM 2019[…]

Waking Up From a Nap

Posted on March 22, 2019 by Daryl Starr

Earlier this week Colin King said he felt like I had just awoken from a nap. Mikel said he thought I went super-sonic. Frankly, I’m not sure if I have a better description. Part of me wants to say that I let my foot off the brake and lurched forward. As I prepare for spring Read more about Waking Up From a Nap[…]

Developing an Investment Thesis

Posted on March 16, 2019 by Daryl Starr

I have been editing our investment thesis for years now. One thing I can say for sure is that it is subject to further revision. Nonetheless, I find the reflection and editing helpful. Have you written your thesis? How often is it updated? In this post I provide definitions, examples from Little Engine Ventures, and Read more about Developing an Investment Thesis[…]

Introducing “Allocators” Webinar Series

Posted on March 5, 2019March 5, 2019 by Daryl Starr

Today, I am pleased to announce a new type of gathering we have dubbed “Allocators.” We are meeting via webinar in large part because Daryl doesn’t want to drive that much. Secondly (and somewhat more seriously), we want to connect with and help investors and current business owners outside of our target geography. The ideal Read more about Introducing “Allocators” Webinar Series[…]