100Baggers

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30 100-BAGGERS It seems to me a better existence to instead know what you own and then really own it, as you would a rental property. Then you go about your life without all the baggage and worry that comes from sweating over the day-to-day or month-to-month value of your portfolio. Here’s a story that includes a good point on the 100-bagger theme: Re: 100 baggers, I thought you might be interested in my one experience with a 100-bagger. In 1987, I invested equal amounts in 10 high-tech or biotech companies that had fabulous stories, and that if they could actually get their products or software to market would be huge winners. Well, I tried to be somewhat smart in picking them, but 9 of the 10 went completely under, and in a not-very-long time either. There were myriad problems, but most had to do with being undercapitalized. The 10th one, a startup named Amgen, hit it, and not only made up for the other 9 total losses but returned 800 times my total investment before I had to sell it to send my kids to college in ’94. Wish I still had it, heh. Two takeaways for me here: you must pick a compelling story (or leader or country or . . . ) and you must use money you can afford to lose because you must be willing to risk it all. All of it. This is a good point and bears repeating. With a coffee can, you are allowing yourself to potentially lose everything on a single position. But the idea is that the returns on the overall coffee-can portfolio more than make up for any such disasters. I don’t recommend taking on start-up risks in your coffee can. I would stick with more established companies with long runways of growth ahead and the ability to keep compounding capital at a high rate. Now that you know to hold on, let’s turn to what kind of stocks you want to put in it. Let’s look at those 100-baggers.
CHAPTER 4: 4 STUDIES OF 100-BAGGERS There have been a number of prior studies of 100-baggers, besides Phelps’s excellent book. I don’t know whether I’ve found them all, but I’ve found a few. In at least a pair of them, Phelps was an inspiration. There are, of course, countless studies on stocks that outperform. But here I’m focusing specifically on the 100-bagger phenomenon, or close likenesses. I want to highlight some of these, because they lay more groundwork for what follows. And many of the principles uncovered here are ones I’ll emphasize later. There are only so many paths to 100-baggerdom, and these trailblazers—including Phelps himself—have helped map out the territory. Tony’s 100-Baggers A fellow named Tony at TS Analysis published one informal 15-page study called “An Analysis of 100-Baggers.” You can find it free online. “I am not an investment adviser or financial analyst”—Tony writes—“just a guy who likes to analyze stocks.”
Page 2 and 3: 100 BAGGERS STOCKS THAT RETURN 100-
Page 4 and 5: In memory of Thomas W. Phelps, auth
Page 6 and 7: CONTENTS Chapter 1: Introducing 100
Page 8 and 9: 2 100-BAGGERS You should read this
Page 10 and 11: 4 100-BAGGERS year by year—that m
Page 12 and 13: 6 100-BAGGERS of compounding, to fo
Page 14 and 15: 8 100-BAGGERS some new insights, si
Page 16 and 17: 10 100-BAGGERS These principles I w
Page 18 and 19: 12 100-BAGGERS I have had my share
Page 20 and 21: 14 100-BAGGERS fears. The list of r
Page 22 and 23: 16 100-BAGGERS The idea is simple:
Page 24 and 25: 18 100-BAGGERS Here’s Kerber: The
Page 26 and 27: 20 100-BAGGERS (Lowenstein is also
Page 28 and 29: 22 100-BAGGERS only when you are in
Page 30 and 31: 24 100-BAGGERS earned around $21 mi
Page 32 and 33: 26 100-BAGGERS But Biggs was someth
Page 34 and 35: 28 100-BAGGERS unlikely, given all
Page 38 and 39: 32 100-BAGGERS He looked at 19 such
Page 40 and 41: 34 100-BAGGERS MTY’s path to cove
Page 42 and 43: 36 100-BAGGERS Years it takes for 1
Page 44 and 45: 38 100-BAGGERS Martelli’s study,
Page 46 and 47: 40 100-BAGGERS Another trap is that
Page 48 and 49: CHAPTER 5: THE 100-BAGGERS OF THE L
Page 50 and 51: THE 100-BAGGERS OF THE LAST 50 YEAR
Page 80 and 81: 76 100-BAGGERS about $80 per share.
Page 82 and 83: 78 100-BAGGERS “That’s exactly
Page 84 and 85: 80 100-BAGGERS But he has no intere
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CHAPTER 7: OWNER-OPERATORS: SKIN IN
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OWNER-OPERATORS: SKIN IN THE GAME 8
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CHAPTER 8: THE OUTSIDERS: THE BEST
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THE OUTSIDERS: THE BEST CEOS 95 Eac
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THE OUTSIDERS: THE BEST CEOS 97 bou
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THE OUTSIDERS: THE BEST CEOS 99 •
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THE OUTSIDERS: THE BEST CEOS 101 Le
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104 100-BAGGERS “The amount of le
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106 100-BAGGERS The Berkshire Hatha
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108 100-BAGGERS Next was Canadian f
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CHAPTER 10: KELLY’S HEROES: BET B
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KELLY’S HEROES: BET BIG 113 The f
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CHAPTER 11: STOCK BUYBACKS: ACCELER
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STOCK BUYBACKS: ACCELERATE RETURNS
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STOCK BUYBACKS: ACCELERATE RETURNS
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122 100-BAGGERS houses, items that
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124 100-BAGGERS has no moat. See wh
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126 100-BAGGERS The beverage indust
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128 100-BAGGERS gross margin. “Am
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130 100-BAGGERS It seems to me a bo
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132 100-BAGGERS The problem with th
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134 100-BAGGERS “Boredom”—as
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136 100-BAGGERS The same kind of ar
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138 100-BAGGERS How can you deal wi
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140 100-BAGGERS Market-Research Fir
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142 100-BAGGERS Many investors watc
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144 100-BAGGERS Note how the consen
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146 100-BAGGERS The results showed
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148 100-BAGGERS ideas often come fr
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150 100-BAGGERS A similar compariso
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152 100-BAGGERS this investment is
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CHAPTER 14: IN CASE OF THE NEXT GRE
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IN CASE OF THE NEXT GREAT DEPRESSIO
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CHAPTER 15: 100-BAGGERS DISTILLED:
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100-BAGGERS DISTILLED: ESSENTIAL PR
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APPENDIX THE 100-BAGGERS (1962-2014
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APPENDIX: THE 100-BAGGERS (1962-201
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100Baggers

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