Colorado

Colorado

Security Analysis 
 

𝐏𝐬𝐚𝐥𝐦𝐬 𝟔𝟎:𝟔
“𝐆𝐨𝐝 𝐡𝐚𝐭𝐡 𝐬𝐩𝐨𝐤𝐞𝐧 𝐢𝐧 𝐡𝐢𝐬 𝐡𝐨𝐥𝐢𝐧𝐞𝐬𝐬; 𝐈 𝐰𝐢𝐥𝐥 𝐫𝐞𝐣𝐨𝐢𝐜𝐞, 𝐈 𝐰𝐢𝐥𝐥 𝐝𝐢𝐯𝐢𝐝𝐞 𝐒𝐡𝐞𝐜𝐡𝐞𝐦, 𝐚𝐧𝐝 𝐦𝐞𝐭𝐞 𝐨𝐮𝐭 𝐭𝐡𝐞 𝐯𝐚𝐥𝐥𝐞𝐲 𝐨𝐟 𝐒𝐮𝐜𝐜𝐨𝐭𝐡.” 

 

 

 

 

 

 "𝐼 𝑤𝑎𝑠 𝑎 𝑛𝑎𝑡𝑖𝑣𝑒 𝑠𝑜𝑛 𝑎𝑛𝑑 𝑙𝑒𝑔𝑎𝑙 𝑟𝑒𝑠𝑖𝑑𝑒𝑛𝑡 𝑜𝑓 𝑇𝑒𝑥𝑎𝑠; ℎ𝑜𝑤𝑒𝑣𝑒𝑟, 𝑓𝑜𝑟 𝑡ℎ𝑒 𝑝𝑎𝑠𝑡 𝑦𝑒𝑎𝑟 𝐼’𝑑 𝑏𝑒𝑒𝑛 𝑤𝑜𝑟𝑘𝑖𝑛𝑔 𝑖𝑛 𝐺𝑒𝑛𝑒𝑣𝑎 𝑜𝑛 𝑙𝑒𝑎𝑣𝑒 𝑓𝑟𝑜𝑚 𝑚𝑦 𝑗𝑜𝑏 𝑎𝑡 𝐵𝑜𝑢𝑙𝑑𝑒𝑟’𝑠 𝑤𝑒𝑙𝑙-𝑟𝑒𝑔𝑎𝑟𝑑𝑒𝑑 𝑡ℎ𝑖𝑛𝑘 𝑡𝑎𝑛𝑘, 𝑇ℎ𝑒 𝐼𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑒 𝑓𝑜𝑟 𝐶𝑢𝑙𝑡𝑢𝑟𝑎𝑙 𝑆𝑡𝑢𝑑𝑖𝑒𝑠, 𝑤ℎ𝑖𝑐ℎ 𝐼 ℎ𝑒𝑎𝑑𝑒𝑑. 𝑾𝒉𝒊𝒍𝒆 𝒔𝒆𝒓𝒗𝒊𝒏𝒈 𝒊𝒏 𝑩𝒐𝒖𝒍𝒅𝒆𝒓, 𝑰’𝒅 𝒍𝒆𝒂𝒓𝒏𝒆𝒅 𝒕𝒉𝒆 𝒕𝒓𝒖𝒕𝒉 𝒐𝒇 𝒕𝒉𝒆 𝒐𝒍𝒅 𝒔𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕: ‘𝑾𝒉𝒆𝒏 𝒈𝒐𝒐𝒅 𝑻𝒆𝒙𝒂𝒏𝒔 𝒅𝒊𝒆 𝒕𝒉𝒆𝒚 𝒈𝒐 𝒕𝒐 𝑪𝒐𝒍𝒐𝒓𝒂𝒅𝒐.’"~~~𝐽𝑎𝑚𝑒𝑠 𝐴. 𝑀𝑖𝑐ℎ𝑒𝑛𝑒𝑟: 𝑇𝐸𝑋𝐴𝑆. 𝑇ℎ𝑒 𝐺𝑜𝑣𝑒𝑟𝑛𝑜𝑟'𝑠 𝑇𝑎𝑠𝑘 𝐹𝑜𝑟𝑐𝑒.   

 

 

 

 

 “While Coca-Cola found it couldn’t improve on a time-tested classic, Seth Klarman, Jim Grant, Bruce Greenwald, et al., prove that a great book can be made even better. Seth Klarman’s preface should be required reading for all investors, and collectively, the contributing editors’ updates make for a classic in their own right. 𝐓𝐡𝐞 𝐞𝐧𝐝𝐮𝐫𝐢𝐧𝐠 𝐥𝐞𝐬𝐬𝐨𝐧 𝐢𝐬 𝐭𝐡𝐚𝐭 𝐚𝐧 𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐨𝐟 𝐡𝐮𝐦𝐚𝐧 𝐛𝐞𝐡𝐚𝐯𝐢𝐨𝐫 𝐢𝐬 𝐚 𝐜𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐩𝐫𝐨𝐜𝐞𝐬𝐬 𝐨𝐟 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬.” ~~~Brian C. Rogers Chairman T. Rowe Price Group 

 

 

 “𝑅𝑒𝑎𝑑𝑒𝑟𝑠 𝑤𝑖𝑙𝑙 𝑓𝑖𝑛𝑑 𝑡ℎ𝑒 𝑢𝑝𝑑𝑎𝑡𝑒𝑑 𝑣𝑒𝑟𝑠𝑖𝑜𝑛 𝑜𝑓 𝐺𝑟𝑎ℎ𝑎𝑚 𝑎𝑛𝑑 𝐷𝑜𝑑𝑑’𝑠 𝑆𝑒𝑐𝑢𝑟𝑖𝑡𝑦 𝐴𝑛𝑎𝑙𝑦𝑠𝑖𝑠 𝑡𝑜 𝑏𝑒 𝑚𝑢𝑐ℎ 𝑖𝑚𝑝𝑟𝑜𝑣𝑒𝑑 𝑓𝑟𝑜𝑚 𝑒𝑎𝑟𝑙𝑖𝑒𝑟 𝑒𝑑𝑖𝑡𝑖𝑜𝑛𝑠. 𝑊ℎ𝑖𝑙𝑒 𝑡ℎ𝑒 𝑡𝑖𝑚𝑒𝑙𝑒𝑠𝑠 𝑎𝑑𝑣𝑖𝑐𝑒 𝑓𝑟𝑜𝑚 𝑡𝑤𝑜 𝑜𝑓 𝑡ℎ𝑒 𝑔𝑟𝑒𝑎𝑡𝑒𝑠𝑡 𝑣𝑎𝑙𝑢𝑒 𝑖𝑛𝑣𝑒𝑠𝑡𝑜𝑟𝑠 𝑐𝑜𝑛𝑡𝑖𝑛𝑢𝑒𝑠 𝑡𝑜 𝑟𝑒𝑠𝑜𝑛𝑎𝑡𝑒, 𝑡ℎ𝑒 𝑒𝑠𝑠𝑎𝑦𝑠 𝑡ℎ𝑎𝑡 𝑎𝑟𝑒 𝑐𝑜𝑛𝑡𝑟𝑖𝑏𝑢𝑡𝑒𝑑 𝑏𝑦 𝑠𝑜𝑚𝑒 𝑜𝑓 𝑡ℎ𝑒 𝑤𝑜𝑟𝑙𝑑’𝑠 𝑡𝑜𝑝 𝑣𝑎𝑙𝑢𝑒 𝑖𝑛𝑣𝑒𝑠𝑡𝑜𝑟𝑠 𝑎𝑑𝑑 𝑖𝑚𝑚𝑒𝑎𝑠𝑢𝑟𝑎𝑏𝑙𝑦 𝑡𝑜 𝑡ℎ𝑒 𝑟𝑒𝑎𝑑. 𝑇ℎ𝑒𝑠𝑒 𝑖𝑛𝑣𝑒𝑠𝑡𝑜𝑟𝑠 𝑝𝑟𝑎𝑐𝑡𝑖𝑐𝑒 𝑤ℎ𝑎𝑡 𝑡ℎ𝑒𝑦 𝑝𝑟𝑒𝑎𝑐ℎ 𝑖𝑛 𝑡ℎ𝑒𝑖𝑟 𝑒𝑠𝑠𝑎𝑦𝑠 𝑎𝑛𝑑 𝑐𝑜𝑚𝑏𝑖𝑛𝑒 𝑡𝑜 𝑚𝑎𝑘𝑒 𝑡ℎ𝑖𝑠 𝑒𝑑𝑖𝑡𝑖𝑜𝑛 𝑡ℎ𝑒 𝑏𝑒𝑠𝑡 𝑒𝑣𝑒𝑟! 𝐼 ℎ𝑖𝑔ℎ𝑙𝑦 𝑟𝑒𝑐𝑜𝑚𝑚𝑒𝑛𝑑 𝑡ℎ𝑖𝑠 𝑣𝑜𝑙𝑢𝑚𝑒 𝑡𝑜 𝑎𝑙𝑙 𝑖𝑛𝑣𝑒𝑠𝑡𝑜𝑟𝑠—𝑜𝑙𝑑 𝑎𝑛𝑑 𝑦𝑜𝑢𝑛𝑔—𝑤ℎ𝑜 𝑤𝑖𝑙𝑙 𝑏𝑒𝑛𝑒𝑓𝑖𝑡 𝑓𝑟𝑜𝑚 𝑡ℎ𝑒 𝑡𝑟𝑖𝑒𝑑 𝑎𝑛𝑑 𝑡𝑟𝑢𝑒 𝑝𝑟𝑖𝑛𝑐𝑖𝑝𝑙𝑒𝑠 𝑜𝑓 𝑡ℎ𝑒 𝑝𝑎𝑠𝑡 𝑎𝑛𝑑 𝑡ℎ𝑒 𝑢𝑝𝑑𝑎𝑡𝑒𝑑 𝑎𝑝𝑝𝑙𝑖𝑐𝑎𝑡𝑖𝑜𝑛𝑠 𝑡𝑜 𝑡𝑜𝑑𝑎𝑦’𝑠 𝑡𝑢𝑟𝑏𝑢𝑙𝑒𝑛𝑡 𝑚𝑎𝑟𝑘𝑒𝑡𝑠!”~~~Morris Smith

 

 

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